CHALLENGES FACING THE DEVELOPMENT OF TAKAFUL INDUSTRY IN BANGLADESH AND INDONESIA: A REVIEW

Takaful is the Islamic version of insurance, and size global takaful industry about USD$51 billion in 2019. Limited studies have been conducted on development sector Bangladesh Indonesia using a comparative approach. As such, this review aims at investigating challenges facing these two countries. Primary sources such as laws regulations, secondary scholarly articles books subject matter were reviewed to derive conclusions. This concludes that efficiency both countries depend some common factors, having proper sophisticated regulatory framework for with required talent pool while focusing creating awareness education ensure not only general public literacy; but even existing potential customers basic knowledge takaful. Further, it also found order further develop countries, imperative use innovation technology promote parallel conventional insurance by level playing field. identifies specific issues suggested recommendations accordingly. It anticipated outcome will assist policy makers other stakeholders understand inhibitions jurisdictions hope can be eliminated sustainable sector.
 
 Keywords: Insurance, finance, review, Shariah, Takaful.
 Cite as: Lubaba, S., Ahmad, A. U. F., & Muneeza, (2022). Challenges Indonesia: A review. Journal Nusantara Studies, 7(1), 100-113. http://dx.doi.org/10.24200/jonus.vol7iss1pp100-113