This paper develops a conceptual framework that explains how an Islamic banking product (can) evolves into various and heterogeneous service practices in different contexts of its application. In theory, there is an argument that a service should continuously evolve into various practice environments to fulfil the requirements of various contexts and thus sustain. In practice also, the regulators such as the State Bank of Pakistan adopted an evolutionary regulatory framework that calls for designing and development of Islamic banking products that evolve into the emergent market needs. The proposed framework in this paper, describes a five steps evolution in an Islamic banking product, namely i) Model Contracts ii) Bank-level specifications iii) Branch-level Specifications; iv) Customer-level specifications v) and Feedback Evolution. The framework advances our understanding of how an Islamic banking product does or should evolve into to the practice environments of banks to effectively enact the evolutionary regulatory frameworks in the Islamic banking industry.
This research examines the awareness of takaful among Kuwaitis. It endeavours to determine any significant differences and conformities between demographic variables and the four aspects of awareness concerning general information, the features of takaful, shari'ah compliances, and motives of takaful. The research adopted a quantitative research design. Descriptive, T-test, ANOVA, and Discriminant analyses were employed to analyse the data collected via questionnaires. The research sample consisted of a total of 640 Kuwaitis from which 52% of the participants have not heard of takaful despite the existence of 14 takaful operators in Kuwait. More than 60% of the participants were unsure as to how their contributions would be invested. They were particularly concerned whether it be shari'ah compliant or not. In addition, two-thirds of the respondents were unaware that they were eligible to receive part of the surplus, if any.
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