CHALLENGES FACING THE DEVELOPMENT OF TAKAFUL INDUSTRY IN BANGLADESH AND INDONESIA: A REVIEW

Takaful is the Islamic version of insurance, and the size of global takaful industry is about USD$51 billion in 2019. Limited studies have been conducted on the development of takaful sector in Bangladesh and Indonesia using a comparative approach. As such, this review aims at investigating the challenges facing the development of takaful industry in these two countries. Primary sources such as laws and regulations, and the secondary sources such as scholarly articles and books on the subject matter were reviewed to derive conclusions. This review concludes that efficiency of takaful in both countries depend on some common factors, such as having a proper and sophisticated regulatory framework for takaful with the development of required talent pool while focusing on creating awareness and education to ensure that not only the general public have the required takaful literacy; but even the existing and potential customers have the basic knowledge about takaful. Further, it is also found in this review that in order to further develop the takaful industry in both countries, it is imperative to use innovation and technology to promote takaful parallel to the conventional insurance by creating a level playing field. This review also identifies some specific issues in both countries and have suggested recommendations accordingly. It is anticipated that the outcome of this review will assist policy makers and other stakeholders to understand the inhibitions facing the development of takaful industry in these two jurisdictions with hope that these challenges can be eliminated for the sustainable development of takaful sector. Keywords: Insurance, Islamic insurance, Islamic finance, review, Shariah, Takaful. Cite as: Lubaba, S., Ahmad, A. U. F., & Muneeza, A. (2022). Challenges facing the development of Takaful industry in Bangladesh and Indonesia: A review. Journal of Nusantara Studies, 7(1), 100-113. http://dx.doi.org/10.24200/jonus.vol7iss1pp100-113

Survival is the driver for adaptation: safety engineering changed the future, security engineering prevented disasters and transition engineering navigates the pathway to the climate-safe future

Consider a simple idea describing the time, space and relationship scales of survival. Engineering has been going along with the current paradigm that growth in wealth and material consumption can continue through innovation and technology development. The proposed survival continuum concept represents a new way to think about sustainability that has clear implications for influencing engineering projects in all fields. The argument for survival as the driver for adaptation is developed sequentially, building on theory, definition, examples and history. The key idea is that sustainability will be effectively addressed by a new engineering discipline furthering development of the field of safety engineering with longer time scale, broader space scale and more complex relationship scale. The implication is that the past 100-year development of safety engineering can be leveraged to fast-track the inclusion of sustainability risk management throughout the entire engineering profession. The conclusion is that a new, interdisciplinary field, Transition Engineering, is emerging as the way our society will achieve sustainability-safety through rapid reduction in fossil fuel use and reduction in detrimental social and environmental impacts of industrialization.

Application of MSTAM Methodology in Project Management

Innovation technology development and commercialization are not new, but this is a hot topic in this decade in Hong Kong. The relevant researches are focused on two dimensions from research and development (R&D) technologist perspective (supply-side) and industry user perspective (demand-side). This is a part of the author's engineering doctorate thesis. The thesis title is “An Analysis of the Determinants of Innovation and Technology Fund (ITF) R&D Projects Commercialization in Hong Kong's Logistics and Supply Chain Industries.” A pilot implementation case study has been conducted and tested, and the MSTAM methodology are workable for ITF R&D project deliverables commercialization to the industry.

UJI MUTU BRIKET DARI PENCAMPURAN JERAMI DAN SEKAM PADI DARI LIMBAH PASCA PANEN DI LAHAN GAMBUT

This study aims to conduct a study of the quality value of briquettes made from mixing straw and rice husks which include a flame test and combustion rate which is expected to be used to educate people around the forest by providing innovation and technology regarding the use of post-harvest waste. The results showed that the value of the quality of briquettes made from variations in the mixing of straw and rice husks including the flame test of the combustion rate obtained results, for treatment A (100% straw) of 0.68 gr/minute, treatment B (100% husk) of 0 ,57 gr/minute, treatment C (Husk 75% + Straw 25%) was 0.40 gr/minute, treatment D (Husk 25% + Straw 75%) was 0.46 r/minute and treatment E (Husk 50% + Straw 50%) of 0.43 gr/minute. The value of the flame to boiling time for treatment A = 38.62 minutes, treatment B = 31.05, treatment C = 23.22 minutes, treatment D = 36.05 and treatment E = 27.95 minutes. Density values of all treatments, and the water content for treatment B and treatment C can meet SII. While other parameters: ash content, volatile matter, bound carbon and calorific value still cannot meet the standards, so it is recommended to carry out further research with other variations of treatment, in order to obtain briquettes with quality that can meet the standards.

Linking FDI and Sustainable Environment in EU Countries

The aim of this study is to emphasize the link between the foreign direct investments (FDIs) and the sustainable environment in EU countries. We also focus on investigating the influence of other factors related to business environment on FDIs, considering the investors’ sustainable choice for the host countries, grouped according to FTSE Russell criteria. Using panel methodology and applying Ordinary Least Squares (OLS) method of data analysis, the authors reached the conclusion that a better-rated business environment, with concern for sustainability, has more of a chance to attract larger sums of FDIs, mostly in the case of developed economies. This fact proves that the main advantage considered by a foreign investor in developed EU countries is represented by CO2 emissions (sustainable environment) and a good ease of doing business environment. The study highlights the factors that influence the decision of investing in developed countries, rather than in emerging and frontier ones. This paper contributes to the existing literature by identifying the group of countries which need a more sustainable approach to attract a large amount of FDIs, given that the inflow of FDIs is a crucial factor of economic growth, a possible source of innovation and technology, and a way to reduce poverty.