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

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

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Abstract

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.

Item Type: Article
Uncontrolled Keywords: shari’ah compliance, Takaful, Takaful frameworks, Takaful Nigeria, Takaful Pakistan, Takaful Malaysia
Subjects: H Social Sciences > HF Commerce
Divisions: Islamic Business School
Depositing User: Mrs Nurin Jazlina Hamid
Date Deposited: 29 May 2023 08:46
Last Modified: 29 May 2023 08:46
URI: https://repo.uum.edu.my/id/eprint/29476

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