Abstract
The kingdom of Morocco has recently initiated implementing the Islamic finance system, with only the banking segment being operational so far; this makes the comprehensiveness of the Takaful framework a more substantial aspect that will ensure the system’s integrity as a whole. This study analyzes the country’s Law for Takaful and compares it with the Malaysian model, a leading country in this segment. This study adopted a comparative legal research approach, using the analytical method in studying Moroccan and the Malaysian legal documents about Takaful and a thorough review of existing literature, archives, and library research pertinent to the field. This study has found that Moroccan Law is generally comprehensive and can provide an excellent legal platform for an emerging Takaful industry. A circular about the internal operational code is published as stated in the law. However, the study has also pointed out some severe Shariah governance issues that need reconsideration, concerns about the general regulatory approach, and restrictive regulations concerning licensing and product design, among other minor issues.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
References
Soudi, L., Cherkaoui, A.: Morocco experience in islamic finance between the failure of the past and the promising future. Int. J. Finance Account. 4, 153–162 (2015)
BAM. Recommandation n°33/g/2007. Bank Al-Maghrib, Rabat (2007)
Jouti, A.T.: Overview of Islamic Banking & Islamic Finance in Morocco. Towards Qualitative Growth and Standardization of Islamic Finance, Manama (2017)
MEIR. Morocco:Call to accelerate introduction of takaful rules, 30 April 2018. Retrieved from the middle east insurance review https://www.meinsurancereview.com/News/View-NewsLetter-Article?id=42457&Type=MiddleEast
Hoecke, M.V.: Methodology of comparative legal research. Law Method (2015)
Yaqin, A.: Legal Research and Writing Methods. Lexis Nexis, New Delhi, India (2008)
Ainley, M., Mashayekhi, A., Hicks, R., Rahman, A., Ravalia, A.: Islamic finance in the UK: Regulation and challenges. The Financial Services Authority (FSA), London (2007)
Boursier. Morocco: Insurance sector hopeful of takaful launch in 2019. Middle East Insurance Industry Review, 31 March 2018
Islamic Finance News Morocco Report (2018). https://redmoneyevents.com/MAIN/framework/assets/2018/reports/morocco.pdf
Zeroual, K.: Morocco: Call to accelerate introduction of takaful rules. (T. newspaper, Interviewer) Middle East Insurance Review, 30 April 2018
Islamic Financial Services Act (2013). http://www.bnm.Gov.my/documents/act/en_ifsa.pdf
Al-Sartawi, A.: Performance of Islamic banks Do the frequency of Shari’ah supervisory board meetings and independence matter? ISRA Int. J. Islam. Finance 11(2), 303–321 (2019)
Yusoff, M.: Implementation of relationship marketing in takaful through. Int. J. Acad. Res. Bus. Soc. Sci. (2018)
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2022 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this paper
Cite this paper
Riad, M.R., Hassan, R., Salman, S.A. (2022). Comparative Analysis of the Moroccan and Malaysian Takaful Regulatory Frameworks. In: Musleh Al-Sartawi, A.M.A. (eds) Artificial Intelligence for Sustainable Finance and Sustainable Technology. ICGER 2021. Lecture Notes in Networks and Systems, vol 423. Springer, Cham. https://doi.org/10.1007/978-3-030-93464-4_33
Download citation
DOI: https://doi.org/10.1007/978-3-030-93464-4_33
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-93463-7
Online ISBN: 978-3-030-93464-4
eBook Packages: Intelligent Technologies and RoboticsIntelligent Technologies and Robotics (R0)