The ageing population crisis from an Islamic perspective
Author
Source
ISRA International Journal of Islamic Finance
Issue
Vol. 8, Issue 1 (30 Jun. 2016), pp.67-92, 26 p.
Publisher
International Shari'ah Research Academy for Islamic Finance
Publication Date
2016-06-30
Country of Publication
Malaysia
No. of Pages
26
Main Subjects
Abstract EN
The International Monetary Fund’s (IMF) Global Financial Stability Report (2012) warned against the ageing population crisis as a major concern for governments.
The basis of this crisis is the associated financial burden created by the longevity risk.
Longevity risk is the risk that individuals live longer than anticipated, with consequent shortfalls in incomes post-retirement.
Due to the colossal amount involved in mitigating this risk, state intervention is important to mitigate the aggregate longevity risk at national levels.
Although ageing is a well-articulated theme in Islam, not much has been written on the present day longevity risk crisis in Islamic finance, despite protection of human dignity being considered as a pillar of maqāṣid al-Sharīʿah (the higher objectives of Islamic law).
This paper explores the concept of longevity risk and proposes a new line of products that can be adopted by Islamic banks and Islamic insurance (takāful) companies through Islamic pensions to mitigate longevity risk from an Islamic perspective by using longevity ṣukūk and awqāf.
American Psychological Association (APA)
Manjoo, Faizal Ahmad. 2016. The ageing population crisis from an Islamic perspective. ISRA International Journal of Islamic Finance،Vol. 8, no. 1, pp.67-92.
https://search.emarefa.net/detail/BIM-717886
Modern Language Association (MLA)
Manjoo, Faizal Ahmad. The ageing population crisis from an Islamic perspective. ISRA International Journal of Islamic Finance Vol. 8, no. 1 (Jun. 2016), pp.67-92.
https://search.emarefa.net/detail/BIM-717886
American Medical Association (AMA)
Manjoo, Faizal Ahmad. The ageing population crisis from an Islamic perspective. ISRA International Journal of Islamic Finance. 2016. Vol. 8, no. 1, pp.67-92.
https://search.emarefa.net/detail/BIM-717886
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 90-92
Record ID
BIM-717886