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Takaful industry and Blockchain: challenges and opportunities for costs’ reduction in Islamic insurance companies

European Journal of Islamic Finance

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Field Value
 
Title Takaful industry and Blockchain: challenges and opportunities for costs’ reduction in Islamic insurance companies
 
Creator Radwan, Maha
Calandra, Davide
Koumbarakis, Paris
 
Description Takaful insurance is increasing its consideration. Islamic insurance provides mutual aid and protection. However, the different model does not always make the business efficient. Several studies have shown the difficulty of Takaful companies in limiting their operating costs and having efficient borders. To reduce such operating costs and reach economies of scale, this paper assesses the adoption of Blockchain technology as a critical value for the Islamic insurance industry. Building upon a literature review and drawing on the SWOT framework, this paper outlines internal strengths and weaknesses as well as external opportunities and threats. Our analysis reveals that the Blockchain technology can help in the reduction of fraud, increase timeliness of actions for customers, allow for faster and more efficient management of claims and improve the risk management. Theoretical and practical implications are discussed
 
Publisher European Journal of Islamic Finance
European Journal of Islamic Finance
 
Date 2020-10-11
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier https://www.ojs.unito.it/index.php/EJIF/article/view/4926
10.13135/2421-2172/4926
 
Source European Journal of Islamic Finance; 2020: Second Special Issue for EJIF Workshop
European Journal of Islamic Finance; 2020: Second Special Issue for EJIF Workshop
2421-2172
 
Language eng
 
Relation https://www.ojs.unito.it/index.php/EJIF/article/view/4926/4665
 
Rights Copyright (c) 2020 Maha Radwan, Davide Calandra, Paris Koumbarakis
http://creativecommons.org/licenses/by-sa/4.0