Efficiency studies of the sharia insurance industry: A systematic literature review

Abstract

The sharia insurance industry has experienced significant development from year to year. A sharia insurance company’s efficiency is crucial because it reflects its capacity to generate outputs from resources. This study aims to enhance comprehension of the efficiency of sharia insurance currently studied by doing a comprehensive literature study. This study selected 429 published articles about Islamic insurance indexed by Scopus between 2010 and 2022. 32 final articles that met the criteria that discussed efficiency as the primary study included in the qualitative synthesis analysis were selected. As a result, this study succeeded in revealing the development of sharia insurance efficiency studies based on the number of publications, authors, countries, subject areas, sources of publications, and cited articles. The study found four main methods researchers used to measure the efficiency of Sharia insurance. This study also revealed several studies comparing the efficiency level between conventional and sharia insurance. Furthermore, the study’s results were mapped based on the significance of the influence of variables on the efficiency of Sharia insurance. This study offers a new opportunity for further development in methods and variables of the efficiency of sharia insurance.