The Evaluation of Saudi Insurance Industry and Potential for Takaful Insurance

Khalaf Mohammed Albalawi

Abstract: One of the study’s aims is to define the legal conflict between the law of Supervision of Cooperative Insurance Companies and Saudi Arabia’s regulations of implementation and to outline the principal obstacles in this conflict. Subsequently, the results of implementation regulations on the aforementioned companies’ performance and the perception of their potential Sharī’ah compliance will undergo critical examination. Detailed interviews with Saudi takaful operators are used for data collection with the goal of detecting and investigating the problems in the Saudi insurance takaful models and practices. Once this is done, suitable improvements that are needed to ensure Sharī’ah compliance and consistency can be suggested. The second piece of Saudi takaful insurance research, in the form of a questionnaire, will attempt to appraise takaful models in use, in line with International Association of Insurance Supervisors (IAIS) criteria. As the number of takaful operating companies in the targeted market is relatively large, the study aimed at covering the most popular takaful companies in Saudi Arabia. In order to gather a valuable information concerning Saudi insurance market, we contacted the supervising authorities and requested them to provide three participants who will participate in this study. In total, three companies were selected for the interview and also were covered to fill the questionnaire.

FULL TEXT PDF 1-16 ] DOI: 10.30566/ijo-bs/2019-11-3

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