Model and Operations of Islamic Insurance (Takaful) in Thailand

Main Article Content

Abbas Labduang
Tawat Noipom

Abstract

Islamic insurance industry (Takaful) has continued to grow over the past several decades around the world. Takaful products are in demand in Muslim countries and in countries with Muslim minority. The demand for products in the market tends to be high. However, there is little understanding of Takaful industry. this research The objective of this study was to study the style and implementation of Takaful used in Thailand. In this research, qualitative research methods were used by collecting and reviewing articles. from the sources of academic documents and related research and in-depth interviews from key informants


          The results showed that Takaful is based on the principle of voluntary contributions (Ta'awun) and voluntary donations (Tabarru), with four basic elements: (1) sincerity, (2) integration. Shariah conditions (3) Morality and ethics in conducting business (4) No elements that are contrary to Shariah. There are several forms of Takaful operations, including Mudarabah, Wakalah, and a mix of Mudarbah and Wakalah. But the one that is used in Thailand is the Mutarabah style. Implementing Takaful Fundamentally, the project participants will have the primary objective of The Wakalah operation model is Management contracts that the participants want to fund managers. Perform tasks on their behalf (Wakeel) and follow the set guidelines.


 

Downloads

Download data is not yet available.

Article Details

How to Cite
Labduang, A., & Noipom, T. (2022). Model and Operations of Islamic Insurance (Takaful) in Thailand. Journal of Humanities and Social Sciences, 18(1), 184–208. Retrieved from https://so03.tci-thaijo.org/index.php/eJHUSO/article/view/255449
Section
Research Article
Author Biography

Abbas Labduang, Faculty of Islamic Sciences, Prince of Songkla University, Pattani campus

Candidate, Ph. d.  (Islamic Studies), Faculty of Islamic Sciences, Prince of Songkla University, Thailand, 2018

M.B.A. (Agribusiness Management), Faculty of Economics, Prince of Songkla University, Thailand, 2014

B.A. (Islamic Economics and Management) Second Class Honors, Collage of Islamic Study, Prince of Songkla University, Thailand, 2011

