Untitled Hamdard Islamicus Vol. XLVIII, No.1 57 FAMILY TAKAFUL (ISLAMIC LIFE INSURANCE) IN BANGLADESH: OPERATIONAL DILEMMAS AND REMEDIAL APPROACHES DR. ISSA KHAN Department of Shari’ah and Management, Academy of Islamic Studies, University of Malaya, 50603, Kuala Lumpur, Malaysia Email: issa@um.edu.my DR. MD. MAHFUJUR RAHMAN Islamic Businesses School, Universiti Utara Malaysia, 06010, Kedah, Malaysia Email: dr_mahfuj@yahoo.co.uk DR. AZIAN BIN MADUN Department of Shari’ah and Management, Academy of Islamic Studies, University of Malaya, 50603, Kuala Lumpur, Malaysia Email: azianm@um.edu.my Received on: 24-03-2022 Accepted on: 28-01-2025 https://doi.org/10.57144/hi.v48i1.469 Abstract Takaful industry in Bangladesh has been facing numerous problems. The study explores the operational dilemmas of family Takaful (Islamic life insurance) in Bangladesh and recommends approaches to meet the challenges. A qualitative method is used in this study, using data from thirty-two respondents, along with officers and SharÊ‘ah board members of Takaful companies, as well as Takaful participants. The findings revealed a lack of legislation, regulations, and policies for the development family Takaful in Bangladesh. Furthermore, mismanagement and profit-driven activities have adversely affected the family Takaful industry in Bangladesh. The ignorance of participants about the family Takaful is another setback in establishing a sustainable Takaful industry in Bangladesh. The study proposed strategies to overcome the challenges such as the family Takaful industry in Bangladesh may use commercial contracts that give SharÊ‘ah-specific funding and adopt different models of Takaful in accordance with the legislation of Malaysia. The findings of the research will be immensely useful in overcoming the constraints that the family Takaful in Bangladesh is now confronting. mailto:issa@um.edu.my mailto:dr_mahfuj@yahoo.co.uk mailto:azianm@um.edu.my https://doi.org/10.57144/hi.v48i1.469 58 Family Takaful in Bangladesh … Keywords: Family Takaful, Operational Dilemmas, Government, Company, participants, Remedial Approaches, Bangladesh. Introduction Takaful has been gaining momentum since its inception. The main contribution is from the Muslim society especially in Southeast Asia, Africa, and the Gulf Cooperation Council (GCC) region as there is a large Muslim population.1 In the realm of Islamic finance, the equivalent of the insurance industry is known as Takaful. The Arabic word “Takaful” is derived from “Kafala”2 meaning to protect and guarantee.3 The concept of Takaful dates back more than a thousand years .4 At the International Muslim Conference held in Jeddah, King Faisal invoked all Muslim countries to reconstruct their banking systems in the light of SharÊ‘ah.5 Because of this conference, a group of businessmen who had earlier established the Islamic Banking system in 1983 launched the Takaful industry in the private sector of the country. ‘Islami Insurance Bangladesh Limited’ was established in 1999 as the first Takaful company in Bangladesh.6 Bangladesh is a Muslim majority country. Therefore, local demand for Takaful is growing in the country.7 Currently, six full-fledged family Takaful and three full-fledged general Takaful companies are offering their services in the country.8 Until today, separate rules and regulations have not been introduced by the government to guide the operations of Takaful companies. The whole insurance industry is governed by the Insurance Act 2010, which conflicts with the principles of Takaful, resulting in various obstacles to Takaful companies.9 Regardless of the conflicting principles between conventional insurance and Takaful services, little research has been conducted on insurance in Bangladesh, particularly the family Takaful.10 These merits in-depth research into the field of family Takaful in Bangladesh. Objectives and Research Questions of the Study 1. The objective of the study is to identify the challenges that hinder the operation of the family Takaful business in Bangladesh and 2. To propose remedial strategies to overcome the challenges Based on the objectives, two research questions can be formed: 1. What are the challenges of family Takaful in Bangladesh that hinder the operation of the family Takaful business? and 2. What are the strategies can be proposed to overcome the challenges? Hamdard Islamicus Vol. XLVIII, No.1 59 Literature Review Definition of Takaful Takaful is defined by several Muslim scholars as well as some Islamic financial institutions, i.e. Billah, et al11 defined: Takaful is a mutual guarantee or assurance, based on the principles of al-‘Aqd (contract), provided by a group