A Comparative Review of Takaful Frameworks in Nigeria, Malaysia and Pakistan

This paper was undertaken with the purpose of conducting a critical review of the framework for Takaful in Nigeria in achieving shariah compliance by comparing it with those available in Malaysia and Pakistan. The review looked at laws and other regulations, Takaful operations including models and m...

Full description

Bibliographic Details
Main Authors: Dikko, Maryam, Abu Bakar, Mahyuddin
Format: Article
Language:English
Published: UUM Press 2018
Subjects:
Online Access:https://repo.uum.edu.my/id/eprint/29476/1/IJIB%2003%2001%202018%2056-69.pdf
https://doi.org/10.32890/ijib2018.3.1.4
_version_ 1825805994295296000
author Dikko, Maryam
Abu Bakar, Mahyuddin
author_facet Dikko, Maryam
Abu Bakar, Mahyuddin
author_sort Dikko, Maryam
collection UUM
description This paper was undertaken with the purpose of conducting a critical review of the framework for Takaful in Nigeria in achieving shariah compliance by comparing it with those available in Malaysia and Pakistan. The review looked at laws and other regulations, Takaful operations including models and marketing structure and dispute resolution mechanisms. The study found there are loopholes within the Nigerian system as compared to those in Malaysia and Pakistan regarding enacted legislation and requirements for capacity to serve on shariah advisory boards. Deficiencies also exist with regard to the qualification requirements for management and marketing staff and in the absence of an adequate dispute resolution mechanism. Recommendations arising from the research include suggestion that Nigeria enact specific all-encompassing legislation to regulate Takaful. There is also the need for the creation of a specialized system for resolving Takaful disputes and the requirement of specialized training for Takaful personnel.
first_indexed 2024-07-04T06:41:31Z
format Article
id uum-29476
institution Universiti Utara Malaysia
language English
last_indexed 2024-07-04T06:41:31Z
publishDate 2018
publisher UUM Press
record_format eprints
spelling uum-294762023-05-29T08:46:44Z https://repo.uum.edu.my/id/eprint/29476/ A Comparative Review of Takaful Frameworks in Nigeria, Malaysia and Pakistan Dikko, Maryam Abu Bakar, Mahyuddin HF Commerce This paper was undertaken with the purpose of conducting a critical review of the framework for Takaful in Nigeria in achieving shariah compliance by comparing it with those available in Malaysia and Pakistan. The review looked at laws and other regulations, Takaful operations including models and marketing structure and dispute resolution mechanisms. The study found there are loopholes within the Nigerian system as compared to those in Malaysia and Pakistan regarding enacted legislation and requirements for capacity to serve on shariah advisory boards. Deficiencies also exist with regard to the qualification requirements for management and marketing staff and in the absence of an adequate dispute resolution mechanism. Recommendations arising from the research include suggestion that Nigeria enact specific all-encompassing legislation to regulate Takaful. There is also the need for the creation of a specialized system for resolving Takaful disputes and the requirement of specialized training for Takaful personnel. UUM Press 2018 Article PeerReviewed application/pdf en cc4_by https://repo.uum.edu.my/id/eprint/29476/1/IJIB%2003%2001%202018%2056-69.pdf Dikko, Maryam and Abu Bakar, Mahyuddin (2018) A Comparative Review of Takaful Frameworks in Nigeria, Malaysia and Pakistan. International Journal of Islamic Business (IJIB), 3 (1). pp. 56-69. ISSN 0127- 662X https://e-journal.uum.edu.my/index.php/ijib/article/view/13331 https://doi.org/10.32890/ijib2018.3.1.4 https://doi.org/10.32890/ijib2018.3.1.4
spellingShingle HF Commerce
Dikko, Maryam
Abu Bakar, Mahyuddin
A Comparative Review of Takaful Frameworks in Nigeria, Malaysia and Pakistan
title A Comparative Review of Takaful Frameworks in Nigeria, Malaysia and Pakistan
title_full A Comparative Review of Takaful Frameworks in Nigeria, Malaysia and Pakistan
title_fullStr A Comparative Review of Takaful Frameworks in Nigeria, Malaysia and Pakistan
title_full_unstemmed A Comparative Review of Takaful Frameworks in Nigeria, Malaysia and Pakistan
title_short A Comparative Review of Takaful Frameworks in Nigeria, Malaysia and Pakistan
title_sort comparative review of takaful frameworks in nigeria malaysia and pakistan
topic HF Commerce
url https://repo.uum.edu.my/id/eprint/29476/1/IJIB%2003%2001%202018%2056-69.pdf
https://doi.org/10.32890/ijib2018.3.1.4
work_keys_str_mv AT dikkomaryam acomparativereviewoftakafulframeworksinnigeriamalaysiaandpakistan
AT abubakarmahyuddin acomparativereviewoftakafulframeworksinnigeriamalaysiaandpakistan
AT dikkomaryam comparativereviewoftakafulframeworksinnigeriamalaysiaandpakistan
AT abubakarmahyuddin comparativereviewoftakafulframeworksinnigeriamalaysiaandpakistan