Takaful Investment Portfolios - (Wiley Finance) by Abdulrahman Khalil Tolefat & Mehmet Asutay (Hardcover)

Book Synopsis

The Islamic finance industry has witnessed remarkable growth over the last decade, and one of the most successful segments--poised for even greater expansion--is the Islamic insurance (takaful) industry. In Takaful Investment Portfolios, distinguished takaful scholar Abdulrahman Khalil Tolefat explores the investment portfolios of takaful companies in both the GCC countries and Malaysia, the tip of Islamic finance industry. Investigating the trends and patterns of investment of takaful companies, the book looks at shareholders as well as general and family funds to determine where these companies are investing today, and where they are likely to invest in the future.

Presenting new and novel research on the investment patterns of takaful companies, Takaful Investment Portfolios covers the history of the industry and takaful models and how they work, and presents in-depth studies of both their real-world and desired portfolio investments.

• Presents unique new research into the investment portfolios of takaful companies in the GCC and Malaysia
• Examines the gap between desired and actual investment portfolios of takaful companies
• Explores expected areas for future investment

Groundbreaking in its depth, Takaful Investment Portfolios is an unprecedented study of the investments of takaful companies.

From the Back Cover

The Islamic finance sector has witnessed historic growth over the past decade. One of the most successful and fastest-growing segments has been the takaful, or Islamic insurance, industry, which is expected to grow at an average rate of 20 percent per annum, well into the future.

Despite the rapid growth of Islamic insurance and mounting interest among major players in both the Islamic and conventional financial industries, much about their internal workings remains veiled in mystery. Nowhere has this been more true than in the financial structures and investment activities.

Based on a groundbreaking research project begun in 2002, this book provides a clear, in-depth look at the financial structures in both the GCC and Malaysia, which together represent approximately 60 percent of the Islamic insurance industry.

Featuring a gold mine of new and novel research, Takaful Investment Portfolios covers:

• The history of the industry, as well as various takaful models and how they work
• Islamic insurance practices, highlighting differences between Shari'ah-compliant and conventional insurance
• Critical legal and regulatory aspects of insurance contracts under Islamic law in both the GCC and Malaysian markets
• Major asset classes comprising investment portfolios of shareholder funds, general funds, and family funds of takaful enterprises in GCC and Malaysia
• Actual versus desired investment portfolio composition of all three types of funds in both regions
• Differences between the GCC and Malaysian takaful investment portfolios of the three fund types
• Recent efforts to change the composition of takaful investment portfolios and the most likely areas for future investment
• Expert recommendations for regulatory authorities, and Islamic banks.

The first and only in-depth study of its kind, Takaful Investment Portfolios is an indispensable resource for those working within the takaful industry and other areas of Islamic finance, as well as those in the conventional insurance and finance industries.

About the Author

Dr. AbdulRahman Khalil Tolefat began his career at the Central Bank of Bahrain. He later served as both chief executive officer and chairman of Allianz Takaful in Bahrain, the global hub for Islamic insurance (takaful) of Allianz Group. After leaving Allianz, he founded ITQAN Financial Services for which he now serves as Chairman and Managing Director. In addition, Dr. Abdul Rahman was a member of the CBB Committee that developed the insurance rulebooks in coordination with PricewaterhouseCoopers and a member of the working group between the International Association for Insurance Supervisors (IAIS) and the Islamic Financial Services Board (IFSB).

Dr. Mehmet Asutay is a Reader in Middle Eastern and Islamic Political Economy and Finance at the School of Government and International Affairs, Durham University; Director of the Durham Centre for Islamic Economics and Finance; Course Director of the MA/MSc in Islamic Finance; and the Director of the Durham Islamic Finance Summer School. Also, he serves as Managing Editor of Review of Islamic Economics and Associate Editor of the American Journal of Islamic Social Sciences, and is on the Editorial Advisory Board of International Journal of Islamic and Middle Eastern Finance and Management.