Challenges and Opportunities
Studies in Islamic Finance, Accounting and Governance series
Edited by S. Nazim Ali and Shariq Nisar
Chapter 15: Micro-takaful in India: a path toward financial inclusion and sustainable development
Takaful is one of the most rapidly growing segments in global financial services. The cooperative micro-takaful based on the exclusion of the uncertainty, gambling and interest in its transactions encourages values such as solidarity cooperation and brotherhood. The purpose of the chapter is to study the benefits of offering micro-takaful as a tool for financial inclusion and sustainable development of the masses. It has been found that micro-takaful can be used as an effective tool for financial inclusion. There are various determinants for micro-takaful in India and expected clients have their own priorities. The findings of the study reveal that the attitude of Indian customers can be classified into factors like affordability, trust, implementation and features of micro-takaful. Therefore, considering such factors as a model for micro-takaful in India is proposed.
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