OPPORTUNITIES AND CHALLENGES OF USING FINTECH IN TAKAFUL FINANCIAL SERVICES
Keywords:
Financial Technology, Islamic insurance industry, Takaful
Abstract
Fintech is currently part of the development of takaful, the results of research and studies related to this problem are still very limited, on the other hand all financial services industries are starting to shift to fintech, including the Islamic financial services industry. So it is necessary to explore the potential use of fintech in the sharia insurance industry, especially in terms of opportunities and challenges in the future. In particular, big data analytics and robo-advisory are explored and how takaful operators can combine them for better customer experience and gathering competitive intelligence. To stay competitive in a rapidly changing business environment, takaful operators need to identify and adopt fintechs that can positively impact customer experience and optimize cost efficiency.
References
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3-4, e1059. https://doi.org/10.1002/cfp2.1059
Bekkin, RI (2007), “Islamic Insurance: National Features and Legal Regulations”, Arab Law Quarterly, Vol. 21, No.1, p. 3-34. https://doi.org/10.1163/026805507X197820
Brenner, L. and Meyll T. (2020), “Robo advisory: A substitute for human financial advice?”, Journal of Behavioral and Experimental Finance, Vol. 25, 100275. https://doi.org/10.1016/j.jbef.2020.100275
Castriotta, M., Floreddu, PB, Di Guardo, MC and Cabiddu, F. (2013), “Unraveling the Strategic Use of Social Media in the Insurance Industry: A Shared Values Perspective”, in: Social Media in Strategic Management: An Advanced Series in Management, Vol. 11, Bingley: Emerald Group Publishing Limited, p. 63-86. https://doi.org/10.1108/S1877-6361(2013)0000011008
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Iqbal, M. (2005), General Takaful Practices: A Technical Approach to Eliminating
Gharar (uncertainty), Maisir (gambling), and Riba' (usury), Jakarta: Gema Insani.
Jung D.; Glaser F. and Köpplin W. (2019), “Robo-Advisory: Opportunities and Risks for the Future of Financial Advisors”, In: Nissen V. (eds), Advances in Consulting Research. Contributions to Management Science, Cham: Springer. pp.
405-427. https://doi.org/10.1007/978-3-319-95999-3_20
Kader, HA; Adam, M.; Hardwick, P. and Kwon, WJ (2014), “Cost efficiency and board composition under different takaful insurance business models”, International Review of Financial Analysis, Vol. 32, p. 60-70, https://doi.org/10.1016/j.irfa.2013.12.008
Kadirov, D. (2021), “Marketing of Islamic services: overcoming the misconceptions of commercial insurance”, Journal of Islamic Marketing, Vol. 12
No.2, pp.264-279. https://doi.org/10.1108/JIMA-08-2019-0172
Malaysian Takaful Association (2018), Annual Report 2020, available from https://www.malaysiantakaful.com.my/sites/default/files/mta-annual-report- final.pdf [Accessed 2 October 2019].
Malik A. and Ullah K. (2019), Introduction to Takaful. Singapore: Palgrave Pivot, https://doi.org/10.1007/978-981-32-9016-7
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University: Islamic Economics, Vol. 30, No. 2, p. 135-157. https://doi.org/10.4197/Islec.30-2.12
SAS (2012), Combating insurance claim fraud (White Paper), [Online] Available from: https://support.sas.com/resources/papers/proceedings12/105573_0212.pdf [Accessed 16 October 2019].
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October 2019].
Published
2023-03-06
How to Cite
Faqih, R., & Nurhayati, N. (2023). OPPORTUNITIES AND CHALLENGES OF USING FINTECH IN TAKAFUL FINANCIAL SERVICES. El-Buhuth: Borneo Journal of Islamic Studies, 5(2), 231-243. https://doi.org/10.21093/el-buhuth.v5i2.5875
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