Staff View: Ascertaining transparency and accountability in the practice of assessment of claims for loss and damage in contractor's all risks (car) takaful

Ascertaining transparency and accountability in the practice of assessment of claims for loss and damage in contractor's all risks (car) takaful

In construction contracts, it is a pre-requisite for Contractors to secure insurances to cover construction works related risks. Due to the interest and demand to apply Shariah compliance products in business transactions, with the advent of takaful and its products that cover areas including risks...

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Main Authors:	Mohd Fauzi, Puteri Nur Farah Naadia, Abdul Rashid, Khairuddin, Ahmad Sarkawi, Azila, Aripin, Srazali, Hasan, Sharina Farihah
Format:	Conference or Workshop Item
Language:	English English English English English English English
Published:	Sultan Agung Islamic University (UNISSULA) 2015
Subjects:	BJ1725 Ethics of social groups, classes, etc. Professional ethics HG8011 Insurance HG8719 Islamic Insurance Takaful TH9025 Protection of buildings. Including protection from dampness, fire, burglary
Online Access:	http://irep.iium.edu.my/48421/1/Paper_55_IIUM_transparency_accountability_camera_ready.pdf http://irep.iium.edu.my/48421/4/28.09.2015-AICIF.jpg http://irep.iium.edu.my/48421/5/Certificate.pdf http://irep.iium.edu.my/48421/6/PP_Presentation_55_r1_dr_puteri_iium.pptx http://irep.iium.edu.my/48421/11/Proceedings_papers.pdf http://irep.iium.edu.my/48421/12/Cover%20proceedings.pdf http://irep.iium.edu.my/48421/13/Appendix%2015_16.pdf http://irep.iium.edu.my/48421/ http://aicif2015.unissula.ac.id
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id	my.iium.irep.48421
record_format	dspace
spelling	my.iium.irep.484212019-07-03T07:20:29Z http://irep.iium.edu.my/48421/ Ascertaining transparency and accountability in the practice of assessment of claims for loss and damage in contractor's all risks (car) takaful Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin Ahmad Sarkawi, Azila Aripin, Srazali Hasan, Sharina Farihah BJ1725 Ethics of social groups, classes, etc. Professional ethics HG8011 Insurance HG8719 Islamic Insurance Takaful TH9025 Protection of buildings. Including protection from dampness, fire, burglary In construction contracts, it is a pre-requisite for Contractors to secure insurances to cover construction works related risks. Due to the interest and demand to apply Shariah compliance products in business transactions, with the advent of takaful and its products that cover areas including risks in construction works, it is observed that more Contractors are using Contractor’s All Risks (CAR) Takaful certificates in lieu of the conventional CAR policies. However, the lack of transparency and accountability on the way in which claims for construction works loss and damage were assessed have led to critiques and concerns raised on such issues on CAR Takaful. Consequently, a study with the aim to ascertain transparency and accountability in the practice of assessment of claims for loss and damage under CAR Takaful was conducted via critical review of literature and discussions with the experts of construction, Shariah and insurance/takaful fields. The key results from the study suggest that issues on the lack of transparency and accountability in assessing construction works loss and damage for compensation were relatively genuine. In fact, it appears to be the case that assessment for compensation relies almost entirely on customary practices and internal experts’ decisions. The study concluded with recommendations to enhance transparency and accountability in the assessment of claims in CAR Takaful certificates. Sultan Agung Islamic University (UNISSULA) 2015-11-18 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/48421/1/Paper_55_IIUM_transparency_accountability_camera_ready.pdf application/pdf en http://irep.iium.edu.my/48421/4/28.09.2015-AICIF.jpg application/pdf en http://irep.iium.edu.my/48421/5/Certificate.pdf application/pdf en http://irep.iium.edu.my/48421/6/PP_Presentation_55_r1_dr_puteri_iium.pptx application/pdf en http://irep.iium.edu.my/48421/11/Proceedings_papers.pdf application/pdf en http://irep.iium.edu.my/48421/12/Cover%20proceedings.pdf application/pdf en http://irep.iium.edu.my/48421/13/Appendix%2015_16.pdf Mohd Fauzi, Puteri Nur Farah Naadia and Abdul Rashid, Khairuddin and Ahmad Sarkawi, Azila and Aripin, Srazali and Hasan, Sharina Farihah (2015) Ascertaining transparency and accountability in the practice of assessment of claims for loss and damage in contractor's all risks (car) takaful. In: 3rd AICIF Asean International Conference on Islamic Finance 2015, 18-20 November 2015, Semarang. http://aicif2015.unissula.ac.id
