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Takaful surplus management and allocation for various sustainable modes: Shari`Ah and regulatory requirements / Md. Habibur Rahman ... [et al.]

The surplus refers to the balance remaining in the takaful fund after paying all claims and other obligations. This study aimed to explore surplus management and allocation in various sustainable scopes and discuss relevant Shari`ah and regulatory requirements. Data was collected primarily through q...

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Main Authors: Rahman, Md. Habibur, Abdullah, Md. Faruk, Ab Ghani, Hartini, Lambak, Salman
Format: Article
Language:English
Published: Accounting Research Institute (ARI) and UiTM Press, Universiti Teknologi MARA 2024
Subjects:
Investment, capital formation, speculation
KBP Islamic law. Sharī'ah. Fiqh
Online Access:https://ir.uitm.edu.my/id/eprint/105796/1/105796.pdf
https://ir.uitm.edu.my/id/eprint/105796/
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id my.uitm.ir.105796
record_format eprints
spelling my.uitm.ir.1057962024-11-07T07:52:14Z https://ir.uitm.edu.my/id/eprint/105796/ Takaful surplus management and allocation for various sustainable modes: Shari`Ah and regulatory requirements / Md. Habibur Rahman ... [et al.] apmaj Rahman, Md. Habibur Abdullah, Md. Faruk Ab Ghani, Hartini Lambak, Salman Investment, capital formation, speculation KBP Islamic law. Sharī'ah. Fiqh The surplus refers to the balance remaining in the takaful fund after paying all claims and other obligations. This study aimed to explore surplus management and allocation in various sustainable scopes and discuss relevant Shari`ah and regulatory requirements. Data was collected primarily through qualitative interviews with market leaders comprising Shari`ah and operational experts in takaful. A thematic analysis was carried out to explore qualitative data. The study found that sharing with participants and operators, managing deficits of takaful funds, supporting takaful funds of other operators, financial assistance to micro-takaful, donating in waqf and other charity works, etc., are some notable scopes for surplus allocation. It identified some critical Shari`ah and regulatory requirements for surplus utilization, including consent of the participants, fairness and effective communication with them, viability and solvency of takaful funds, and overseeing surplus sharing practices. The study concluded that utilizing surplus in various sustainable modes promotes equitable wealth distribution, financial inclusion, and social well-being and helps to realize Maqasid al-Shari`ah. It posits a regulatory update to facilitate surplus allocation for various charitable scopes as the current regulation restricts it between participants and operators. Accounting Research Institute (ARI) and UiTM Press, Universiti Teknologi MARA 2024-08 Article PeerReviewed text en https://ir.uitm.edu.my/id/eprint/105796/1/105796.pdf Takaful surplus management and allocation for various sustainable modes: Shari`Ah and regulatory requirements / Md. Habibur Rahman ... [et al.]. (2024) Asia-Pacific Management Accounting Journal (APMAJ) <https://ir.uitm.edu.my/view/publication/Asia-Pacific_Management_Accounting_Journal_=28APMAJ=29/>, 19 (2): 10. pp. 193-212. ISSN 2550-1631
institution Universiti Teknologi Mara
building Tun Abdul Razak Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Mara
content_source UiTM Institutional Repository
url_provider http://ir.uitm.edu.my/
language English
topic Investment, capital formation, speculation
KBP Islamic law. Sharī'ah. Fiqh
spellingShingle Investment, capital formation, speculation
KBP Islamic law. Sharī'ah. Fiqh
Rahman, Md. Habibur
Abdullah, Md. Faruk
Ab Ghani, Hartini
Lambak, Salman
Takaful surplus management and allocation for various sustainable modes: Shari`Ah and regulatory requirements / Md. Habibur Rahman ... [et al.]
description The surplus refers to the balance remaining in the takaful fund after paying all claims and other obligations. This study aimed to explore surplus management and allocation in various sustainable scopes and discuss relevant Shari`ah and regulatory requirements. Data was collected primarily through qualitative interviews with market leaders comprising Shari`ah and operational experts in takaful. A thematic analysis was carried out to explore qualitative data. The study found that sharing with participants and operators, managing deficits of takaful funds, supporting takaful funds of other operators, financial assistance to micro-takaful, donating in waqf and other charity works, etc., are some notable scopes for surplus allocation. It identified some critical Shari`ah and regulatory requirements for surplus utilization, including consent of the participants, fairness and effective communication with them, viability and solvency of takaful funds, and overseeing surplus sharing practices. The study concluded that utilizing surplus in various sustainable modes promotes equitable wealth distribution, financial inclusion, and social well-being and helps to realize Maqasid al-Shari`ah. It posits a regulatory update to facilitate surplus allocation for various charitable scopes as the current regulation restricts it between participants and operators.
format Article
author Rahman, Md. Habibur
Abdullah, Md. Faruk
Ab Ghani, Hartini
Lambak, Salman
author_facet Rahman, Md. Habibur
Abdullah, Md. Faruk
Ab Ghani, Hartini
Lambak, Salman
author_sort Rahman, Md. Habibur
title Takaful surplus management and allocation for various sustainable modes: Shari`Ah and regulatory requirements / Md. Habibur Rahman ... [et al.]
title_short Takaful surplus management and allocation for various sustainable modes: Shari`Ah and regulatory requirements / Md. Habibur Rahman ... [et al.]
title_full Takaful surplus management and allocation for various sustainable modes: Shari`Ah and regulatory requirements / Md. Habibur Rahman ... [et al.]
title_fullStr Takaful surplus management and allocation for various sustainable modes: Shari`Ah and regulatory requirements / Md. Habibur Rahman ... [et al.]
title_full_unstemmed Takaful surplus management and allocation for various sustainable modes: Shari`Ah and regulatory requirements / Md. Habibur Rahman ... [et al.]
title_sort takaful surplus management and allocation for various sustainable modes: shari`ah and regulatory requirements / md. habibur rahman ... [et al.]
publisher Accounting Research Institute (ARI) and UiTM Press, Universiti Teknologi MARA
publishDate 2024
url https://ir.uitm.edu.my/id/eprint/105796/1/105796.pdf
https://ir.uitm.edu.my/id/eprint/105796/
_version_ 1817847104614170624
score 13.222552

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