of people living in the same society, against a well-defined risk or catastrophe affecting one’s life, property, or any possession of value. The Islamic Financial Services Board (IFSB) and the International Association of Insurance Supervisors (IAIS)12 described Takaful as: "the Islamic counterpart of conventional insurance and exists in both life ("family") and general forms. It is based on the concepts of mutual help and solidarity". Basically, Takaful is an alternative to the conventional insurance system which follows the Sharīʿah guidelines to provide the necessary services to its participants against any unexpected harm, damage, or loss if it happens among them. It is also called Islamic insurance.13 Types of Takaful General Takaful In most cases, a general Takaful agreement is a short-term plan in which Takaful participants make contributions and Takaful firms invest and manage their contributions in a manner that is considered to be acceptable. Because participants in general Takaful often perceive their donations to be a contribution to their fellow participants, the Tabarru‘ contract, also known as a gift, is most commonly employed in general Takaful. There will be an annual distribution of an extra surplus that will be distributed to the members by the corporation.14 General Takaful covers motor Takaful, including the protection of private cars, motorcycles, and commercial vehicles, while non-motor Takaful covers health, property, fire, personal accidents, and many more.15 Family Takaful Family Takaful is a long-term insurance in which most members plan to contribute in order to fulfill their long-term needs. The Family Takaful covers life, whole life, endowment Takaful, universal Takaful, marriage Takaful, education plan, Íajj and ‘umrah.16 Most of the time, operators in Family Takaful split contributions into two parts: one goes into the participant's account, and the other goes into the subscriber's account (Tabarru‘ account) to cover the losses of other participants. Both accounts are invested in 60 Family Takaful in Bangladesh … ways that are legal according to SharÊ‘ah. Based on the contracts, the Takaful operator gets paid a fee or a share of the investment profits.17 SharÊ‘ah Principles of Takaful Most contemporary Islamic scholars and regulatory bodies, i.e., Muḥammad Taqī Usmanī and Alī Muḥiuddin al-Qarah-Dāghī, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the SharÊ‘ah Advisory Council (SAC) of Bank Negara Malaysia (BNM) strongly urge Takaful companies to observe Islamic principles in order to be SharÊ‘ah compliant for their Islamic insurance services. The first principle is indemnity.18 It is a legal principle that stipulates the Takaful operator to pay full compensation to the participant in the event of an actual loss when the company has adequate protection. This principle is widely used in general insurance, and rarely applies to life insurance and health insurance.19 The second principle is cooperation. Most contemporary Islamic scholars agree that the insurance policy is legally permissible when it is based on the principle of cooperation.20 The principle of tabarru‘ (donation) is a basic principle of Takaful where every participant must have a sincere intention of cooperating with other participants in case of peril or difficulty.21 Besides tabarru‘, the principles of muÌārabah (profit-lose sharing) or wakālah (agency system) are also an important model of Takaful.22 In the muÌārabah contract, the company acts as a muÌārib (entrepreneur), the participant acts as a rabbul mal (capital provider) and profit or loss is distributed according to the agreed ratio between the company and the participant. However, in the wakālah (agency) model, the company acts as an agent for the participants and charges fees for services that are provided to the participants on the basis of a fixed amount or an agreed profit ratio.23 All contracts should also be free from elements of ambiguity and all-important information in the contracts must be transparent between the Takaful company and its participants.24 In terms of commitment, the participants must pay insurance premiums at a specific time that is agreed upon signing the contract. The Takaful company should pay suitable compensation without delay and procrastination when a risk is encountered.25 The Takaful contract is not intended to achieve material gain,26 rather it aims to provide help and assistance for each participant who suffers a loss. This is the principle of humanity.27 Islam allows people to accumulate wealth and keep it for the future for the protection of society in a permissible manner according to SharÊ‘ah.28 The Takaful company