Ownership of Takaful Benefit in Family Takaful in Malaysian Takaful Practice

The paper aims to identify the issues on the ownership of takaful benefit in family takaful in Malaysian takaful practice. The study only focuses on the family takaful plan because it is related to death. The question might be raise in this study in determining the money paid by the takaful operat...

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Main Authors:	Megat Laksana, Nan Noorhidayu, Abdullah, Nurdianawati Irwani
Format:	Monograph
Language:	English
Published:	2017
Subjects:	HG8011 Insurance HG8719 Islamic Insurance Takaful
Online Access:	http://irep.iium.edu.my/78263/ http://irep.iium.edu.my/78263/1/RESEARCH%20COMPLETION%20APPLICATION%20%281%29.pdf

id	iium-78263
recordtype	eprints
spelling	iium-782632020-01-28T04:09:01Z http://irep.iium.edu.my/78263/ Ownership of Takaful Benefit in Family Takaful in Malaysian Takaful Practice Megat Laksana, Nan Noorhidayu Abdullah, Nurdianawati Irwani HG8011 Insurance HG8719 Islamic Insurance Takaful The paper aims to identify the issues on the ownership of takaful benefit in family takaful in Malaysian takaful practice. The study only focuses on the family takaful plan because it is related to death. The question might be raise in this study in determining the money paid by the takaful operator on the death of the participant before the policy matures belong to the participant’s estate or not. It is important to identify this issue distinctly as to ensure the five norm of maqasid al- Shari’ah which are religion, life, family, intellect and property is well preserved and protected. This study adopts qualitative approach with SharÊÑah advisors, Shari'ah officers and a takaful expert in Kuala Lumpur and Selangor area. Data collection employs semi-structured interviews with a fairly open framework which allow for focused, conversational and two-way communication. The results revealed that, no doubt to say the property (maal) can be treated as takaful benefit. With regards to the issue of ownership, takaful benefit is owned by the participant in two ways; firstly from Participant Investment Fund (PIF), while secondly from Participant Risk Fund (PRF). The paper offered a clear picture on the understanding of ownership and tak?ful benefit in its definition, classifications, relation between ownership of tak?ful benefit and opinion towards the application of takaful in Malaysia. Therefore, at the same time, provide some recommendations for standardizing the nomination practice in the takaful industry. 2017 Monograph NonPeerReviewed application/pdf en http://irep.iium.edu.my/78263/1/RESEARCH%20COMPLETION%20APPLICATION%20%281%29.pdf Megat Laksana, Nan Noorhidayu and Abdullah, Nurdianawati Irwani (2017) Ownership of Takaful Benefit in Family Takaful in Malaysian Takaful Practice. Research Report. UNSPECIFIED.
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG8011 Insurance HG8719 Islamic Insurance Takaful
spellingShingle	HG8011 Insurance HG8719 Islamic Insurance Takaful Megat Laksana, Nan Noorhidayu Abdullah, Nurdianawati Irwani Ownership of Takaful Benefit in Family Takaful in Malaysian Takaful Practice
description	The paper aims to identify the issues on the ownership of takaful benefit in family takaful in Malaysian takaful practice. The study only focuses on the family takaful plan because it is related to death. The question might be raise in this study in determining the money paid by the takaful operator on the death of the participant before the policy matures belong to the participant’s estate or not. It is important to identify this issue distinctly as to ensure the five norm of maqasid al- Shari’ah which are religion, life, family, intellect and property is well preserved and protected. This study adopts qualitative approach with SharÊÑah advisors, Shari'ah officers and a takaful expert in Kuala Lumpur and Selangor area. Data collection employs semi-structured interviews with a fairly open framework which allow for focused, conversational and two-way communication. The results revealed that, no doubt to say the property (maal) can be treated as takaful benefit. With regards to the issue of ownership, takaful benefit is owned by the participant in two ways; firstly from Participant Investment Fund (PIF), while secondly from Participant Risk Fund (PRF). The paper offered a clear picture on the understanding of ownership and tak?ful benefit in its definition, classifications, relation between ownership of tak?ful benefit and opinion towards the application of takaful in Malaysia. Therefore, at the same time, provide some recommendations for standardizing the nomination practice in the takaful industry.
format	Monograph
author	Megat Laksana, Nan Noorhidayu Abdullah, Nurdianawati Irwani
author_facet	Megat Laksana, Nan Noorhidayu Abdullah, Nurdianawati Irwani
author_sort	Megat Laksana, Nan Noorhidayu
title	Ownership of Takaful Benefit in Family Takaful in Malaysian Takaful Practice
title_short	Ownership of Takaful Benefit in Family Takaful in Malaysian Takaful Practice
title_full	Ownership of Takaful Benefit in Family Takaful in Malaysian Takaful Practice
title_fullStr	Ownership of Takaful Benefit in Family Takaful in Malaysian Takaful Practice
title_full_unstemmed	Ownership of Takaful Benefit in Family Takaful in Malaysian Takaful Practice
title_sort	ownership of takaful benefit in family takaful in malaysian takaful practice
publishDate	2017
url	http://irep.iium.edu.my/78263/ http://irep.iium.edu.my/78263/1/RESEARCH%20COMPLETION%20APPLICATION%20%281%29.pdf
first_indexed	2023-09-18T21:50:18Z
last_indexed	2023-09-18T21:50:18Z
_version_	1777413723902705664

Ownership of Takaful Benefit in Family Takaful in Malaysian Takaful Practice

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