Tolefat / Asutay Takaful Investment Portfolios

A Study of the Composition of Takaful Funds in the GCC and Malaysia
1. Auflage 2013
ISBN: 978-1-118-38548-7
Verlag: John Wiley & Sons
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 256 Seiten, E-Book

Reihe: Wiley Finance Editions

A groundbreaking study of the investment portfolios of takafulcompanies, their general investment patterns, and their futureinvestments
The Islamic finance industry has witnessed remarkable growthover the last decade, and one of the most successfulsegments--poised for even greater expansion--is theIslamic insurance (takaful) industry. In Takaful InvestmentPortfolios, distinguished takaful scholar Abdulrahman KhalilTolefat explores the investment portfolios of takaful companies inboth the GCC countries and Malaysia, the tip of Islamic financeindustry. Investigating the trends and patterns of investment oftakaful companies, the book looks at shareholders as well asgeneral and family funds to determine where these companies areinvesting today, and where they are likely to invest in thefuture.
Presenting new and novel research on the investment patterns oftakaful companies, Takaful Investment Portfolios covers thehistory of the industry and takaful models and how they work, andpresents in-depth studies of both their real-world and desiredportfolio investments.
* Presents unique new research into the investment portfolios oftakaful companies in the GCC and Malaysia
* Examines the gap between desired and actual investmentportfolios of takaful companies
* Explores expected areas for future investment
Groundbreaking in its depth, Takaful InvestmentPortfolios is an unprecedented study of the investments oftakaful companies.

Autoren/Hrsg.

Tolefat, Abdulrahman Khalil

Asutay, Mehmet

Inhaltsverzeichnis

Preface ix
Acknowledgments xiii
List of Abbreviations xv
CHAPTER 1 Introduction 1
Rationale for Researching Investment Portfolio Composition ofTakaful Companies 1
Aims and Objectives 4
Scope and Delimitation 5
Research Methodology 6
Overview of the Book 6
CHAPTER 2 Insurance and Islamic Law: An Introduction toTakaful 9
The Concept of Insurance in Islamic Sources 9
Views of Contemporary Jurists on the Insurance Contract 13
Arguments Regarding the Validity or Invalidity of
Commercial Insurance 15
Conclusion 27
Notes 28
CHAPTER 3 Takaful Models and Implementations, Trends, andDevelopments 31
Takaful Undertaking Principles 31
Islamic Insurance Operational Models 32
Differences Between Takaful and Other Forms of Insurance 44
Trends and Developments in the Takaful Industry 45
Conclusion 52
Notes 53
CHAPTER 4 Research Methodology 55
Methodological Shortcomings of the Literature 56
Research Strategy 56
Research Questions, Objectives, and Hypotheses 57
Research Design 58
Sampling Strategy 59
Research Methods 61
Quantitative Data Analysis 68
Qualitative Data Analysis 70
Conclusion 70
Notes 71
CHAPTER 5 Exploring Investment Behaviours and InvestmentPortfolios of Takaful Operating Companies in the GCC and Malaysia73
Total Investment Portfolio of Takaful Operating Companies forAll Funds 74
Investments in Shareholders' Fund 75
General Fund 86
Family Funds 94
Conclusion 97
CHAPTER 6 Locating the Differences Between Actual and DesiredInvestment Portfolios 99
Shareholders' Fund 101
General Fund 106
Family Funds 111
Conclusion 114
CHAPTER 7 Contextualising the Findings 117
Overall Portfolio Compositions 117
Investment Accounts 125
Investment in Sukuks 129
Investment in Equities 134
Return on Investment (ROI) 138
Mutual Funds/Unit Trusts 140
Real Estate Investments 141
Conclusion 142
Notes 143
CHAPTER 8 Conclusion and Recommendations 145
Main Findings of the Study 145
Recommendations of the Study 149
Research Limitations 153
Recommendations for Future Research 153
Conclusion 154
Note 155
Appendix A 157
Appendix B 163
Appendix C 215
Bibliography 217
About the Authors 223
Index 225

Über Autor(innen)

Dr. AbdulRahman Khalil Tolefat began his career at theCentral Bank of Bahrain. He later served as both chief executiveofficer and chairman of Allianz Takaful in Bahrain, the global hubfor Islamic insurance (takaful) of Allianz Group. After leavingAllianz, he founded ITQAN Financial Services for which henow serves as Chairman and Managing Director. In addition, Dr.Abdul Rahman was a member of the CBB Committee that developed theinsurance rulebooks in coordination with PricewaterhouseCoopers anda member of the working group between the International Associationfor Insurance Supervisors (IAIS) and the Islamic Financial ServicesBoard (IFSB).
Dr. Mehmet Asutay is a Reader in Middle Eastern andIslamic Political Economy and Finance at the School of Governmentand International Affairs, Durham University; Director of theDurham Centre for Islamic Economics and Finance; Course Director ofthe MA/MSc in Islamic Finance; and the Director of the DurhamIslamic Finance Summer School. Also, he serves as Managing Editorof Review of Islamic Economics and Associate Editor of theAmerican Journal of Islamic Social Sciences, and is on theEditorial Advisory Board of International Journal of Islamic andMiddle Eastern Finance and Management.