References

Abdul Rahman, Z & Redzuan, H. (2009). Takaful: the 21st century insurance innovation, McGraw Hill, Malaysia.
Alam, S.S. and Sayuti, N.M. (2011), “Applying the theory of planned behavior (TPB) in halal food purchasing”, International Journal of Commerce and Management, Vol. 21 No. 1, pp 8-20.
Ali, ERAE, Odierno, HSP & Ismail, A. (2008). Essential guide to takaful (Islamic insurance), CERT Publications Sdn. Bhd., Kuala Lumpur
Amin, H., Abdul Rahman, A. R., Sondoh, S. L., Chooi Hwa, A. M. (2011). Determinants of customers’ intention to use Islamic personal financing: The case of Malaysian Islamic banks. Journal of Islamic Accounting & Business Research, pp 22–42.
Archer, S, Abdel Karim, RA & Nienhaus, V (2009). Takaful, Islamic insurance, concepts and regulatory issues, John Wiley & Sons (Asia) Ltd., Singapore.
Billah, Mohd Masum. (1998). "Islamic Insurance: Its Origins and Development." Arab Law Quarterly 13.4. pp 386-422.
Billah, M. M. (2000). Sources of Law Affecting ‘Takaful’ (Islamic Insurance. International Journal of Islamic Financial Services, 2 (4), pp 1-9.
Frenz, T & Soualhi, Y.(2010). Takaful and retakaful: principles and practices, Munich Re Retakaful, Kuala Lumpur.
Frenz, T. (2009). Takaful and retakaful: principles and practices, Munich Re Retakaful, Kuala Lumpur.
Hamid, M. Abdul, Jamil Osman, and BA Nordin. (2009). "Determinants of Corporate Demand for Islamic Insurance in Malaysia." International Journal of Economics and Management 3.2. pp 278-96.
Husin, M.M. and Rahman, A.A. (2013), “What drives consumers to participate into family Takaful schemes? A literature review”, Journal of Islamic Marketing, Vol. 4 No. 3, pp 264-280.
Hussain, M. and Pasha, A. (2011), “Conceptual and operational differences between general Takaful and conventional insurance”, Australian Journal of Business and Management Research, Vol. 1 No. 8, pp 23-28.
Khraim, H. (2010). Measuring religiosity in consumer research from Islamic perspective. International Journal of Marketing Studies, 2(2), pp 166-179.
Laldin, MA. (2008) ‘Islamic financial system: the Malaysian experience and the way forward’, Emerald Group Publishing Limited, vol. 24, issue 3, pp. 217-238.
Macey, CS. (2008) ‘An overview of Islamic insurance’, London, The International Cooperative and Mutual Insurance Federation (ICMIF).
Maryam Dikko. (2014). An Analysis of Issues in Takaful (Islamic Insurance). European Journal of Business and Management ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online). Vol.6, No.15, 2014.
Mehree Iqbal, Nabila Nisha. (2016). "The Role of Religion on Purchase Behavior of Muslim Consumers: The Context of Bangladesh" In Advances in Islamic Finance, Marketing, and Management. Published online: 16 Jan 2017; pp245-270.
Mohd, B. (2009) Shari’ah Principles Governing Takaful Models. In: Archer, Simon et al., Takaful Islamic Insurance: Concepts and Regulatory Issues, op. cit. pp 43.
Mokhlis, S. (2009). Relevancy and Measurement of Religiosity in Consumer Behavior Research. International Business Research, 2(3). Pp 75–84.
NuHtay, S. and Zaharin, H. R. (2011). Critical Analysis on the Choice of Takaful (Islamic Insurance) Operating Models in Malaysia.
Qasaymeh, Khaled. (2011). "Islamic Banking in South Africa: Between the Accumulation of Wealth and the Promotion of Social Prosperity." The Comparative and International Law Journal of Southern Africa 44.2. pp 275-92.
Wilson, Jonathan Liu, (2012) "The challenges of Islamic branding: navigating emotions and halal", Journal of Islamic Marketing, Vol. 2 Issue: 1, pp.28-42.
Zainuddin, S., & Noh, I. N. M. (2013). An overview of the emergence of Takaful: An Islamic type of insurance policy. International Journal of Business and Economics Research, 2 (5), pp 112-115.
มนชยา อุรุยศ. (2559). การเปรียบเทียบความมีประสิทธิภาพของอุตสาหกรรมประกันภัยระกว่างประกันภัยทั่วไปกับตะกาฟุล. ชุดโครงการวิจัย การเงินอิสลามกับการขับเคลื่อนเศรษฐกิจไทย. กรุงเทพ. ศูนย์นโยบายโลกมุสลิม คณะเศรษฐศาสตร์. จุฬาลงกรณ์มหาวิทยาลัย.
พงศ์ระพีพร อสภากร, ปิยวัลย์ ศรีจำ, พิมพัชรา กุศลวิทิตกุล, และนงนุช ตันติสันติวงศ์. 2553. แนวทางการพัฒนาระบบการเงินฐานรากตามหลักการศาสนาอิสลามในประเทศไทย. ชุดโครงการ”ไทย-โลกมุสลิม”. สนับสนุนโดยสำนักงานกองทุนสนับสนุนงานวิจัย.
ชฎิล โรจนานนท์, อรรถพล อรรถวรเดช, นรินทร กลันทกพันธุ์, และรินทร์ธิยา เธียรธิติกุล 2553. การศึกษาแนวทางปรับปรุงกฎหมายเพื่อส่งเสริมการพัฒนาธนาคารอิสลามแห่งประเทศไทย. ชุดโครงการ”ความสัมพันธ์ทางเศรษฐกิจระหว่างประเทศไทยกับประเทศในตะวันออกกลาง”. สนับสนุนโดยสำนักงานกองทุนสนับสนุนงานวิจัย.