Microtakaful for B40 community: a sustainable tool during Covid-19 pandemic

Mohd Razin, Nur Amirah and Rosman, Romzie (2020) Microtakaful for B40 community: a sustainable tool during Covid-19 pandemic. In: 8th ASEAN Universities International Conference on Islamic Finance ( 8th AICIF) 2020, 24th-26th November 2020, Bogor, Indonesia. (Unpublished)

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Abstract

As at 15th October 2020, there were total cases of 38,781,513 of Covid-19 affecting 214 countries and territories around the world and 2 international conveyances that have caused 1,097,476 deaths. The pandemic not only impacts the health of the people around the world but also impacts the economic activities of the world. Among the most affected groups are the B40 communities due to the imposition of movement control order (MCO) by the government as the pre-emptive and proactive step to curtail the spread of the virus. In the context of Malaysia, there were total 17,540 total cases as at 15th October 2020 where now the country is fighting to level a third wave of Covid-19 infections which started on 20th September 2020 which is driven from cluster in Sabah, Kedah, with Selangor also recording a notable increase in cases. Malaysia's approach in imposing a few stages of MCO which are the first movement control order was on 18th March 2020; then the conditional movement control order (CMCO) was on 4th May 2020; and on 10th June, the recovery movement control order (RMCO) was imposed. Hence, this has much affected the socio-economic wellbeing of the people especially the B40 communities. The B40 communities are more exposed and vulnerable to numerous perils and unexpected risk. They are surrounded with different kinds of risk post-RMCO, and would suffer the most when hardships occur. Cohen & Sebstad (2005) describe vulnerability closely associated with poverty and can be described as the ability of individuals and households to deal with risks. One of the sustainable financial tools to support the B40 community during the pandemic is Microtakaful. Microtakaful can help the low-income society to manage their risks and maintain their sense of financial confidence when perils and unexpected risk are to happen. This study aspires to develop a micro health takaful product to be offered for low-income societies. This is because the protection for health is very important and a necessity for a human being to be healthily alive. No matter where they go, as long as they live, their rights as humans to stay healthy must be enforced.

Item Type:	Conference or Workshop Item (Slide Presentation)
Additional Information:	8720/85571 Presented via Zoom
Uncontrolled Keywords:	Covid-19, microtakaful, B40 community, movement control order, healthcare
Subjects:	H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance H Social Sciences > HJ Public Finance > HJ1438 Public Finance In Islam
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Dr. ROMZIE ROSMAN
Date Deposited:	04 Dec 2020 17:50
Last Modified:	04 Dec 2020 17:50
URI:	http://irep.iium.edu.my/id/eprint/85571

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