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: | , |
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| Format: | Monograph |
| Language: | English |
| Published: |
2017
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/78263/1/RESEARCH%20COMPLETION%20APPLICATION%20%281%29.pdf http://irep.iium.edu.my/78263/ |
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| Summary: | 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. |
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