Search

The idea of Islamic economic order, which may be defined as an economic system that operates in complete conformity with Islamic tradition and religion, is steadily becoming more and more popular and diverse. The utilization of financial tools and fundamental strategies created from the standpoint of Islamic law is highlighted in Islamic Finance at this stage. Basic financial needs nevertheless exist among market participants, just as they do in traditional financial markets, despite the fact that interest, garar, and gambling bans are all taken into account as part of Islamic finance's major principles. Islamic financial instruments are being currently produced as an alternative to standard financial instruments to fulfill the demands in other sectors including money and capital markets. In this context, Takaful (Islamic insurance) has been developed as an alternative to insurance transactions applied using traditional methods, in an effort to try and eliminate risk, to find a cure for the future's uncertainty, and to prevent the interruption of both individual and commercial activities, within the confines of Islamic law. In contrast to conventional insurance, Takaful (Islamic insurance) operates within the bounds of its own principles and norms and is free from elements like interest, risk, and gambling that are against Islamic law. Islamic insurance is founded on the tenets of using non-interest market mechanisms to evaluate premiums obtained from shareholders and insured parties, aiding one another, and choosing economic assets that are not deemed immoral or improper in situations for which insurance coverage is provided. Islamic insurance comes in a variety of forms, each with its own guiding principles. Although all of these models adhere to the sharia-compliant contract forms, the wakalah, mudaraba, and hybrid models are the most often employed ones (mixed takaful, which is a combination of these two models). While the relatively constant size of the Takaful markets between 2015 and 2019 is noticeable, it is important to recognize that this size may expand quickly in the years to come. Also, the Middle East and North African nations of Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain, Oman, Iran, and Egypt top the list of places where these applications are most often utilized. The takaful industry in Turkey now has a fund size of more than 2 billion USD. Given the recent growth of attention in Islamic insurance as well as the market's potential for expansion, both the methodologies and the instruments produced have been broadened, and the number of scholarly publications has expanded. The research's objective is to analyze the academic literature on Islamic insurance in the WOS database using bibliometric and visualization techniques, and to present a contextual analysis. Tables were used to convey information about the years, number of citations, authors, subject areas, categories, and nationalities of the research on the topic. The VOSViewer tool was also used to illustrate the analyses. The findings demonstrate that the least studies were conducted in 2010, and the most were completed in 2019. The greatest number of articles were published in the field of takaful. In addition, it has come to light that Malaysia is the country with the highest number of papers published worldwide. The most popular keywords were Takaful, Islamic insurance, and Islamic finance, Malaysia produced the most articles in the nation mapping, and Billah was the most referenced author with the strongest links, according to the visualization data. When we look at the research as a whole, we can see that the market participants' interest in the expanding Takaful industry has grown in this direction in academic studies, which means that both theoretical and practical applications are moving in the same way. [ABSTRACT FROM AUTHOR]