should observe all the provisions and principles of SharÊ‘ah in all business activities and investments and avoid illegal dealings.29 The internal SharÊ‘ah supervisory board is Hamdard Islamicus Vol. XLVIII, No.1 61 also required to determine and monitor all activities, especially new products or services. The government should introduce dedicated regulations to monitor Takaful activities through the SharÊ‘ah board.30 In the absence of regulations, Takaful companies must form SharÊ‘ah boards to observe the activities of the Takaful company.31 Differences between Takaful and Conventional Insurance Takaful is an agreement between the participants to share joint responsibility for any loss or damage from the fund to which they donate collectively. Table 1: Key differences between Takaful and conventional insurance Sources :32and 33. Issues Takaful Insurance Regulatory framework SharÊ‘ah accepted laws, fatāwÉ, decisions of the SharÊ‘ah board, cases are solved based on SharÊ‘ah Statutory law, case law, judgements of court, tradition and customs Source of law Holy Qur’Én, Sunnah, consensus, analogy Man-made and laws secular Company relations The company works as an operator, trustee, manager, and entrepreneur Buyer and seller Advisory board SharÊ‘ah advisory board is compulsory SharÊ‘ah advisory board is not formed Investment All investments must be permissible based on SharÊ‘ah compliance. Not required to follow SharÊ‘ah Risk Sharing responsibilities for loss or damage. Risk is transferred to another party. Purpose Solely based on mutual cooperation and solidarity Solely based on commercial aspects Element Free from interest (riba’), gambling (maisir) excessive uncertainty (gharar). No restrictions Fund Participants are owners of the fund and the company manages it. The company is the owner of the fund. Nomination In the Family Takaful, the nominee acts as a trustee and distributes the whole wealth among inheritors. The nominee is the sole owner of the wealth. Model MuÌārabah(Profit-loss sharing), WakÉlah, (Agency) Hybrids, Waqf (Endowment) No restrictions 62 Family Takaful in Bangladesh … It is free from excessive gharar (uncertainty), ribā (interest) and maisir (gambling).34 The conventional practice of insurance, however, is based on interest and is considered impermissible in the SharÊ‘ah.35 The main distinctions between Takaful and insurance are listed above (Table 1): Takaful Industry and its Challenges It was mentioned earlier that King Faisal invoked all Muslim countries at the International Muslim Conference in Jeddah to reform their banking structures based on Islamic SharÊ‘ah.36 As a result of this conference, the first country to establish a Takaful company was Sudan in 1979.37 Soon after, many Takaful companies were introduced in many Muslim and non-Muslim countries around the world. The regulatory framework is an important tool that supports a company or a system to boost its market growth. However, the regulatory framework for Takaful is missing in many countries. For example, in Bangladesh, Pakistan and Nigeria, the Takaful companies are operated under an insurance act, which is completely contrasted to the nature of Takaful. The skilled human capital will assist the company to fulfill its target and goals. The Takaful industries need more skilled human capital in order to create and innovate products and services. The absence of knowledge about SharÊ‘ah and its principles in some employees may lead to SharÊ‘ah issues in the products or the Islamic image of the company. Qualified SharÊ‘ah scholars will assist the Takaful company to comply with its activities according to SharÊ‘ah and show a good reputation to the public. However, there is a shortage of skilled SharÊ‘ah board members for the Takaful industry in many countries.38 Many people are not aware of the benefits and nature of Takaful. Some misconceptions related to Islam and the Takaful system among people lead them to run away from Takaful services. Some people think Takaful and Islamic finance are for Muslims only as they apply SharÊ‘ah principles to their operational activities. Takaful (Islamic insurance) is operated for all regardless of religions, and races.39 Takaful industry in Bangladesh In Bangladesh, Takaful companies are encountering many challenges due to the lack of rules and regulations.40 Although many initiatives have been proposed to separate the rules and regulations between Islamic insurance (Takaful) and conventional insurance, the result of the attempt has yet to take place.41 The absence of a strong constitutional regulatory framework has hindered Takaful activities in the country.42 There are many Hamdard Islamicus Vol. XLVIII, No.1 