Analysis of Supply and Demand for Services of Takaful in Islamic Economics

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HOSSEINI SEYED REZA; Kazemi Najafabadi Mostafa

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Journal: Journal of Iran's Economic Essays; an Islamic approach Year:2019 | Volume:16 | Issue:31 Page(s): 161-194

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Information Journal Paper

Title

Analysis of Supply and Demand for Services of Takaful in Islamic Economics

Author(s)

HOSSEINI SEYED REZA | Kazemi Najafabadi Mostafa | Issue Writer Certificate

Keywords

Social TakafulQ2

InfāqQ2

Supply of Takaful ServicesQ1

Demand Takaful ServicesQ1

CharityQ1

Abstract

One of the most prominent manifestations of social contribution in Islam is Takaful ("solidarity" or mutual guarantee) as a co-operative system of reimbursement or repayment in case of loss, organized as an Islamic or sharia compliant alternative to conventional insurance, which Takaful proponents believe contains forbidden riba (usury) and gharar (excessive uncertainty). Under Takaful, people and companies concerned about hazards make regular contributions ("donations") to be reimbursed or repaid to members in the event of loss, and managed on their behalf by a Takaful operator. Takaful means working together to meet each other's needs. This concept in Islam has many economic and non-economic aspects, among which this article deals only with co-operative system regarding subsistence needs. If we consider the transitional funds between the rich and the needy as a service (or commodity), the following issues arise: what are the nature of the service (or commodity)? What is its supply and demand? What are the factors affecting each of them? How to balance supply and demand? This paper tries to answer these questions using an analytical-descriptive approach. Given the different nature of Takaful, providing a proper analysis of the mechanism of supply and demand forces performance and explaining its performance can pave the way for proper management and planning in the field of Takaful.

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APA: Copy

HOSSEINI, SEYED REZA, & Kazemi Najafabadi, Mostafa. (2019). Analysis of Supply and Demand for Services of Takaful in Islamic Economics. JOURNAL OF ECONOMIC ESSAYS, 16(31 ), 161-194. SID. https://sid.ir/paper/385161/en

Vancouver: Copy

HOSSEINI SEYED REZA, Kazemi Najafabadi Mostafa. Analysis of Supply and Demand for Services of Takaful in Islamic Economics. JOURNAL OF ECONOMIC ESSAYS[Internet]. 2019;16(31 ):161-194. Available from: https://sid.ir/paper/385161/en

IEEE: Copy

SEYED REZA HOSSEINI, and Mostafa Kazemi Najafabadi, “Analysis of Supply and Demand for Services of Takaful in Islamic Economics,” JOURNAL OF ECONOMIC ESSAYS, vol. 16, no. 31 , pp. 161–194, 2019, [Online]. Available: https://sid.ir/paper/385161/en

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