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The perception and challenges of Takaful in Malaysia : a case on Taman Melewar Residents / Abu Umair Mohd Yusof

Economy is a crucial section which can influence and give impact to the society and peoples, therefore a lot of contemporary issues has been discussed by the experts in order to improve the economic system practiced worldwide. The establishment of Takaful scheme is one of the new alternative to pro...

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Main Author: Mohd Yusof, Abu Umair
Format: Student Project
Language:English
Published: Academy of Contemporary Islamic Studies (ACIS) 2017
Subjects:
Islam and economics
Insurance
Online Access:http://ir.uitm.edu.my/id/eprint/23257/1/PPb_ABU%20UMAIR%20MOHD%20YUSOF%20ACI%20B%2017_5.pdf
http://ir.uitm.edu.my/id/eprint/23257/
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spelling my.uitm.ir.232572019-02-25T02:39:08Z http://ir.uitm.edu.my/id/eprint/23257/ The perception and challenges of Takaful in Malaysia : a case on Taman Melewar Residents / Abu Umair Mohd Yusof Mohd Yusof, Abu Umair Islam and economics Insurance Economy is a crucial section which can influence and give impact to the society and peoples, therefore a lot of contemporary issues has been discussed by the experts in order to improve the economic system practiced worldwide. The establishment of Takaful scheme is one of the new alternative to promote and improve the economy system. In addition, Takaful also is an alternative to the replacement of previous insurance which mostly was a conventional insurance and not comply with Shariah. Literally, Takaful is derived from the Arabic word, “kafala” which means guarantee. Takaful also can be defined as scheme whereby a group of participants agree to mutually guarantee each other against a defined loss. The history and development of Takaful practice can be seen through the practice of custom al-‘aqilah which practised by tribe of ancient Arab. There are many differences between Takaful and conventional insurance. For example, Takaful is not following any prohibiton mentioned by Allah such, gharar, riba, maysir and other prohibition elements, whereby the practice of Takaful was actually follow the principle and concepts regulated by the Shariah. Moreover, there are many divine text such, Al Quran and As Sunnah that promote the practice of Takaful and permissible the transaction. Due to the rapid development of contemporary world, a lot of myths and issues arise which influence the society to distrust the practice of Takaful. Many actions taken by the experts and economic scholars in order to regain the trust of society toward Takaful. Furthermore, there are also many new models and methods implemented in the Takaful in order to enhance the operational system of Takaful, but unluckly the trust from society towards the Takaful is still remain. Therefore, in this scientific paper, a study will be done in order to determine why and what the challenges faced by society in Malaysia especially in Selangor. Besides that, this scientific paper also will provide good information for a better understanding about Takaful. Lastly, there will also stated in this scientific paper, some of recommendations to improve and create better practice of Takaful in Malaysia. Academy of Contemporary Islamic Studies (ACIS) 2017 Student Project NonPeerReviewed text en http://ir.uitm.edu.my/id/eprint/23257/1/PPb_ABU%20UMAIR%20MOHD%20YUSOF%20ACI%20B%2017_5.pdf Mohd Yusof, Abu Umair (2017) The perception and challenges of Takaful in Malaysia : a case on Taman Melewar Residents / Abu Umair Mohd Yusof. [Student Project] (Unpublished)
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 Islam and economics
Insurance
spellingShingle Islam and economics
Insurance
Mohd Yusof, Abu Umair
The perception and challenges of Takaful in Malaysia : a case on Taman Melewar Residents / Abu Umair Mohd Yusof
description Economy is a crucial section which can influence and give impact to the society and peoples, therefore a lot of contemporary issues has been discussed by the experts in order to improve the economic system practiced worldwide. The establishment of Takaful scheme is one of the new alternative to promote and improve the economy system. In addition, Takaful also is an alternative to the replacement of previous insurance which mostly was a conventional insurance and not comply with Shariah. Literally, Takaful is derived from the Arabic word, “kafala” which means guarantee. Takaful also can be defined as scheme whereby a group of participants agree to mutually guarantee each other against a defined loss. The history and development of Takaful practice can be seen through the practice of custom al-‘aqilah which practised by tribe of ancient Arab. There are many differences between Takaful and conventional insurance. For example, Takaful is not following any prohibiton mentioned by Allah such, gharar, riba, maysir and other prohibition elements, whereby the practice of Takaful was actually follow the principle and concepts regulated by the Shariah. Moreover, there are many divine text such, Al Quran and As Sunnah that promote the practice of Takaful and permissible the transaction. Due to the rapid development of contemporary world, a lot of myths and issues arise which influence the society to distrust the practice of Takaful. Many actions taken by the experts and economic scholars in order to regain the trust of society toward Takaful. Furthermore, there are also many new models and methods implemented in the Takaful in order to enhance the operational system of Takaful, but unluckly the trust from society towards the Takaful is still remain. Therefore, in this scientific paper, a study will be done in order to determine why and what the challenges faced by society in Malaysia especially in Selangor. Besides that, this scientific paper also will provide good information for a better understanding about Takaful. Lastly, there will also stated in this scientific paper, some of recommendations to improve and create better practice of Takaful in Malaysia.
format Student Project
author Mohd Yusof, Abu Umair
author_facet Mohd Yusof, Abu Umair
author_sort Mohd Yusof, Abu Umair
title The perception and challenges of Takaful in Malaysia : a case on Taman Melewar Residents / Abu Umair Mohd Yusof
title_short The perception and challenges of Takaful in Malaysia : a case on Taman Melewar Residents / Abu Umair Mohd Yusof
title_full The perception and challenges of Takaful in Malaysia : a case on Taman Melewar Residents / Abu Umair Mohd Yusof
title_fullStr The perception and challenges of Takaful in Malaysia : a case on Taman Melewar Residents / Abu Umair Mohd Yusof
title_full_unstemmed The perception and challenges of Takaful in Malaysia : a case on Taman Melewar Residents / Abu Umair Mohd Yusof
title_sort perception and challenges of takaful in malaysia : a case on taman melewar residents / abu umair mohd yusof
publisher Academy of Contemporary Islamic Studies (ACIS)
publishDate 2017
url http://ir.uitm.edu.my/id/eprint/23257/1/PPb_ABU%20UMAIR%20MOHD%20YUSOF%20ACI%20B%2017_5.pdf
http://ir.uitm.edu.my/id/eprint/23257/
_version_ 1685649714343575552
score 13.211869

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