63 problems related to Takaful companies, where limited skilled human capital is one of the major issues43. Additionally, family Takaful businesses must allocate 30% of their assets to interest - bearing government bonds and securities. Guaranteed investment vehicles must reinvest their profits only in industries recognized by the government.44 Another obstacle to Takaful is the scarcity of an Islamic capital market and re-Takaful.45 For this reason, some Takaful companies have engaged with conventional reinsurance companies in Bangladesh. Furthermore, the unethical practices of some employees, such as fraud and misinformation, particularly in Family Takaful, have caused an adverse impression of Takaful among the general public. In addition, there is a huge lack of SharÊ‘ah advisory institutions and experts in Islamic economics and Takaful in the country).46 Methodology It is mentioned earlier that the objective of this research is to identify the challenges of family Takaful in Bangladesh that hinder the operation of the family Takaful business in the country and to propose remedial strategies to overcome these challenges accordingly. To achieve the objective of the study, in-depth data is required. Qualitative method dries thoroughly study.47 Therefore, to determine in-depth information about family Takaful in Bangladesh, this study adopted a qualitative approach. Interview is one of an important primary source of data collection, and it is commonly used in a qualitative method for the profound study.48 In addition, semi- structured interview questions are widely used in the qualitative research.49 So, this study adopted a semi-structured interview approach to collect information from officers and SharÊ‘ah board members as well as participants of two-family Takaful companies in Bangladesh (Table 2). This study used a purposive sampling technique which is supported by several research 50 to select respondents from two-family Takaful companies in Bangladesh. The names of all respondents and companies are not revealed in the study to confirm the job safety of the respondents and to secure the company's reputation. In order to provide research findings, the data analysis approach transforms raw data. One of the most ubiquitous approaches used in qualitative research is known as thematic analysis. A comprehensive knowledge of the data must be obtained several times in order to discover the themes.51 In this study, the thematic method has been implemented for data analysis. The data obtained from the different sources and interviews was classified based on several themes and sub-themes 64 Family Takaful in Bangladesh … Company Respondents Total Officer SharÊ‘ah Board Member Participant A 5 1 10 16 B 5 1 10 16 Total 10 2 20 32 Table 2: Distribution of Respondents The major themes are family Takaful, challenges and overcoming policies for Bangladesh. The sub-themes are rules, regulations, policies, management of A and B Takaful companies, and participants in Bangladesh. The data analysis for this research began at the same time as data collection. Findings The study's findings are categorized into challenges and remedial strategies. The initial segment addresses the obstacles encountered in implementing family Takaful in Bangladesh. The roots of the issues are explored from the perspectives of the rules and regulation in line with the government, companies, and participants in family Takaful in Bangladesh. The second part suggests strategies that may help overcome the challenges. Challenges for Family Takaful in Bangladesh Challenges related with rules and regulations in Bangladesh Theme 1 (Table 3): the major challenges faced by the Takaful industry in Bangladesh related to the government’s rules and regulations. The Bangladesh government allowed the establishment of Takaful companies in 2000. However, the rules and regulations have not been introduced to guide Takaful companies in their operations. Several initiatives have been introduced to form particular rules and regulations governing the operations of Takaful companies, but the absence of the government’s sincere attention has resulted in a lack of progress in this regard. At present, Takaful is monitored by the Insurance Act 2010, which is antithetical to Takaful. Currently, the Insurance Development and Regulatory Authority (IDRA) monitors and controls insurance companies for both Islamic and conventional insurance. The government has not formed a specific SharÊ‘ah board to monitor Takaful businesses. Later, in 2008, the Central SharÊ‘ah Council for Islamic Insurance of Bangladesh was formed and registered by the government. It works as an advisory board