Economics and Finance

Our PhD students

Photo of Jassem Alokla

Jassem Alokla

  • Qualifications: BSc, Msc, ACII & Chartered Insurer Risk Manager
  • Role Title: PhD student
  • Address: Richmond Building Portland Street Portsmouth PO1 3DE
  • Telephone: tbc
  • Email:
  • Department: Economics and Finance
  • Faculty: Portsmouth Business School


Financial risk management in Islamic insurance industry

A working definition, risk means the possibility of loss. More aptly, risk can be defined in general terms as; the probability of an unfavourable event occurring in the future, the potential variability of future outcomes of a stated situation, the potentially undesirable, disadvantageous and or/ unprofitable result of a future event. Risk is the chance of happening of something that will have an impact upon our objectives. It is measured in terms of likelihood and consequences (GOWA, 2002).

Both conventional and Islamic perspective of risk shares a common goal to achieve preparedness towards potentials loss, damage or destruction of items. Risk always involves some level of uncertainty. There is nothing positive or certain about taking a risk. Conversely, chance which involves a certain amount of certainty/ probability contains both a positive and a negative result.

Risk management in Takaful industry is a process to identify potential losses of an operator and to select the most appropriate techniques for treating such potential losses.

Risk management in Takaful companies has many objectives; the major objective is to assure that the Takaful fund is able to pay the claims and other obligations; to attain a good investment rewards  if possible; ability to resist a counteractive circumstances and conditions; and to secure stability as an accepted concern.

In addition to the general risks faced by different types of businesses, The Takaful insurance companies exposed to several risks, and through this axis will try to find various risks that only face the Takaful companies. 

Research objectives

  • Critical evaluation for each and every risk in Takaful Insurance industry would be required in order to carry out a detailed assessment of these risks.
  • Measure and quantify the financial risk and  the financial performance ( Profitability & Liquidity)
  • Developing a study that could be between two independent markets and possibly come up with harmonized information that will minimize such risks on either side..