Document Type : Research Article

Authors

• Aliakbar Samavatian ¹
• Mohammadmahdi Asgari ²
• Farzan Khamesian ³
• Saeed Sehat ⁴

¹ Financial Management, Administrative Sciences and Economics, University of Isfahan, Isfahan, Iran

² Department of Financial and Monetary Economics, Faculty of Islamic Studies and Economics, Imam Sadiq (AS) University, Tehran, Iran.

³ 'General Insurance Research Group, Insurance Research Institute, Tehran, Iran.

⁴ Department of Business Administration, Faculty of Management and Accounting, Allameh Tabataba'i University, Tehran, Iran.

Abstract

Introduction: Takaful has grown very well in Islamic countries in recent years, but Takaful has not yet been implemented in Iran and its implementation faces challenges. However, Takaful has many benefits. The aim of this study is to provide a solution to solve the financial-economic challenges of implementing Takaful in Iran.

Methodology: In order to identify the challenges, a comparative and library study method was used to extract and compare macroeconomic, financial, insurance and Takaful indicators in Iran and countries with Takaful. Then, by using the Delphi method on the studies conducted, the challenges of implementing Takaful in Iran were tested and the most important challenges were extracted. In order to provide policy solutions to solve these challenges, first, the in-depth interview method and theme analysis were used to find policy solutions. Finally, with a view to evaluating the solutions presented, a focus group was held to validate the solutions presented and the final solutions to solve these challenges were presented.

Findings: Based on the findings of this study, the most important solution based on the results of the Delphi method are the use of methcaflin and low-risk participants, and the elimination of high-risk methcaflin through the risk classification of individuals.

Conclusion: Despite the financial-economic challenges in implementing takaful in Iran, there are also solutions to solve these challenges that are also feasible. In general, issuing guarantee bonds on the stock exchange and using government and charitable donations can be used to solve challenges related to supporting capital, paying claims over a long period of time, designing products efficiently, and paying claims from one layer to the next to increase the wealth of the takaful fund, using a quota mechanism in premiums and claims, and implementing takaful on a blockchain platform to create greater transparency and eliminate insurance fraud.

Keywords

• Takaful
• inflation
• implementation model
• interest rate
• loss factor

Main Subjects

• Islamic Insurance