Takaful Shariah Audit Manual - A Proposal

Takāful Sharīʿah Audit Manual: A Proposal Executive Summary Sharīʿah compliance is one of the main factors that many stakeholders are most concerned with when it comes to Islamic financial institutions (IFI’s), and takāful operators (TOs) are no exception. No products,…

The effect of IFSA 2013 on late payment of takaful benefits

– This paper aims to examine the implications of compensation on late payment of takāful benefit imposed in the Islamic Financial Services Act 2013 on the takāful industry in Malaysia. It also aims to identify the issues and challenges faced…

Utilisation of Zakah and Waqf Funds in Micro-Takaful in Malaysia: An Exploratory Study

Micro-takāful is a Sharīah-compliant mode of protection for poor and underserved communities against risks and misfortunes. Regular takāful is business-oriented and targets participants with financial capabilities. Micro-takāful, on the other hand, is dedicated to low-income groups that are partly or…

Utilisation of zakāh and waqf fund in micro-takāful models in Malaysia: an exploratory study

Purpose – This paper aims to investigate the utilisation of both zakāh and waqf fund as external resources to ensure micro-takāful services are delivered to underserved communities in an effective and sustainable manner. It also addresses Sharīʿah issues related to…

Malaysian Takaful Industry and IFSA 2013: Selected Implication Analysis

UNEMPLOYMENT RISK PROTECTION FOR MIGRANT WORKER’S WOES

Shariah Screening Methodology & its Role in the Takaful Industry

The Parameters of Permissible Risk in Takaful

The concept of risk in takaful (Islamic insurance) is slightly different from the concept of risk in conventional insurance. Some risk in takaful shall be treated as permissible (halal) and some risk shall be treated as impermissible (haram). halal is…

Protecting Takaful against the Risk of Failure: A Critical Appraisal of the Takaful Benefits Protection System (TBPS) in Malaysia

The establishment of the Takaful and Insurance Benefits Protection System (TIPS) in Malaysia is a statutory requirement. TIPS aims to ensure financial stability, soundness and public confidence. Perbadanan Insurans Deposit Malaysia (PIDM), known internationally as the Malaysia Deposit Insurance Corporation,…

Takyif Fiqhi Terhadap Yuran Prestasi (Performance Fee) Daripada Lebihan (Surplus) Dana Risiko Peserta Takaful

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Offering MRTT for the Borrowers of Conventional Housing Loans: An Analysis from a Shariah Perspective

Mortgage Reducing Term Takaful, commonly known as MRTT, is an Islamic alternative to Mortgage Reducing Term Assurance, commonly known as MRTA. The latter is a type of conventional life insurance mainly designed for homeowners to secure their outstanding loans. It…

Fiqh Adaptation (Takyif Fiqhi) for the Concept of a Performance Fee in Takaful

This study seeks to examine the application of performance fees in the takaful industry, particularly by takaful operators, and aims to discuss the most appropriate contract for the practice of performance fee in takaful operations to ensure that it complies…

The Investment Initiative in Takaful: Issues and Challenges

This research discusses the contentious issues surrounding the investment fund in the takaful industry, focusing mainly on the Shari'ah issues, operational issues and legal challenges experienced by takafuloperators in carrying out the investment role. The research also proposes guidelines and parameters for investment…

The Parameter of Permissible Risks in Takaful

Little research has been carried out on the concept of risk in takaful. Furthermore, risk in takaful has traditionally been associated with conventional insurance risks. As a result, although the literature on the operational concept of takaful is rich, this literature does not address the…

A New Re-Takaful Model Based on Wadi'ah

This research responds to the call for bringing re-takaful practices closer to the spirit of Islamic finance rather than replicating existing conventional products. An exploration of the wadiah yad damanah contract has raised the possibility that this contract can be…