Takaful Investment Portfolios A Study of the Composition of Takaful Funds in the GCC and Malaysia

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.

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.

Preface
Acknowledgments
List of Abbreviations

Chapter 1
Introduction
Rationale for Researching Investment Portfolio Composition of Takaful Companies
Aims and Objectives
Research Methodology
Overview of the Book

Chapter 2
Insurance Under Islamic Law: An Introduction
The Concept of Insurance in Islamic Sources
The Views of Contemporary Jurists on the Insurance Contract
Arguments Regarding the Validity or Invalidity of Commercial Insurance
Conclusion
Endnotes

Chapter 3
Takaful Models And Implementations, Trends And Developments
Takaful Undertaking Principles
Islamic Insurance Operational Models
Developments and Trends in the Takaful Industry
Conclusion
Endnotes

Chapter 4
Research Methodology
The Methodological Shortcoming of the Existing Literature
Research Strategy
Research Questions, Objectives and Hypotheses
Research Design
Sampling Strategy
Research Methods
Quantitative Data Analysis
Qualitative Data Analysis
Conclusion
Endnotes

Chapter 5
Exploring The Investment Behaviour And The Investment Portfolios Of Takaful Operating Companies In The GCC And Malaysia
Total Investment Portfolio of Takaful Operating Companies for All Funds
Investments in Shareholders Fund
General Fund
Family Funds
Conclusion

Chapter 6
Locating the Differences Between Actual and Desired Investment Portfolio
Shareholders Fund
General Fund
Family Funds

Chapter 7
Contextualising The Findings
Portfolio Composition
Investment Accounts
Investment in Sukuks
Investment in Equities
Return on Investment (ROI)
Mutual Funds/Unit Trusts
Real Estate Investments
Conclusion
Endnotes

Chapter 8
Conclusion and Recommendations
Main Findings of the Study
Recommendations of the Study
Research Limitations
Recommendations for Future Research
Concluding Remarks
Endnote

Appendix A
Appendix B
Appendix C

Bibliography
About the Authors
Index

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