Takaful operators: analysing segregated accounts between operator/participants

Ahmed Mansoor Alkhan and M. Kabir Hassan

Journal of Islamic Accounting and Business Research, 2020, vol. 11, issue 9, 1649-1664

Abstract: Purpose - The purpose of this paper is to provide an analysis on whethertakafuloperators actually maintain separated and segregated accounts between the operator and participants’ funds, thereby conforming toShariahcompliance requirements or not. Design/methodology/approach - The research uses a qualitative methodology by analysing secondary data relating to twotakafuloperators in each of the jurisdictions of the Kingdoms of Bahrain and Saudi Arabia. Findings - The findings generally reveal that the financial statements and Shariah Supervisory Board annual reports of thetakafuloperators in the Kingdom of Bahrain confirm theShariah-required maintenance of separate accounts between the operator and participants, as well as reveal transparency-related issues andShariahgovernance weaknesses fortakafuloperators in the Kingdom of Saudi Arabia. Research limitations/implications - Generalizing based on a single case study may affect the accuracy of the findings. It may also be argued that qualitative researches are generally considered as less valid than quantitative researches. Originality/value - This research may have provided empirical data that did not previously exist in the literature.

Keywords: Takaful; Shariah; Islamic accounting; Islamic finance (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jiabrp:jiabr-01-2020-0005

DOI: 10.1108/JIABR-01-2020-0005

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