ABSTRACT
This study aims to determine the various aspects of the Takaful operators and their role in Islamic sustainable finance. A sample of 211 Islamic finance and Takaful experts were surveyed, and the study concludes four reliable constructs of Takaful, i.e., “corporation and protection”, “collection and management of common funds”, “management of risk”, and “implementation”. Further, all these constructs significantly impact the overall effects of Takaful operators on Islamic sustainable finance. This study offers policy implications, among others. The core of the Takaful business is its sanctity in terms of risk and fund management, along with cooperation, protection, and implementation. It directs the stakeholders towards maintaining the operations standards so that all four parameters in this study may be fulfilled. Takaful operators may adopt sustainable policies/strategies for a long-term perspective. Their management capabilities and risk management practices would help them contribute to the sustainability of Islamic finance in the future.
