Islamic Finance: Takaful (Insurance) Question Title * 1. Please provide basic demographic information Name [optional]: Designation: * Age in Years: * Sex * City/Town and Country: * Qualification: * Experience in Years: * Religion: * Email Address: * Sector: * Question Title * 2. In Your opinion, Conventional Insurance Business is Halal [permitted] or Haram [prohibited], as per teachings of Islam? Haram [prohibited] Halal [permitted] Not sure Other (please specify) Question Title * 3. As per your understanding, what is/are underlying reason(s), which make(s) conventional insurance business Haram [prohibited], as per teachings of Islamic law? [Multiple options can be selected] It is Haram [prohibited] due to involvement in Gharar [uncertainty of outcome, Speculation] I do not consider it Haram [prohibited] It is Haram [prohibited] because it is not proven in Qura'n or Sunnah It is Haram [prohibited] due to dealings in Riba [interest/usury] Other (please specify) Question Title * 4. Have you ever been insured by yourself/employer/family/government/association? [Multiple options can be selected] Yes under life insurance with an Islamic insurance company Yes under general insurance [assets insurance] with an Islamic insurance company Yes under life insurance with a conventional insurance company Yes under Health insurance with a conventional insurance company Yes under general insurance [assets insurance] with a conventional insurance company Yes under Health insurance with an Islamic insurance company NO Other (please specify) Question Title * 5. What is the underlying difference in the business models of a conventional and an Islamic insurance company?[Multiple options can be selected] Conventional insurance is a speculative business involving Gharar [uncertainty], Islamic insurance is a cooperation among participants Conventional Insurance is Riba based, Islamic insurance is profit/loss sharing based Conventional insurance is a product of capitalism, Islamic insurance is proved in Sunnah No difference Other (please specify) Question Title * 6. If new insurance product [Shari'a compliant] was available today at competitive rates, how likely would you be to use it instead of competing products [conventional insurance] currently available from other companies? Very likely Not at all likely Slightly likely Extremely likely Moderately likely Other (please specify) Question Title * 7. What is regulatory/Shari'a supervisory/Audit state of Islamic insurance business [companies] in Pakistan? [Multiple options can be selected] Unsatisfactory; as there is no special law [act/ordinance] to regulate Islamic insurance business I would recommend the adoption of AAOIFI framework to regulate Islamic finance [including Islamic insurance] Satisfactory; SECP has issued sufficient rules to regulate Islamic insurance business Regulations by SECP are OK, however Shari'a supervision is not up to the mark Other (please specify) Question Title * 8. In your opinion, whether Shari'a compliant insurance business can meet total insurance needs of modern household/business customers? Yes for household needs & No for business needs Yes for business needs & No for household needs Not really Yes needs of business as well as of household can be met through Islamic insurance companies Other (please specify) Question Title * 9. How you see the future of Islamic insurance business in Pakistan? [Multiple options can be selected] Moderate: Neither very expansion, nor very contraction Very dark and reducing [contraction] As subordinate to conventional Insurance Very promising and prosperous Other (please specify) Question Title * 10. Islamic Finance is an emerging area with a very healthy growth and expansion globally but lacking trained Human resources, hence universities in Pakistan should provide Islamic finance education [Multiple options can be selected]. No need at all Yes; A subject on Islamic finance Yes; An MBA/CMA/CA with specialization in Islamic finance Yes; Certification in Islamic finance Yes; Diploma in Islamic finance Yes; Masters/PhD in Islamic finance Done