| By: |
ULLAH, nazim;
Dey, Rakesh;
Shahriar, Fahim;
Shahriar, Shihab |
| Abstract: |
Takaful and conventional insurance are the most important financial products
that significantly contributes the financial sectors. This paper review and
discuss challenges and factors of Takaful and conventional insurance in
Bangladesh. Specially several challenges and factors are reviewed and
discussed. The authors have been able to review more than thirty
investigations over a eighteen years period, from 2006 to 2023. The paper is
theoretical and analytical in nature and secondary method has applied. Through
a literature review, this paper provides an account of main findings of the
literature as well as examines the extent to which insurance gives impact
towards financial sectors in terms of challenges and factors. The findings
reveal that Takaful industry faces some challenges in Bangladesh such as lack
of awareness among customers, regulatory barriers, expert Shariah committees
and operational inefficiencies. While factors such as religiosity, Shariah
board and regulatory framework have impact on promoting Takaful industry in
Bangladesh. The paper concludes with several recommendations for future
research, the most important of which is the need for a systematic effort on
conceptual analysis as well as empirical study on Takaful and conventional
insurance. |
| Keywords: |
Takaful, Conventional Insurance, Challenges, Factors |
| JEL: |
G30 |
| Date: |
2023–05–27 |
| URL: |
http://d.repec.org/n?u=RePEc:pra:mprapa:117463&r=isf |