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Systematic review on takaful and retakaful windows: a regulatory development perspective
journal contribution
posted on 2023-06-10, 03:04 authored by Ahmad Alrazni Alshammari, Basheer Hussein Motawe Altarturi, Jassem AloklaThis paper reviews the regulatory developments of takaful and retakaful windows in the international regulatory bodies and selected jurisdictions. The takaful and retakaful window operations as a business model has been adopted in some countries such as Indonesia, Nigeria, Pakistan and Turkey to achieve certain objectives, including encouraging financial inclusion, tapping a new market segment, and boosting competitiveness. On the flip side, takaful and retakaful window operations are banned by the regulators in other countries such as Brunei, Qatar and Saudi Arabia due to concerns on adherence to Shariah governance, and the performance of standalone full-fledged takaful operators, which have the capability of handling the demands of their respective markets. The paper investigates the takaful and retakaful window operations in the six jurisdictions i.e. Indonesia, Pakistan, Turkey, Nigeria, Kenya and Bangladesh. It also discusses the current regulatory development of transferring the takaful and retakaful windows business into full-fledged takaful players in Indonesia and Turkey, and the decision to maintain the windows model as the ideal model in Pakistan.
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Publication status
- Published
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- Published version
Journal
Journal of Business SchoolISSN
2651-5040Publisher
Journal of Business SchoolExternal DOI
Issue
1Volume
4Page range
1-13Department affiliated with
- Accounting and Finance Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2022-04-04First Open Access (FOA) Date
2022-04-04First Compliant Deposit (FCD) Date
2022-04-03Usage metrics
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