Abstract:
The rapid development of Islamic insurance is viable worldwide.
However, the Islamic Insurance Industry has been facing a number of challenges in
its practices. Thus, Islamic insurance Institutions of Sri Lanka has also been facing
remarkable challenges while growing fast in the nation. This is because of lack of
financial techniques and human resources. This study is examined the challenges of
Islamic insurance practices in Sri Lanka. The purpose of this research is to
investigate serious challenges of Islamic Insurance in Sri Lanka. Therefore, this
study examines the impact of selected challenges on practices of Islamic insurance
and it is practiced by Amana Takaful (plc). Findings indicate that there is a
significant positive relationship between selected challenges and practices of
Islamic Insurance from the sample point of view. According to Finding, Lack of
product innovation, High turnover of sales agent in market environment, Lack of
Shari'ah compliant fix income investment, Lack of employee productivity and lack
of Employee's experience are also has been Facing challenges in their practice. They
further reveal that managing employees of Amana Takaful have perceptions that the
selected challenges are impacted on practices of Amana Takaful (plc).
