Akhter, Waheed and Pappas, Vasileios and Khan, Saad Ullah,(2017), A comparison of Islamic and conventional insurance demand: Worldwide evidence during the Global Financial Crisis. , Research in International Business and Finance, UNSPECIFIED
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Abstract
In this paper we compare the Islamic insurance industry (Takaful) to the conventional insurance
across 14 countries over the 2005–2014 period. Our methodology relies on panel regressions and
accounts for the periods during and post the global financial crisis (GFC). Specifically, we investigate:
i) the difference in the insurance demand dynamics of the two insurance types; ii) if
Islamic insurance demand has been boosted in the period that followed the crisis. To allow for
cross-country heterogeneities we form sub-samples of high/low insurance regions and ASEAN/
Middle East. We find Islamic and conventional insurance demand to be negatively affected by
GDP/capita, albeit the Islamic showing a greater resilience during crisis. A negative link between
conventional insurance and saving rate shows that conventional saving products work as substitutes
to conventional insurance. Higher average income is positively (negatively) related to
Islamic insurance demand in the Middle East (ASEAN), a finding plausibly related to the different
practices relating to Islamic finance in the two regions
Keywords : | Islamic insurance (Takaful) Global Financial Crisis ASEAN Middle East Demographics, UNSPECIFIED |
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Journal or Publication Title: | Research in International Business and Finance |
Volume: | 42 |
Number: | UNSPECIFIED |
Item Type: | Article |
Subjects: | Ekonomi Islam |
Depositing User: | Nila Nurjanah |
Date Deposited: | 27 Dec 2019 09:00 |
Last Modified: | 27 Dec 2019 09:00 |
URI: | https://repofeb.undip.ac.id/id/eprint/1100 |