DEFINING THE KEY-PARAMETERS OF INSURANCE PRODUCT IN ISLAMIC INSURANCE
Objective: to define the range of actuarial calculations in Islamic insurance, to study the main differences of the traditional and Islamic insurance, to define, what changes in calculations entail the above differences. Methods: mathematical modeling, probabilistic analysis of insurance risks, adap...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Tatar Educational Center “Taglimat” Ltd.
2015-06-01
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| Series: | Russian Journal of Economics and Law |
| Subjects: | |
| Online Access: | https://www.rusjel.ru/jour/article/view/1872 |
| _version_ | 1797255953173708800 |
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| author | G. Z. Vakhitov Z. A. Enikeeva |
| author_facet | G. Z. Vakhitov Z. A. Enikeeva |
| author_sort | G. Z. Vakhitov |
| collection | DOAJ |
| description | Objective: to define the range of actuarial calculations in Islamic insurance, to study the main differences of the traditional and Islamic insurance, to define, what changes in calculations entail the above differences. Methods: mathematical modeling, probabilistic analysis of insurance risks, adaptation of methods of actuarial mathematics to the principles of Islamic insurance. Results: the mathematical form of the takaful-fund models is presented, the distribution is analyzed of a random variable of the resulting insurance fund or the insurance company balance in a particular fixed insurance portfolio. Scientific novelty: calculation are presented of the optimal tariff rate in takaful. Islamic insurance is an innovative area of insurance industry. Actuarial calculations that meet the Sharia rules are still being developed. The authors set the new tasks of actuarial calculations, including the specified changes in the calculation of the optimal tariff rate imposed by the Islamic insurance principles. Practical value: the results obtained can be used in the actuarial calculations of the Islamic insurance companies. |
| first_indexed | 2024-03-08T23:15:47Z |
| format | Article |
| id | doaj.art-bd2383c4dbb24e5d9b6d1bd40a564186 |
| institution | Directory Open Access Journal |
| issn | 2782-2923 |
| language | English |
| last_indexed | 2024-04-24T22:14:02Z |
| publishDate | 2015-06-01 |
| publisher | Tatar Educational Center “Taglimat” Ltd. |
| record_format | Article |
| series | Russian Journal of Economics and Law |
| spelling | doaj.art-bd2383c4dbb24e5d9b6d1bd40a5641862024-03-20T08:16:48ZengTatar Educational Center “Taglimat” Ltd.Russian Journal of Economics and Law2782-29232015-06-010253581870DEFINING THE KEY-PARAMETERS OF INSURANCE PRODUCT IN ISLAMIC INSURANCEG. Z. Vakhitov0Z. A. Enikeeva1Russian Islamic InstituteInstitute of Economics, Management and Law (Kazan)Objective: to define the range of actuarial calculations in Islamic insurance, to study the main differences of the traditional and Islamic insurance, to define, what changes in calculations entail the above differences. Methods: mathematical modeling, probabilistic analysis of insurance risks, adaptation of methods of actuarial mathematics to the principles of Islamic insurance. Results: the mathematical form of the takaful-fund models is presented, the distribution is analyzed of a random variable of the resulting insurance fund or the insurance company balance in a particular fixed insurance portfolio. Scientific novelty: calculation are presented of the optimal tariff rate in takaful. Islamic insurance is an innovative area of insurance industry. Actuarial calculations that meet the Sharia rules are still being developed. The authors set the new tasks of actuarial calculations, including the specified changes in the calculation of the optimal tariff rate imposed by the Islamic insurance principles. Practical value: the results obtained can be used in the actuarial calculations of the Islamic insurance companies.https://www.rusjel.ru/jour/article/view/1872insurance productislamic insurancetakafulmudarabawaqf modelagency modelwakalahactuarial calculationsrisk assessment in insurancedistribution function of probabilitiesindividual risk model |
| spellingShingle | G. Z. Vakhitov Z. A. Enikeeva DEFINING THE KEY-PARAMETERS OF INSURANCE PRODUCT IN ISLAMIC INSURANCE Russian Journal of Economics and Law insurance product islamic insurance takaful mudaraba waqf model agency model wakalah actuarial calculations risk assessment in insurance distribution function of probabilities individual risk model |
| title | DEFINING THE KEY-PARAMETERS OF INSURANCE PRODUCT IN ISLAMIC INSURANCE |
| title_full | DEFINING THE KEY-PARAMETERS OF INSURANCE PRODUCT IN ISLAMIC INSURANCE |
| title_fullStr | DEFINING THE KEY-PARAMETERS OF INSURANCE PRODUCT IN ISLAMIC INSURANCE |
| title_full_unstemmed | DEFINING THE KEY-PARAMETERS OF INSURANCE PRODUCT IN ISLAMIC INSURANCE |
| title_short | DEFINING THE KEY-PARAMETERS OF INSURANCE PRODUCT IN ISLAMIC INSURANCE |
| title_sort | defining the key parameters of insurance product in islamic insurance |
| topic | insurance product islamic insurance takaful mudaraba waqf model agency model wakalah actuarial calculations risk assessment in insurance distribution function of probabilities individual risk model |
| url | https://www.rusjel.ru/jour/article/view/1872 |
| work_keys_str_mv | AT gzvakhitov definingthekeyparametersofinsuranceproductinislamicinsurance AT zaenikeeva definingthekeyparametersofinsuranceproductinislamicinsurance |