Examining the Conceptual, Legal and Institutional Issues in Takaful

For all those who seek a concrete understanding of the takaful industry, this timely book offers crucial information and advice invaluable for any serious player in the market

March 10, 2014 11:24 IST | India Infoline News Service
Title: Takaful Islamic Insurance: Concepts and Regulatory Issues
Editors: Prof. Simon Archer, Prof. Rifaat Ahmed Abdel Karim, Dr. Volker Nienhaus
ISBN: 978-0-470-82352-1
Pages: 300; Cloth
Publication Date: July 21, 2009
Price: US$120.00
Published by John Wiley & Sons, Inc.

Takaful is the means of bringing the social and economic benefits of modern insurance coverage, in a form consistent with the principles of Shari’ah, to the Muslim community. Growth in the takaful industry has been robust in recent years, but the industry is still in its early stages of development – as the industry seeks to resolve its complex structure and other unresolved issues associated with takaful undertakings.

Published by John Wiley & Sons (Asia) Pte Ltd, the new book, “Takaful Islamic Insurance: Concepts and Regulatory Issues” (ISBN: 978-0-470-82352-1) provides an in-depth and comprehensive treatment of the issues governing the industry and its future direction. Edited by Professors Simon Archer, Rifaat Ahmed Abdel Karim and Volker Nienhaus – three eminent scholars and practitioners in Islamic finance – this authoritative book is a distillation of their expertise combined with contributions from some of the greatest thinkers and industry practitioners in this field.

Divided into two parts, the book first examines the business models and conduct, the Shari’ah principles, corporate governance as well as regulatory, legal and supervisory issues in takaful. The second half of the book proceeds to address the technical and operational issues of takaful and retakaful, including risk management and ratings, solvency, capital adequacy, investment portfolios, transparency and financial reporting.

For all those who seek a concrete understanding of the takaful industry, this timely book offers crucial information and advice invaluable for any serious player in the market.

About the Editors:

Prof. Simon Archer is Visiting Professor at the ICMa Centre, Henley Business School, University of Reading (U.K.), where he teaches on an MSc program Investment Banking and Islamic Finance. Previously, he was Professor of Financial Management at the University of Surrey (U.K.) having been Midland Bank Professor of Financial Sector Accounting at the University of Wales, Bangor. After studies in Philosophy, Politics and Economics at Oxford University, he qualified as a Chartered Accountant with Arthur Andersen in London and then moved to Price Waterhouse in Paris, where he became a Partner in Management Consultancy Services.

In addition to being co-editor of, and chapter contributor to, Islamic Finance:

Innovation and Growth, and Islamic Finance: The Regulatory Challenged (published by John Wiley), Professor Archer is co-author of the CCH International Accounting/Financial Reporting Standards Guide and the author of a considerable number of academic papers on international accounting and on accounting, finance, and related issues in Islamic financial solutions. He also supervises research students in these areas. He has carried out a number of consultancy assignments for the Accounting and Auditing Organization for Islamic Financial Institutions, the Islamic Financial Services Board, and the World Bank on issues connected with Islamic finance.

Prof. Rifaat Ahmed Abdel Karim has been the Secretary-General of the Islamic Financial Services Board since 2002. Prior to his current position, Professor Rifaat was the Secretary-General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), a post he held for more than eight years. He was a member of the Standards Advisory Council of the International Accounting Standards Board for two terms, and is currently a member of the Consultative Advisory Group of the International Auditing and Assurance Standards Board. Professor Rifaat was a Visiting Professor at Surrey University (U.K.) and Honorary Professor at Monash University (Australia). He is currently a Visiting Professor at Reading University (U.K.). Professor Rifaat is the co-author of Business and Accounting Ethics in Islam, the Euromoney bestseller book on Islamic Finance: Innovation and Growth, and Islamic Finance: The Regulatory Challenge recently published by John Wiley. He is also author of many academic and professional papers on accounting, governance and finance issues in Islamic banking and finance.

Dr. Volker Nienhaus was Professor of Economics at the German universities of Trier (1989-1990) and Bochum (1990–2004) before he became President of the University of Marburg (election period 2004–2010). He has published numerous books and articles on Islamic economics and Islamic banking and finance since the 1980s. He was a member of several academic advisory boards of public and private institutions in Germany, including the German Orient-Foundation (1993–2006) and the Federal Ministry of Economic Cooperation and Development (1998–2008). In 2006, he was appointed a member of the Governing Council of the International Center for Education in Islamic finance (INCEIF) in Kuala Lumpur. He is also consultant to the Islamic Financial Services Board on governance issues of takaful operations.

About Wiley:

Founded in 1807, John Wiley & Sons, Inc. has been a valued source of information and understanding for over 200 years, helping people around the world meet their needs and fulfill their aspirations. Since 1901, Wiley and its acquired companies have published the works of more than 350 Nobel laureates in all categories: Literature, Economics, Physiology/Medicine, Chemistry, Physics and Peace.

Our core businesses include scientific, technical, medical and scholarly journals, encyclopedias, books, and online products and services; professional/trade publishes books, subscription products, training materials, and online applications and websites; and educational materials for undergraduate and graduate students and lifelong learners. Wiley's global headquarters are located in Hoboken, New Jersey, with operations in the U.S., Europe, Asia, Canada and Australia. The Company's website can be accessed at http://www.wiley.com. The Company is listed on the New York Stock Exchange under the symbols JWa and JWb.

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