A Study on the Islamic Insurance : Peculiarities and Future Challenges
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The ongoing conflict and war between Israel and Hamas have led to severe human and material losses. This conflict, rooted in religious animosity, has once again brought global attention to Islam. The Muslim population is rapidly increasing, particularly in Asia, the Middle East, and Africa. Moreover, Islamic countries have achieved significant economic growth at a remarkable pace, leading to expectations that the insurance market will continue to expand. Although Islamic insurance (Takaful) has been developing as an alternative for Muslims, only a portion of the global Muslim population is currently enrolled in it, and most Muslims cannot subscribe to conventional insurance because of religious reasons. Meanwhile, the Korean insurance industry, faced with a saturated domestic market, is seeking new growth drivers and diversifying revenue sources. However, attempts to enter overseas markets have remained minimal due to various management challenges, such as government regulations and securing the necessary capital. In particular, the potential entry into the rapidly growing Islamic insurance market has not been considered. While religious factors related to Islam may be a reason, the primary obstacles include the lack of commitment from top management, insufficient information on Islamic insurance, and inadequate awareness. This study aims to examine the characteristics and business structure of takaful and the factors limiting market expansion. It also presents the issues that the Korean insurance industry needs to consider in advance and the future tasks for entering the Islamic insurance market.
Abstract
The ongoing conflict and war between Israel and Hamas have led to severe human and material losses. This conflict, rooted in religious animosity, has once again brought global attention to Islam. The Muslim population is rapidly increasing, particularly in Asia, the Middle East, and Africa. Moreover, Islamic countries have achieved significant economic growth at a remarkable pace, leading to expectations that the insurance market will continue to expand. Although Islamic insurance (Takaful) has been developing as an alternative for Muslims, only a portion of the global Muslim population is currently enrolled in it, and most Muslims cannot subscribe to conventional insurance because of religious reasons. Meanwhile, the Korean insurance industry, faced with a saturated domestic market, is seeking new growth drivers and diversifying revenue sources. However, attempts to enter overseas markets have remained minimal due to various management challenges, such as government regulations and securing the necessary capital. In particular, the potential entry into the rapidly growing Islamic insurance market has not been considered. While religious factors related to Islam may be a reason, the primary obstacles include the lack of commitment from top management, insufficient information on Islamic insurance, and inadequate awareness. This study aims to examine the characteristics and business structure of takaful and the factors limiting market expansion. It also presents the issues that the Korean insurance industry needs to consider in advance and the future tasks for entering the Islamic insurance market.
참고문헌 (26)
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