A COMPARATIVE STUDY: TAKAFUL AND CONVENTIONAL INSURANCE

Abstract

The Saudi Arabia insurance market is considered to be one of the largest and fastest growing markets in the Gulf region and a leading market in the entire Middle East and North African region. It is engaged in Islamic insurance and services by insurance companies. The Saudi insurance industry has become an important one to provide a brief history of Islamic insurance and to shed light on Takaful applications worldwide. This study was done to analyze the variation between Islamic Takaful insurance and conventional insurance in Saudi Arabia. This study was done based on quantitative method. For this work, the targeted sample population were members drawn from firms and organizations, bank customers and finance faculty students at Effat University. The size of the sample was 150 respondents. The data collection was done using survey questionnaire.  Key findings of this work have shown that Takaful institutions are emerging in Islamic countries and that Takaful is preferred over conventional insurance.

CCS Concepts

• Information systems➝Database management system engines   • Computing methodologies➝Massively parallel and high-performance simulations.