Takaful industry and Blockchain: challenges and opportunities for costs’ reduction in Islamic insurance companies
Takaful insurance is increasing its consideration. Islamic insurance provides mutual aid and protection. However, the different model does not always make the business efficient. Several studies have shown the difficulty of Takaful companies in limiting their operating costs and having efficient bor...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Università degli Studi di Torino
2020-10-01
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| Series: | European Journal of Islamic Finance |
| Subjects: | |
| Online Access: | https://www.ojs.unito.it/index.php/EJIF/article/view/4926 |
| _version_ | 1818948062398119936 |
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| author | Maha Radwan Davide Calandra Paris Koumbarakis |
| author_facet | Maha Radwan Davide Calandra Paris Koumbarakis |
| author_sort | Maha Radwan |
| collection | DOAJ |
| description | Takaful insurance is increasing its consideration. Islamic insurance provides mutual aid and protection. However, the different model does not always make the business efficient. Several studies have shown the difficulty of Takaful companies in limiting their operating costs and having efficient borders. To reduce such operating costs and reach economies of scale, this paper assesses the adoption of Blockchain technology as a critical value for the Islamic insurance industry. Building upon a literature review and drawing on the SWOT framework, this paper outlines internal strengths and weaknesses as well as external opportunities and threats. Our analysis reveals that the Blockchain technology can help in the reduction of fraud, increase timeliness of actions for customers, allow for faster and more efficient management of claims and improve the risk management. Theoretical and practical implications are discussed. |
| first_indexed | 2024-12-20T08:40:49Z |
| format | Article |
| id | doaj.art-8ea8f96b6ad84e0486a79ff6189eeb0f |
| institution | Directory Open Access Journal |
| issn | 2421-2172 2421-2172 |
| language | English |
| last_indexed | 2024-12-20T08:40:49Z |
| publishDate | 2020-10-01 |
| publisher | Università degli Studi di Torino |
| record_format | Article |
| series | European Journal of Islamic Finance |
| spelling | doaj.art-8ea8f96b6ad84e0486a79ff6189eeb0f2022-12-21T19:46:25ZengUniversità degli Studi di TorinoEuropean Journal of Islamic Finance2421-21722421-21722020-10-012020: Second Special Issue for EJIF Workshop16https://doi.org/10.13135/2421-2172/4926Takaful industry and Blockchain: challenges and opportunities for costs’ reduction in Islamic insurance companiesMaha Radwan0https://orcid.org/0000-0001-7623-1110Davide Calandra1https://orcid.org/0000-0001-5159-7167Paris KoumbarakisUniversity of TurinDepartment of Management, University of TurinTakaful insurance is increasing its consideration. Islamic insurance provides mutual aid and protection. However, the different model does not always make the business efficient. Several studies have shown the difficulty of Takaful companies in limiting their operating costs and having efficient borders. To reduce such operating costs and reach economies of scale, this paper assesses the adoption of Blockchain technology as a critical value for the Islamic insurance industry. Building upon a literature review and drawing on the SWOT framework, this paper outlines internal strengths and weaknesses as well as external opportunities and threats. Our analysis reveals that the Blockchain technology can help in the reduction of fraud, increase timeliness of actions for customers, allow for faster and more efficient management of claims and improve the risk management. Theoretical and practical implications are discussed.https://www.ojs.unito.it/index.php/EJIF/article/view/4926takafulislamic financeblockchaindistributed ledger technologies |
| spellingShingle | Maha Radwan Davide Calandra Paris Koumbarakis Takaful industry and Blockchain: challenges and opportunities for costs’ reduction in Islamic insurance companies European Journal of Islamic Finance takaful islamic finance blockchain distributed ledger technologies |
| title | Takaful industry and Blockchain: challenges and opportunities for costs’ reduction in Islamic insurance companies |
| title_full | Takaful industry and Blockchain: challenges and opportunities for costs’ reduction in Islamic insurance companies |
| title_fullStr | Takaful industry and Blockchain: challenges and opportunities for costs’ reduction in Islamic insurance companies |
| title_full_unstemmed | Takaful industry and Blockchain: challenges and opportunities for costs’ reduction in Islamic insurance companies |
| title_short | Takaful industry and Blockchain: challenges and opportunities for costs’ reduction in Islamic insurance companies |
| title_sort | takaful industry and blockchain challenges and opportunities for costs reduction in islamic insurance companies |
| topic | takaful islamic finance blockchain distributed ledger technologies |
| url | https://www.ojs.unito.it/index.php/EJIF/article/view/4926 |
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