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Pandemic crisis: Malaysian takāful market

With the progressive number of COVID-19 cases, this pandemic has adversely immpacted the Takāful market in different forms containing liquidity impact, financial market volatility and solvency capital. This study describes the Malaysian takāful and insurance market throughout the COVID-19 crisis as...

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Main Authors: Mahadi, Nur Farhah, Ismail, Azman
Format: Article
Language:English
English
Published: İLKE İlim Kültür Eğitim Vakfı 2021
Subjects:
HG8719 Islamic Insurance Takaful
Online Access:http://irep.iium.edu.my/92674/7/92674_Pandemic%20crisis%20Malaysian%20tak%C4%81ful%20market.pdf
http://irep.iium.edu.my/92674/13/92674_Pandemic%20crisis%20Malaysian%20tak%C4%81ful%20market_WoS.pdf
http://irep.iium.edu.my/92674/
https://tujise.org/content/7-issues/16-special-issue-06-2021/11-a2378/tuj2378.pdf
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spelling my.iium.irep.926742021-10-05T13:11:37Z http://irep.iium.edu.my/92674/ Pandemic crisis: Malaysian takāful market Mahadi, Nur Farhah Ismail, Azman HG8719 Islamic Insurance Takaful With the progressive number of COVID-19 cases, this pandemic has adversely immpacted the Takāful market in different forms containing liquidity impact, financial market volatility and solvency capital. This study describes the Malaysian takāful and insurance market throughout the COVID-19 crisis as well as its response to alleviate the burden faced by policyholders/ certificate holders of life insurance and family takāful plans from the economic and Sharīʽah point of views. Qualitative approach is applied in this study to collect information, documents and data accordingly concerning to the topic discussed. The data will be explored using qualitative content, narrative, and discourse analysis to deliver its results and discussion. By understanding the precarious scenario of the Malaysian takāful and insurance market during the COVID-19 pandemic, we can further enhance the support to the regulator who has taken the initiative to direct the insurance and takāful industry to initiate adequate response to facilitate policyholders/ certificate holders during the outbreaks and decide what the best way forward would be as aligned with Maqāṣid al-Sharīʽah. This will ensure its positive impact in the Takāful market, not only to nurture sustainability in our ecosystem, stabilize the socio-economic but to safeguard policyholders/certificate holders accordingly so they could withstand pre, present and post pernicious outbreaks and pandemics. This study inspires Takāful practitioners, policyholders/ certificate holders, academicians, and the society to recognise the importance of takaful industry and it’s preventive measures to avoid takāful loss in this swift spread of COVID-19 comprising catastrophic reserves by takāful operators to mitigate adverse catastrophic risks to human life, and building a more humanising takāful which is in tandem with Maqāṣid al-Sharīʽah that attracts more potential policyholders/ certificate holders. İLKE İlim Kültür Eğitim Vakfı 2021-06 Article PeerReviewed application/pdf en http://irep.iium.edu.my/92674/7/92674_Pandemic%20crisis%20Malaysian%20tak%C4%81ful%20market.pdf application/pdf en http://irep.iium.edu.my/92674/13/92674_Pandemic%20crisis%20Malaysian%20tak%C4%81ful%20market_WoS.pdf Mahadi, Nur Farhah and Ismail, Azman (2021) Pandemic crisis: Malaysian takāful market. Turkish Journal of Islamic Economics, 8 (Special Issue). pp. 387-400. ISSN 2147-9054 E-ISSN 2148-3809 https://tujise.org/content/7-issues/16-special-issue-06-2021/11-a2378/tuj2378.pdf 10.26414/A2378
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
Mahadi, Nur Farhah
Ismail, Azman
Pandemic crisis: Malaysian takāful market
description With the progressive number of COVID-19 cases, this pandemic has adversely immpacted the Takāful market in different forms containing liquidity impact, financial market volatility and solvency capital. This study describes the Malaysian takāful and insurance market throughout the COVID-19 crisis as well as its response to alleviate the burden faced by policyholders/ certificate holders of life insurance and family takāful plans from the economic and Sharīʽah point of views. Qualitative approach is applied in this study to collect information, documents and data accordingly concerning to the topic discussed. The data will be explored using qualitative content, narrative, and discourse analysis to deliver its results and discussion. By understanding the precarious scenario of the Malaysian takāful and insurance market during the COVID-19 pandemic, we can further enhance the support to the regulator who has taken the initiative to direct the insurance and takāful industry to initiate adequate response to facilitate policyholders/ certificate holders during the outbreaks and decide what the best way forward would be as aligned with Maqāṣid al-Sharīʽah. This will ensure its positive impact in the Takāful market, not only to nurture sustainability in our ecosystem, stabilize the socio-economic but to safeguard policyholders/certificate holders accordingly so they could withstand pre, present and post pernicious outbreaks and pandemics. This study inspires Takāful practitioners, policyholders/ certificate holders, academicians, and the society to recognise the importance of takaful industry and it’s preventive measures to avoid takāful loss in this swift spread of COVID-19 comprising catastrophic reserves by takāful operators to mitigate adverse catastrophic risks to human life, and building a more humanising takāful which is in tandem with Maqāṣid al-Sharīʽah that attracts more potential policyholders/ certificate holders.
format Article
author Mahadi, Nur Farhah
Ismail, Azman
author_facet Mahadi, Nur Farhah
Ismail, Azman
author_sort Mahadi, Nur Farhah
title Pandemic crisis: Malaysian takāful market
title_short Pandemic crisis: Malaysian takāful market
title_full Pandemic crisis: Malaysian takāful market
title_fullStr Pandemic crisis: Malaysian takāful market
title_full_unstemmed Pandemic crisis: Malaysian takāful market
title_sort pandemic crisis: malaysian takāful market
publisher İLKE İlim Kültür Eğitim Vakfı
publishDate 2021
url http://irep.iium.edu.my/92674/7/92674_Pandemic%20crisis%20Malaysian%20tak%C4%81ful%20market.pdf
http://irep.iium.edu.my/92674/13/92674_Pandemic%20crisis%20Malaysian%20tak%C4%81ful%20market_WoS.pdf
http://irep.iium.edu.my/92674/
https://tujise.org/content/7-issues/16-special-issue-06-2021/11-a2378/tuj2378.pdf
_version_ 1713199558130925568
score 13.211869

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