Volume 2, Issue 4: Contemporary Issues and challenges Faced by the Takaful industry in Malaysia: special reference to shariah

Author

Habeebullah Zakariyah

Alinasser Abdirasak Ahmed

Keywords

Takaful industry, Shariah issues, challenges, and Malaysia

Abstract

This paper examines the contemporary issue faced by the Islamic insurance (takaful) industry in Malaysia. The paper will then try to highlight the Shariah issues in the current practice of the takaful industry and takaful products. Therefore, the paper tries to critically analyses previous articles regarding the topic of takaful. Moreover, the paper would be a useful reference for any researcher who is researching the Shariah issues relating to takaful. Besides, the result of the paper would provide insight into how the Malaysian takaful industry and the takaful industry globally could improve their business operation model. However, the finding may be limited because the paper only concentrates on the Malaysian takaful industry.

References

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Abdou, H. A., Ali, K., & Lister, R. J. (2014). A comparative study of Takaful and conventional insurance: empirical evidence from the Malaysian market. Insurance Markets and Companies: Analyses and Actuarial Computations, 5(1), 22–34.

Abdullah, F. A. mohd Z. & W. A. wa. (2015). Shari ’ ah Related Disclosure in Malaysian Takaful Companies : Is It Necessary ?

Ahmed, A., & Qureshi. (2011). Analyzing the sharia ’ h compliant issues currently faced by Islamic Insurance. INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS, 3(5), 279–295.

Bank Negara Malaysia. (2019). Financial Stability. Retrieved from http://www.bnm.gov.my/index.php?ch=li&cat=insurance&type=TKF

BNM. (2013). Guidelines on Takaful Operational Framework. Bank Negara Malaysia (BNM), (June), 33.

INCEIF. (2015). Islamic Financial Services Act (IFSA) and Financial Services Act (FSA).

ISRA. (2011). Islamic Financial System: Principles and Operations. Shari’ah Research Academy for Islamic Finance (ISRA). https://doi.org/10.1097/BRS.0b013e31821bd095

Kurniandi, O. (2012). Classification of Takaful Contracts. FSAI.

Milliman. (2017). Global Takaful Report 2017 Market trends in family and general Takaful. Milliman, (July), 56.

Miniaoui, H., & Chaibi, A. (2014). Technical Efficiency of Takaful Industry : A Comparative Study of Malaysia and GCC Countries. 1pag Business School, 1–11.

Salman, R. H. & S. A. (2019). COUNTRY / SECTOR Is the Takaful industry innovative in Malaysia. Islamic Finance, News, pp. 28–29.

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