as it has Hamdard Islamicus Vol. XLVIII, No.1 65 no legal authority to control Takaful companies. Thus, companies are not obligated to follow their guidelines. After the establishment of Takaful companies, there have been many changes in terms of government regimes, but none have sought to implement the rules of Takaful operations in the Islamic insurance industry. This is because many key members of the governing body are secular-minded and they seem to have no interest in applying Islamic principles to insurance contracts in the country. No Challenges related to Rules and Regulation 1 Absence of proper regulations on family Takaful in Bangladesh 2 Insurance development and regulatory authority control 3 Absence of legal power of central SharÊ‘ah 4 Negligence of the family Takaful in Bangladesh. Table 3: Challenges based on the Government’s Rules and Regulations of Bangladesh Sources: Interviews with stakeholders of A and B companies in Bangladesh Challenges Related to Takaful Companies in Bangladesh Theme 2 (Table 4): the major challenges related to family Takaful issues in line with the companies in Bangladesh. Takaful companies seek to employ people who can benefit the company most; however, many employees of Takaful companies are poorly educated and have no knowledge of Takaful. Besides, Takaful companies do not inform participants of Takaful the model of Takaful operation that is being adopted by the companies. The commission system is another major issue in the operations of Takaful companies. The companies take a significant amount of money as commissions from the participant’s premium without informing them. For example, the first-year participant’s contribution to the Takaful pool is not invested; rather, it is distributed among brokers and related staff of the company proportionally. In some cases, participants face difficulties in paying their contributions to the Takaful due to the closure of Takaful branch as there are insufficient participants. In this situation, participants must go to the head office to pay their Takaful premium. Many participants cannot do it because of the distance. This allows Takaful companies to devour their premiums unjustly. There is also a lot of mismanagement of Takaful. For example, Takaful companies recruit unauthorized brokers who have no legal license. Many employees emphasize earning money instead 66 Family Takaful in Bangladesh … of implementing Takaful principles because most of them have come from conventional insurance. Earning money by any means seems to guide their behavior. Furthermore, profit-oriented policy bars the further development of Takaful as many are established solely for profit, and have no intention to implement the principles of Takaful. No Challenges related to Company’s Perspective 1 Absence of sufficient skilled human 2 Lack of disclosure of Information on family Takaful in Bangladesh 3 Commission System in family Takaful in Bangladesh 4 Absence of interlink of the Branches 5 Mismanagement 6 Business oriented Policy for family Takaful in Bangladesh Table 4: Challenges based on the Company’s Perspective in Bangladesh Sources: Interview with stakeholders of A and B Companies in Bangladesh. Challenges Pertaining to Participants in Bangladesh Theme 3 (Table 5): the challenges based on the participants of family Takaful company in Bangladesh. In Bangladesh, there is a lack of information about family Takaful. Hence, most participants do not have knowledge about the family Takaful, its model of operations and investment rules. Consequently, they are unaware of the benefits of family Takaful that make people solvent in society by keeping wealth for the future in a legitimate way. Lack of documentation and proper information about claims means many participants are unable to claim the surplus from family Takaful products because they are not asked by the respective company to provide all documents at the time of initiating the policy. When they want to claim, the company asks them to provide all the necessary documents and information related to the policy. Some Takaful branches had to close due to a shortage of participation, and the firm doesn't have a central database to monitor all of its branches online. The only way for participants to pay the premium and get their excess is to go to the main office. The corporation unjustly absorbs the owing money as many participants are unable to reach the main office due to distance. Usually, participants are involved in Takaful via agents and brokers of the company, and they have no information about these agents and brokers. Many brokers and agents provide fake information about the company and have no legal