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The shariah viewpoint on the practice of underwriting and risk rating for individual participants in family Takaful

The practice of underwriting and risk rating for individual participants in family takaful stems from the underwriting practice in life insurance, and thus could contain elements which contravene the essence of the shariah. A review of literature on takaful indicates that there are very few materia...

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Main Authors: Htay, Sheila Nu Nu, Jawahir, Muhammad Khalid
Format: Conference or Workshop Item
Language:English
English
Published: 2011
Subjects:
HG8011 Insurance
Online Access:http://irep.iium.edu.my/26268/2/3%264.pdf
http://irep.iium.edu.my/26268/1/3._The_shariah_view_point_on_the_practice_of_understanding_and_risk_rating_for_individual_participants_in_family_takaful.pdf
http://irep.iium.edu.my/26268/
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spelling my.iium.irep.262682012-12-14T07:32:46Z http://irep.iium.edu.my/26268/ The shariah viewpoint on the practice of underwriting and risk rating for individual participants in family Takaful Htay, Sheila Nu Nu Jawahir, Muhammad Khalid HG8011 Insurance The practice of underwriting and risk rating for individual participants in family takaful stems from the underwriting practice in life insurance, and thus could contain elements which contravene the essence of the shariah. A review of literature on takaful indicates that there are very few materials which look at the underwriting practice from a shariah perspective. The aim of this study was to find out the shariah viewpoint on the underwriting and risk rating practice for individual participants in family takaful. More specifically, it sought to gather the opinions of shariah scholars on the factors being used in the process of selection and classification of risks for individual participants to a family takaful pool. This study also explored the level of exposure and knowledge that shariah experts on takaful have pertaining to the underwriting practice. The study sample consisted of five purposefully selected shariah experts on takaful. The research method used was based on the Delphi technique and included two rounds of semi-structured face to face interviews with each participant. This study found that most of the shariah scholars interviewed did not seem to have a deep exposure to the underwriting and risk rating practice in family takaful. They however declared that underwriting and risk rating is permissible, although they had some concerns regarding some of the factors used in the underwriting process. The findings of this study will be of interest to the shariah scholars, takaful operators, regulatory bodies, academicians, and other stakeholders. 2011-12-19 Conference or Workshop Item REM application/pdf en http://irep.iium.edu.my/26268/2/3%264.pdf application/pdf en http://irep.iium.edu.my/26268/1/3._The_shariah_view_point_on_the_practice_of_understanding_and_risk_rating_for_individual_participants_in_family_takaful.pdf Htay, Sheila Nu Nu and Jawahir, Muhammad Khalid (2011) The shariah viewpoint on the practice of underwriting and risk rating for individual participants in family Takaful. In: International Islamic Banking, Finance and Investment Conference, 19-20 December 2011 , Hotel Istana, Kuala Lumpur, Malaysia. (Unpublished)
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
English
topic HG8011 Insurance
spellingShingle HG8011 Insurance
Htay, Sheila Nu Nu
Jawahir, Muhammad Khalid
The shariah viewpoint on the practice of underwriting and risk rating for individual participants in family Takaful
description The practice of underwriting and risk rating for individual participants in family takaful stems from the underwriting practice in life insurance, and thus could contain elements which contravene the essence of the shariah. A review of literature on takaful indicates that there are very few materials which look at the underwriting practice from a shariah perspective. The aim of this study was to find out the shariah viewpoint on the underwriting and risk rating practice for individual participants in family takaful. More specifically, it sought to gather the opinions of shariah scholars on the factors being used in the process of selection and classification of risks for individual participants to a family takaful pool. This study also explored the level of exposure and knowledge that shariah experts on takaful have pertaining to the underwriting practice. The study sample consisted of five purposefully selected shariah experts on takaful. The research method used was based on the Delphi technique and included two rounds of semi-structured face to face interviews with each participant. This study found that most of the shariah scholars interviewed did not seem to have a deep exposure to the underwriting and risk rating practice in family takaful. They however declared that underwriting and risk rating is permissible, although they had some concerns regarding some of the factors used in the underwriting process. The findings of this study will be of interest to the shariah scholars, takaful operators, regulatory bodies, academicians, and other stakeholders.
format Conference or Workshop Item
author Htay, Sheila Nu Nu
Jawahir, Muhammad Khalid
author_facet Htay, Sheila Nu Nu
Jawahir, Muhammad Khalid
author_sort Htay, Sheila Nu Nu
title The shariah viewpoint on the practice of underwriting and risk rating for individual participants in family Takaful
title_short The shariah viewpoint on the practice of underwriting and risk rating for individual participants in family Takaful
title_full The shariah viewpoint on the practice of underwriting and risk rating for individual participants in family Takaful
title_fullStr The shariah viewpoint on the practice of underwriting and risk rating for individual participants in family Takaful
title_full_unstemmed The shariah viewpoint on the practice of underwriting and risk rating for individual participants in family Takaful
title_sort shariah viewpoint on the practice of underwriting and risk rating for individual participants in family takaful
publishDate 2011
url http://irep.iium.edu.my/26268/2/3%264.pdf
http://irep.iium.edu.my/26268/1/3._The_shariah_view_point_on_the_practice_of_understanding_and_risk_rating_for_individual_participants_in_family_takaful.pdf
http://irep.iium.edu.my/26268/
_version_ 1643609108968898560
score 13.211869

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