Nomination and hibah issues in Malaysian takaful (Islamic insurance) industry

Htay, Sheila Nu Nu and Syed, Ahmed Salman (2013) Nomination and hibah issues in Malaysian takaful (Islamic insurance) industry. In: 2nd International Conference on Current Trends and Challenges in Management, Engineering, Computer Application and Technology, 22-23 March 2013, Vishwakarma Hall, Deogiri Institute of Engineering and Management Studies, Aurangabad, India.

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Abstract

Takaful has been introduced as a replacement for conventional insurance. However, there are still some unresolved issues in Islamic life insurance (family takaful) when the participants choose a person as either nominee or recipient of gift (hibah). In Malaysia, the Shariah Advisory Council (SAC) have come out with the resolution which states that the participants are allowed to choose the nominee or the recipient of hibah, provided that all the requirements must be clearly stated in the contract. However, some of the shariah scholars do not agree with these resolutions and hence, it is suggested to further look at these issues again to bring the fairness and justice to all involved parties.

Item Type:	Conference or Workshop Item (Full Paper)
Subjects:	H Social Sciences > HG Finance > HG1501 Banking
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Dr. Sheila Nu Nu Htay
Date Deposited:	24 Jul 2013 13:29
Last Modified:	13 Sep 2013 15:03
URI:	http://irep.iium.edu.my/id/eprint/29628

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