چکیده:
The main objective of this study is to propose an integrated model combining the Dematel method and structural equation modeling to identify and prioritize the factors influencing the design of the establishment and risk management framework of various takaful risk funds, using a data-driven approach within Iran’s insurance industry. The present research is both applied and exploratory. The snowball sampling method was employed, resulting in a statistical sample of 25 experts from the insurance industry with expertise in takaful. The relevant interview questions were designed, and eventually, various risk categories were identified within the common types of takaful funds—namely, the family risk fund, the general risk fund, and the re-takaful risk fund. Based on the Grounded Theory approach, underwriting, operational, credit, liquidity, and market risks were recognized as the primary risk classes in the risk management of various takaful funds. Subsequently, an integrated model—incorporating structural equation modeling and the fuzzy Dematel method—was employed to prioritize the factors, assess the intensity of their impact and susceptibility, and to diagram the cause-and-effect relationships among the components. The research findings indicate that among the principal risks examined, operational risk obtained the highest ranking. It also held the top position in terms of weighting within the structural equation modeling approach, and similarly in the fuzzy Dematel method, where it received the greatest weight and interacted most extensively with other criteria. Hence, due to its heightened susceptibility, it is regarded as a dependent criterion. The final prioritization results demonstrated that the family risk fund displays the lowest level of risk intensity, whereas the general risk fund exhibits the highest intensity of takaful risk. These findings underscore the necessity for founders of takaful businesses to accurately identify and assess the risks associated with each fund before taking any action, and to develop and implement robust strategies for risk mitigation with particular attention to these identified risks.
خلاصه ماشینی:
The main objective of this research is to provide an integrated model based on the Fuzzy DEMATEL method and Structural Equation Modeling (SEM) to identify and prioritize the factors affecting the design of the establishment and risk management model for various Takaful funds using a grounded theory approach in the Iranian insurance industry.
Table (2) Dimensions and components of risk management enumerated from study resources Dimension , Component Underwriting risk , reverse selection, incorrect risk assessment, inadequate insurer capacity, reliance, occurrence of uncontrollable factors, decrease in demand for risk coverage Operational risk , inadequacy or deficiency of internal processes, lack of competent technical and specialized manpower, inefficiency of information maintenance systems, fraud, technology and innovation Market risk , exchange rate risk, interest rate risk, inflation risk, price fluctuation risk, interest rate risk, customer non-payment risk, change in demand risk, tax and financial regulation risk Liquidity risk , insurance policy buyback, high ratio of assets to deposits, risk accumulation, natural disasters, human catastrophes Legal and regulatory risk , risk of changes in laws and regulations, risk of changes in standards, repayment risk, legal liability risk, financial and economic impact risk, tax and financial regulation risk Political risk , sanction risk, war risk, government change risk, global insurance market change risk, international insurance regulation change risk Source: (Research findings) Given the careful review of theoretical foundations and research background, to date, the dimensions and components of risk management in the Iranian Takaful industry have not been examined as a comprehensive model in the form of six dimensions and 40 components.
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