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The objectives of sharīʿah in nomination for the payment of family takaful benefits

A family takaful certificate is subscribed by a takaful participant for the purpose of preparing financial support for his dependants after his death. The takaful benefits could then be made payable to a nominee named as the beneficiary under conditional hibah (gift). In this respect, the participan...

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Main Authors: Salleh, Safinar, Halim, Akmal Hidayah, Ibrahim, Uzaimah, Abdullah, Mohamad Asmadi
Format: Book Chapter
Language:English
English
Published: Emerald Publishing Limited 2019
Subjects:
HG8719 Islamic Insurance Takaful
Online Access:http://irep.iium.edu.my/77304/1/77304_The%20objectives%20of%20shar%C4%AB%CA%BFah.pdf
http://irep.iium.edu.my/77304/6/77304_The%20objectives%20of%20Shar%C4%ABah%20in%20nomination%20for%20the%20payment%20of%20family%20takaful%20benefits_Scopus.pdf
http://irep.iium.edu.my/77304/
https://doi.org/10.1108/978-1-78973-545-120191009
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spelling my.iium.irep.773042024-03-01T09:05:06Z http://irep.iium.edu.my/77304/ The objectives of sharīʿah in nomination for the payment of family takaful benefits Salleh, Safinar Halim, Akmal Hidayah Ibrahim, Uzaimah Abdullah, Mohamad Asmadi HG8719 Islamic Insurance Takaful A family takaful certificate is subscribed by a takaful participant for the purpose of preparing financial support for his dependants after his death. The takaful benefits could then be made payable to a nominee named as the beneficiary under conditional hibah (gift). In this respect, the participant is free to decide to whom the benefits are to be given since the law is silent as to the criteria of the beneficiary. This situation gives rise to the issue on whether such a practice fulfils the objectives of Sharīʿah, especially when the nominated beneficiary is not the sole dependant of the deceased participant. Therefore, this research aims to evaluate the status of family takaful benefits, analyse the rules of conditional hibah from the Sharīʿah perspective and propose solutions whenever necessary. The research adopts doctrinal analysis by examining existing primary and secondary materials including statutory provisions and other legal and non-legal literatures. The study predicates that the application of conditional hibah to the whole benefits does not reflect the objectives of Sharīʿah if determination on the status of the benefits is solely based on the nomination made by the participant. It is observed that takaful benefits payable from the Participant’s Account should be considered as the deceased’s estate and must be distributed according to fara’id or Islamic law of inheritance. Conversely, the sum covered payable from the Participant’s Special Account may be paid to the deceased’s dependents whose criteria are determined by the Sharīʿah Advisory Council as the highest authority in Islamic financial matters. Emerald Publishing Limited 2019 Book Chapter PeerReviewed application/pdf en http://irep.iium.edu.my/77304/1/77304_The%20objectives%20of%20shar%C4%AB%CA%BFah.pdf application/pdf en http://irep.iium.edu.my/77304/6/77304_The%20objectives%20of%20Shar%C4%ABah%20in%20nomination%20for%20the%20payment%20of%20family%20takaful%20benefits_Scopus.pdf Salleh, Safinar and Halim, Akmal Hidayah and Ibrahim, Uzaimah and Abdullah, Mohamad Asmadi (2019) The objectives of sharīʿah in nomination for the payment of family takaful benefits. In: Emerging issues in Islamic finance law and practice in Malaysia. Emerald Publishing Limited, United Kingdom, pp. 33-52. ISBN 978-1-78973-546-8 https://doi.org/10.1108/978-1-78973-545-120191009
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 HG8719 Islamic Insurance Takaful
spellingShingle HG8719 Islamic Insurance Takaful
Salleh, Safinar
Halim, Akmal Hidayah
Ibrahim, Uzaimah
Abdullah, Mohamad Asmadi
The objectives of sharīʿah in nomination for the payment of family takaful benefits
description A family takaful certificate is subscribed by a takaful participant for the purpose of preparing financial support for his dependants after his death. The takaful benefits could then be made payable to a nominee named as the beneficiary under conditional hibah (gift). In this respect, the participant is free to decide to whom the benefits are to be given since the law is silent as to the criteria of the beneficiary. This situation gives rise to the issue on whether such a practice fulfils the objectives of Sharīʿah, especially when the nominated beneficiary is not the sole dependant of the deceased participant. Therefore, this research aims to evaluate the status of family takaful benefits, analyse the rules of conditional hibah from the Sharīʿah perspective and propose solutions whenever necessary. The research adopts doctrinal analysis by examining existing primary and secondary materials including statutory provisions and other legal and non-legal literatures. The study predicates that the application of conditional hibah to the whole benefits does not reflect the objectives of Sharīʿah if determination on the status of the benefits is solely based on the nomination made by the participant. It is observed that takaful benefits payable from the Participant’s Account should be considered as the deceased’s estate and must be distributed according to fara’id or Islamic law of inheritance. Conversely, the sum covered payable from the Participant’s Special Account may be paid to the deceased’s dependents whose criteria are determined by the Sharīʿah Advisory Council as the highest authority in Islamic financial matters.
format Book Chapter
author Salleh, Safinar
Halim, Akmal Hidayah
Ibrahim, Uzaimah
Abdullah, Mohamad Asmadi
author_facet Salleh, Safinar
Halim, Akmal Hidayah
Ibrahim, Uzaimah
Abdullah, Mohamad Asmadi
author_sort Salleh, Safinar
title The objectives of sharīʿah in nomination for the payment of family takaful benefits
title_short The objectives of sharīʿah in nomination for the payment of family takaful benefits
title_full The objectives of sharīʿah in nomination for the payment of family takaful benefits
title_fullStr The objectives of sharīʿah in nomination for the payment of family takaful benefits
title_full_unstemmed The objectives of sharīʿah in nomination for the payment of family takaful benefits
title_sort objectives of sharīʿah in nomination for the payment of family takaful benefits
publisher Emerald Publishing Limited
publishDate 2019
url http://irep.iium.edu.my/77304/1/77304_The%20objectives%20of%20shar%C4%AB%CA%BFah.pdf
http://irep.iium.edu.my/77304/6/77304_The%20objectives%20of%20Shar%C4%ABah%20in%20nomination%20for%20the%20payment%20of%20family%20takaful%20benefits_Scopus.pdf
http://irep.iium.edu.my/77304/
https://doi.org/10.1108/978-1-78973-545-120191009
_version_ 1793147970982510592
score 13.211869

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