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Effect of Takaful Models on Performance of Takaful Operators

Author

Listed:
  • Saeed, Maryam

    (University of Management and Technology, Pakistan)

Abstract

Purpose of this study is to analyze the performance in terms of profit of different takaful models being used in different countries in the world. It is both quantitative and qualitative research. In qualitative research, literatures is reviewed by using content analysis technique. Many takaful models are being used by many takaful operators i.e. Wakala, Wakal-Waqf, Mudharabah, Mudharabah-Wakla. For examining performance of different takaful models of five takaful operators, Secondary data on profit earning from 2008 to year 2017 is taken. Results and graphs represent the higher performance of Abu Dhabi National Takaful working on Mudharabah and Wakala Model which showed higher profit as compared to all takaful operators. The finding of this study is essential for Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) for ensuring the standardization of the services and structures that could be given within the frame of mutual help. Takaful operators who can also use the above model i.e. Mudharabah and Wakala Model for enhancing their performance in financial market of insurance. Governments should enact a law for operations and rulings of standardized takaful models adopted by takaful operators and liberalize the takaful market via removal of tariff.

Suggested Citation

  • Saeed, Maryam, 2019. "Effect of Takaful Models on Performance of Takaful Operators," Empirical Economic Review, Department of Economics and Statistics, Dr Hassan Murad School of Management, University of Management and Technology, Lahore, vol. 2(2), pages 53-90.
    • Handle: RePEc:ris:empecr:0019
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    File URL: https://ojs.umt.edu.pk/index.php/eer/article/view/245/123
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    More about this item

    Keywords

    Mudarabah Model; Participant Special Account; Wakala Model;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles

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