license from the government, and many of them give fake receipts to participants. Sometimes they do not hand over the participants’ premium and Hamdard Islamicus Vol. XLVIII, No.1 67 disappear from the company, while the participants lose all their money. No Challenges related to the Participants 1 Lack of knowledge on family Takaful 2 Inability to claim surplus in family Takaful in Bangladesh 3 Participant-agent conflict on family Takaful Table 5: Challenges based on the Participants’ Perspective in Bangladesh Sources: Interview with stakeholders of A and B from Bangladesh Discussions The study identified three key dilemmas that need to be addressed in order to improve the existing condition and enhance the overall performance of the family Takaful industry in Bangladesh, which covers in this section of this article. Thus, the restorative strategies for rules and regulations are explored first, followed by the remedial strategies for the company, and finally the remedial approaches for the family Takaful participants in Bangladesh are discussed here. Remedial Strategies for the Family Takaful of Bangladesh Remedial Strategies for the rules and regulations The Bangladesh government should introduce dedicated rules and regulations to govern the family Takaful operations. In this matter, the government can appoint a group of Muslim scholars in the related field to draft relevant and suitable rules and regulations for family Takaful (Member of SharÊ‘ah board and officers of A and B). It can send a special group of people to work with highly regulated Takaful industries such as in the United Arab Emirate (UAE) and Malaysia to benefit from their regulatory systems. The Takaful company can be regulated by the Central Bank of Bangladesh following the Central Bank of Malaysia.52 The Central Bank of Malaysia regulates both insurance and Takaful companies by having separate acts for both insurance and Takaful.53 It could establish an authority to guide all Takaful operators in the country.54 The government can form a dedicated group of Muslim scholars by giving them authority in the IDRA to observe Takaful practices in the country. A central SharÊ‘ah board should be formed by the government to oversee Takaful companies (Officers and member of SharÊ‘ah board for A and B). The government may authorise the Central SharÊ‘ah Council for Islamic Insurance of Bangladesh by giving it legal power to control Takaful activities (Member of 68 Family Takaful in Bangladesh … SharÊ‘ah board of A and B).Thus, the government should pay attention to implementing Takaful in order to meet the demands of the majority Muslim population. In order to comply with SharÊ‘ah principles by the Takaful companies, the government should regulate, monitor, and enforce the rules, and, in their absence, a SharÊ‘ah board should oversee the operations of Takaful companies.55 The political instability is another factor.56 A stable government is a product of a responsible government. In the context of Takaful, the state government is responsible to form a designated regulation for the industry. In this regard, Prophet Mohammad (The Final Prophet of Allah, Peace be Upon him, his Progeny and Companions) said: "Every one of you is a shepherd, and every one of you will be questioned about those under his rule, the ruler is a shepherd, and he will be questioned about his subjects; the man is a shepherd in his family, and he will be questioned about those under his care; and the woman is a shepherd in the house of her husband, and she will be questioned about those under her care, server is a shepherd of his owner’s wealth".57 If the government introduces dedicated regulations for the Takaful company like in Malaysia,58 then participants of Takaful can help each other during difficult times. Solvency of Takaful companies will help reduce the burden of the government, which will help the industry to develop faster and establish the economy of Muslim communities, which will increase the national GDP of Bangladesh. Remedial Strategies for the Companies of Bangladesh Takaful companies in Bangladesh should employ qualified and well-educated staff, and should not engage in nepotism during the recruitment of employees (Participants and member of SharÊ‘ah board for A and B). It should emphasise good manners and ethics in selecting employees to reach the goal of establishing an Islamic economy in Bangladesh (officers of A and B). Takaful companies should inform their participants about their activities and models used for the investment of participants’ contributions for the family Takaful (participants of A and B). They should employ brokers who have legal licenses. They should