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 English English English English English
topic	BJ1725 Ethics of social groups, classes, etc. Professional ethics HG8011 Insurance HG8719 Islamic Insurance Takaful TH9025 Protection of buildings. Including protection from dampness, fire, burglary
spellingShingle	BJ1725 Ethics of social groups, classes, etc. Professional ethics HG8011 Insurance HG8719 Islamic Insurance Takaful TH9025 Protection of buildings. Including protection from dampness, fire, burglary Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin Ahmad Sarkawi, Azila Aripin, Srazali Hasan, Sharina Farihah Ascertaining transparency and accountability in the practice of assessment of claims for loss and damage in contractor's all risks (car) takaful
description	In construction contracts, it is a pre-requisite for Contractors to secure insurances to cover construction works related risks. Due to the interest and demand to apply Shariah compliance products in business transactions, with the advent of takaful and its products that cover areas including risks in construction works, it is observed that more Contractors are using Contractor’s All Risks (CAR) Takaful certificates in lieu of the conventional CAR policies. However, the lack of transparency and accountability on the way in which claims for construction works loss and damage were assessed have led to critiques and concerns raised on such issues on CAR Takaful. Consequently, a study with the aim to ascertain transparency and accountability in the practice of assessment of claims for loss and damage under CAR Takaful was conducted via critical review of literature and discussions with the experts of construction, Shariah and insurance/takaful fields. The key results from the study suggest that issues on the lack of transparency and accountability in assessing construction works loss and damage for compensation were relatively genuine. In fact, it appears to be the case that assessment for compensation relies almost entirely on customary practices and internal experts’ decisions. The study concluded with recommendations to enhance transparency and accountability in the assessment of claims in CAR Takaful certificates.
format	Conference or Workshop Item
author	Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin Ahmad Sarkawi, Azila Aripin, Srazali Hasan, Sharina Farihah
author_facet	Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin Ahmad Sarkawi, Azila Aripin, Srazali Hasan, Sharina Farihah
author_sort	Mohd Fauzi, Puteri Nur Farah Naadia
title	Ascertaining transparency and accountability in the practice of assessment of claims for loss and damage in contractor's all risks (car) takaful
title_short	Ascertaining transparency and accountability in the practice of assessment of claims for loss and damage in contractor's all risks (car) takaful
title_full	Ascertaining transparency and accountability in the practice of assessment of claims for loss and damage in contractor's all risks (car) takaful
title_fullStr	Ascertaining transparency and accountability in the practice of assessment of claims for loss and damage in contractor's all risks (car) takaful
title_full_unstemmed	Ascertaining transparency and accountability in the practice of assessment of claims for loss and damage in contractor's all risks (car) takaful
title_sort	ascertaining transparency and accountability in the practice of assessment of claims for loss and damage in contractor's all risks (car) takaful
publisher	Sultan Agung Islamic University (UNISSULA)
publishDate	2015
url	http://irep.iium.edu.my/48421/1/Paper_55_IIUM_transparency_accountability_camera_ready.pdf http://irep.iium.edu.my/48421/4/28.09.2015-AICIF.jpg http://irep.iium.edu.my/48421/5/Certificate.pdf http://irep.iium.edu.my/48421/6/PP_Presentation_55_r1_dr_puteri_iium.pptx http://irep.iium.edu.my/48421/11/Proceedings_papers.pdf http://irep.iium.edu.my/48421/12/Cover%20proceedings.pdf http://irep.iium.edu.my/48421/13/Appendix%2015_16.pdf http://irep.iium.edu.my/48421/ http://aicif2015.unissula.ac.id
_version_	1643619602507235328
score	13.211869

Ascertaining transparency and accountability in the practice of assessment of claims for loss and damage in contractor's all risks (car) takaful

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