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The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013

Very recently, a new takaful legislation, i.e. IFSA 2013, has been enforced to repeal the old Takaful Act 1984 (TA). Generally, the 2013 Act strengthens the requirements made under the 1984 Act as well as provides additional requirements including licensing of takaful operator, limiting to one class...

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Main Authors: Salleh, Safinar, Ibrahim, Uzaimah, Zahraa, Mahdi
Format: Article
Language:English
Published: AENSI Publications 2014
Subjects:
KBP Islamic Law
Online Access:http://irep.iium.edu.my/43560/1/Safinar_Salleh_et.al_published_391-395.pdf
http://irep.iium.edu.my/43560/
http://ajbasweb.com/old/ajbas/2014/September/391-395.pdf
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spelling my.iium.irep.435602018-06-11T07:02:25Z http://irep.iium.edu.my/43560/ The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013 Salleh, Safinar Ibrahim, Uzaimah Zahraa, Mahdi KBP Islamic Law Very recently, a new takaful legislation, i.e. IFSA 2013, has been enforced to repeal the old Takaful Act 1984 (TA). Generally, the 2013 Act strengthens the requirements made under the 1984 Act as well as provides additional requirements including licensing of takaful operator, limiting to one class of takaful business per takaful operator and establishment of permissible takaful interest. The new Act also incorporates requirements that are provided by guidelines related to takaful business especially Shariah-compliant and Shariah governance requirements. This study aims to examine these statutory requirements and analyse their implications on the business of takaful in Malaysia. The traditional legal research method is used to analyse provisions relating to takaful in IFSA. This study finds that the Malaysian takaful law has been substantially improvised by the promulgation of the new Act and many changes need to be done by takaful operators to ensure their compliance with the law. This recent legal development could be a promising initiative for better future of takaful industry in Malaysia. AENSI Publications 2014-09 Article REM application/pdf en http://irep.iium.edu.my/43560/1/Safinar_Salleh_et.al_published_391-395.pdf Salleh, Safinar and Ibrahim, Uzaimah and Zahraa, Mahdi (2014) The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013. Australian Journal of Basic and Applied Sciences, 8 (15). pp. 391-395. ISSN ISSN 1991-8178 http://ajbasweb.com/old/ajbas/2014/September/391-395.pdf
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
topic KBP Islamic Law
spellingShingle KBP Islamic Law
Salleh, Safinar
Ibrahim, Uzaimah
Zahraa, Mahdi
The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013
description Very recently, a new takaful legislation, i.e. IFSA 2013, has been enforced to repeal the old Takaful Act 1984 (TA). Generally, the 2013 Act strengthens the requirements made under the 1984 Act as well as provides additional requirements including licensing of takaful operator, limiting to one class of takaful business per takaful operator and establishment of permissible takaful interest. The new Act also incorporates requirements that are provided by guidelines related to takaful business especially Shariah-compliant and Shariah governance requirements. This study aims to examine these statutory requirements and analyse their implications on the business of takaful in Malaysia. The traditional legal research method is used to analyse provisions relating to takaful in IFSA. This study finds that the Malaysian takaful law has been substantially improvised by the promulgation of the new Act and many changes need to be done by takaful operators to ensure their compliance with the law. This recent legal development could be a promising initiative for better future of takaful industry in Malaysia.
format Article
author Salleh, Safinar
Ibrahim, Uzaimah
Zahraa, Mahdi
author_facet Salleh, Safinar
Ibrahim, Uzaimah
Zahraa, Mahdi
author_sort Salleh, Safinar
title The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013
title_short The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013
title_full The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013
title_fullStr The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013
title_full_unstemmed The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013
title_sort future of takaful (islamic insurance) business in malaysia under the islamic financial services act (ifsa) 2013
publisher AENSI Publications
publishDate 2014
url http://irep.iium.edu.my/43560/1/Safinar_Salleh_et.al_published_391-395.pdf
http://irep.iium.edu.my/43560/
http://ajbasweb.com/old/ajbas/2014/September/391-395.pdf
_version_ 1643616522466230272
score 13.211869

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