investigate all documents related to the family Takaful policy and offer participants policies after all evidence (member of SharÊ‘ah board and participants of A and B). The Takaful companies should disclose to all participants about their investment activities for the family Takaful policy in Bangladesh. The company should give up illegal commissions from participants’ insurance policies (member of SharÊ‘ah board, participants and officers of A and B). In this situation, the researcher suggests Takaful companies to follow the wakālah (agency system)59 or hybrid60 model Hamdard Islamicus Vol. XLVIII, No.1 69 of operation to avoid any issues regarding commissions on family Takaful. Takaful companies should be linked with each branch. Each participant should be able to get all information from any branch. To solve the mismanagement of Takaful companies, it can recruit authorised brokers who have legal licenses (officers and member of SharÊ‘ah board of A and B). It should monitor its staff and workers about their responsibilities and duties. In this regard, companies can give full authority to the internal SharÊ‘ah board to monitor all activities.61 The company should penalise unethical employees by establishing commissions of inquiry and inspection. It can also refer to the court of law to take legal action against those involved in unethical acts.62 Companies should emphasise to its stakeholders that the main goal of establishing Takaful is to establish genuine Islamic finance and Takaful in the country. If the Takaful company is sincere, many issues can be resolved such as unethical activities.63 Issues within the Takaful companies are considered significant in Bangladesh. The findings contradict the principles of Takaful as contracts between the Takaful company and its participants are not transparent. The companies do not inform participants about their investment system and its model as required by contemporary Muslim scholars.64 Thus, an element of gharar (ambiguity) is present in the contract, as Abū Hurayrah narrates that the Prophet (Øal Allah-u-‘alaihe wa sallam) prohibits any transaction that involved gharar (ambiguity).65 In addition, there are many unethical activities of some directors and employees of the companies which are totally unacceptable in Islam, as the Prophet (Øal Allah-u-‘alaihe wa sallam) said "He who cheats is not from us".66 Analysis of different model of Takaful in line with the laws like Malaysia as described by Elahi67, can be done for the family Takaful companies in Bangladesh. The goal of the establishment of Takaful companies is mutual help, but this is absent in the family Takaful companies in Bangladesh. Sudden closing the branches of Takaful companies causes harm for participants, and harming others is strongly prohibited in Islam and it contradicts the spirit of Takaful.68 Many Muslim do not practice Islam due to lack of Islamic knowledge. Although there are some Islamic subjects that are thought in the primary and secondary school level, these are insufficient.69 In this regard, Bangladesh can follow Malaysia which offers higher education in Takaful. For instance, most Malaysian government universities such as University of Malaya (UM),70 International Islamic University of Malaysia (IIUM)71 and Northern University of Malaysia (UUM)72 and many non-government universities i.e. Sultan 70 Family Takaful in Bangladesh … Azlan Shah University (USAS),73 International Islamic University College Selangor (KUIS)74 and College of Islamic University of Pahang Sultan Ahmad Shah (KUIPSAS)75 have Islamic finance, Takaful and Islamic banking departments. Along with this, there are specialized Islamic finance-related university and institutes launched by the help of Bank Negara (Central Bank of Malaysia) such as the Global University of Islamic Finance.76 Remedial Strategies for the Participants of Family Takaful in Bangladesh The company should inform participants about the Takaful model and its investment rules (Participants, officers and member of SharÊ‘ah board for A and B). The government and Takaful companies should have undertaken joint-campaign concerning the benefits of family Takaful through radio, TV and newspapers, etc. Moreover, there are 250,399 mosques in Bangladesh and the imÉms (leaders) of those mosques can take part in spreading knowledge and advising people the benefit of Family Takaful.77 The companies should inquire about all relevant documents and offer a policy for the family Takaful to the participants after submitting all information to their respective companies. The company should send agents or employees to explain policies, while the participants will hand over