Student Name

Ahmed RazaFollow


Master of Science in Islamic Banking & Finance


Department of Finance

Faculty/ School

School of Business Studies (SBS)

Date of Submission

Spring 2023


Haroon Tabraze, Adjunct Faculty, Department of Accounting & Law


In a rapidly globalizing world, the Takaful industry, an Islamic insurance paradigm, plays a pivotal role in the financial fabric of numerous countries. This research navigates the broad landscape of Takaful, delving into the diverse models being employed across the globe. By analyzing data from 32 Takaful operators spanning 15 countries and drawing insights from industry practitioners, the study elucidates the varied models and their practical applications. Existing knowledge highlights the Wakalah Waqf model as holding superior Shariah compliance. Yet, intriguingly, a plethora of models thrive in different regions, with countries like Pakistan predominantly adopting the Wakalah Waqf model and Saudi Arabia leaning towards the cooperative insurance model. This study seeks to bridge the theoretical assertions with the ground realities of Takaful implementation, shedding light on the underlying dynamics that drive the choice of one model over another. A notable discovery of this research pertains to the non-standardized disclosure practices among Takaful companies, which may have implications for future regulatory directions. By providing a comprehensive comparison of Takaful models and their intricacies, this research aims to offer stakeholders a robust foundation for understanding, decision-making, and potential standardization in the Takaful domain.

Document Type

Restricted Access

Submission Type

Research Project

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