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Ascertaining transparency and accountability in the practice of assessment of claims for loss and damage in contractor's all risks (car) takaful

Mohd Fauzi, Puteri Nur Farah Naadia and Abdul Rashid, Khairuddin and Ahmad Sarkawi, Azila and Aripin, Srazali and Hasan, Sharina Farihah (2015) Ascertaining transparency and accountability in the practice of assessment of claims for loss and damage in contractor's all risks (car) takaful. In: 3rd AICIF Asean International Conference on Islamic Finance 2015, 18-20 November 2015, Semarang.

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Abstract

In construction contracts, it is a pre-requisite for Contractors to secure insurances to cover construction works related risks. Due to the interest and demand to apply Shariah compliance products in business transactions, with the advent of takaful and its products that cover areas including risks in construction works, it is observed that more Contractors are using Contractor’s All Risks (CAR) Takaful certificates in lieu of the conventional CAR policies. However, the lack of transparency and accountability on the way in which claims for construction works loss and damage were assessed have led to critiques and concerns raised on such issues on CAR Takaful. Consequently, a study with the aim to ascertain transparency and accountability in the practice of assessment of claims for loss and damage under CAR Takaful was conducted via critical review of literature and discussions with the experts of construction, Shariah and insurance/takaful fields. The key results from the study suggest that issues on the lack of transparency and accountability in assessing construction works loss and damage for compensation were relatively genuine. In fact, it appears to be the case that assessment for compensation relies almost entirely on customary practices and internal experts’ decisions. The study concluded with recommendations to enhance transparency and accountability in the assessment of claims in CAR Takaful certificates.

Item Type: Conference or Workshop Item (Plenary Papers)
Additional Information: 7388/48421
Uncontrolled Keywords: construction, contract, Shariah, takaful, transparency, accountability
Subjects: B Philosophy. Psychology. Religion > BJ Ethics > BJ1725 Ethics of social groups, classes, etc. Professional ethics
H Social Sciences > HG Finance > HG8011 Insurance
H Social Sciences > HG Finance > HG8719 Islamic Insurance Takaful
T Technology > TH Building construction > TH9025 Protection of buildings. Including protection from dampness, fire, burglary
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Kulliyyah of Architecture and Environmental Design > Department of Quantity Surveying
Depositing User: Dr. Puteri Nur Farah Naadia Mohd Fauzi
Date Deposited: 28 Jan 2019 10:22
Last Modified: 03 Jul 2019 15:20
URI: http://irep.iium.edu.my/id/eprint/48421

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