money to agents who have a legal license from the government.78 The Takaful company may take legal action against all unethical activities of brokers and staff of the Takaful company to save the participant trust. The findings show the absence of minimal knowledge of Takaful among participants of Bangladesh. Participants have had little opportunity to learn about Takaful.79 If sufficient Islamic subjects are included in primary and secondary school education, many Muslims may get enough information and they may become capable to practice Islam correctly. As a result, the Islamic economy will increase and poverty will reduce, as is the case of Malaysia which is the global pioneer in Takaful, Islamic banking and finance in the world, because it is highly regulated and facilitated in the Islamic financial sectors.80 Conclusion Based on the discussion on the challenges of Family Takaful in Bangladesh, the study concludes that government-imposed rules, regulations, and policies are lacking in the Takaful industry. The mismanagement of Takaful companies hinders the further development of family Takaful in Bangladesh. Many employees of Takaful companies and most participants have little knowledge about family Takaful, its operations, and investment rules. Hamdard Islamicus Vol. XLVIII, No.1 71 To address these issues, the government of Bangladesh should adopt Islamic principles and theories specific to family Takaful by separating the rules and regulations of Takaful from conventional insurance. A central committee composed of experts in Islamic finance and various Takaful products, including family Takaful, can be formed to develop and implement these regulations. To gain more knowledge and experience, Takaful industry stakeholders from Bangladesh should visit countries with well- established Takaful systems. Creating awareness about family Takaful through mass media can help educate participants about its benefits and operational procedures. The government should also authorize the Central SharÊ‘ah Board to monitor the activities of SharÊ‘ah board members to ensure compliance with family Takaful policies. Takaful companies should take responsibility for developing the industry by training their employees and instilling Islamic ethics and values, especially for those selling family Takaful products. Teamwork is crucial for establishing family Takaful in Bangladesh. By implementing these recommendations, the challenges faced by Takaful companies can be marginalized, promoting Islamic finance and raising Islamic values that foster family life, cooperation, peace, and harmony in society. Furthermore, it is expected that the study's findings and recommendations will aid policymakers in enhancing the condition of family Takaful companies in Bangladesh. The proposed measures will contribute to a more robust and sustainable Takaful industry, benefiting the economy and society. The following key points summarize the recommendations: 1. Regulatory Framework: Separate Takaful regulations from conventional insurance and establish a central committee dedicated to Islamic finance and Takaful products. 2. Knowledge and Training: Enhance knowledge and skills through international exposure and training programs focused on Islamic ethics and values. 3. Awareness Campaigns: Utilize mass media to educate the public about family Takaful benefits and operations. 4. SharÊ‘ah Compliance: Empower the Central SharÊ‘ah Board to oversee compliance and maintain the integrity of family Takaful policies. 5. Employee Development: Invest in training employees on Islamic finance principles and ethical practices. 6. Collaboration: Foster teamwork among all stakeholders to ensure the successful implementation of family Takaful. By addressing these areas, the Takaful industry in Bangladesh and policymakers can overcome existing challenges and 72 Family Takaful in Bangladesh … contribute significantly to promoting Islamic finance and enhancing the socio-economic well-being of the community. Conflicts of Interest: The authors declare no conflict of interest. Notes and References 1 Issa Khan, Takaful and ReTakafull: Principles, Practices, and Challenges. 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URL: http://www.jstor.org/stable/3632242. 5 Issa Khan, Noor Naemah Binti Abdul Rahman, Mohd Yakub Zulkifli Bin Mohd Yusoff and Mohd Roslan Bin Mohd Nor, “History, Problems, and Prospects of Islamic Insurance (Takaful) in Bangladesh” SpringerPlus 5, no. 785 (2016), 1-7. 6 Mohammad Ibrahim Kalil, “Islamee Banking and Insurance”, Dhaka: Merit Fair Prokashon, 2011). 7 Md. Kausar Alam, Suhaimi Ab Rahman, Md. 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