To reply to this questions, we have to look into some of the material facts pertaining to the questions and the takaful context in Bangladesh.
By principles, takaful, the Islamic version of traditional insurance mechanism, is halal since the inner theme of takaful insurance is based on the Islamic law or sharia.
In Bangladesh, takaful insurance should be halal.
Let delve deep into the takaful practices in Bangladesh.
- In Bangladesh there is no dedicated act on Takaful affairs despite the fact that takaful insurance has significant contribution to the market development.
- There is no specific investment guidelines for takaful operators.
- Absence of takaful insurance training courses
- Government has not yet promulgated any specialized training program for the member of sharia supervisory board (SSB) for the takaful insurance companies.
- Takaful players have to comply to traditional banking regulations where there is gross violation of the sharia law in the performance of the duties and responsibilities of the members of SSB of takaful insurance companies.
To sum up, the regulatory body should take necessary steps to resolve the takaful market issues. If the above issues are resolved, then it is for sure that takaful products will click in Bangladesh as it is a halal financial product.
Mr. Abdul has been in insurance sector of Bangladesh for a decade. He is an Associate Member (ACII) of Chartered Insurance Institute of London.