The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013

Salleh, Safinar and Ibrahim, Uzaimah and Zahraa, Mahdi (2014) The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013. Australian Journal of Basic and Applied Sciences, 8 (15). pp. 391-395. ISSN ISSN 1991-8178

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Abstract

Very recently, a new takaful legislation, i.e. IFSA 2013, has been enforced to repeal the old Takaful Act 1984 (TA). Generally, the 2013 Act strengthens the requirements made under the 1984 Act as well as provides additional requirements including licensing of takaful operator, limiting to one class of takaful business per takaful operator and establishment of permissible takaful interest. The new Act also incorporates requirements that are provided by guidelines related to takaful business especially Shariah-compliant and Shariah governance requirements. This study aims to examine these statutory requirements and analyse their implications on the business of takaful in Malaysia. The traditional legal research method is used to analyse provisions relating to takaful in IFSA. This study finds that the Malaysian takaful law has been substantially improvised by the promulgation of the new Act and many changes need to be done by takaful operators to ensure their compliance with the law. This recent legal development could be a promising initiative for better future of takaful industry in Malaysia.

Item Type:	Article (Journal)
Additional Information:	5024/43560
Uncontrolled Keywords:	Takaful, IFSA 2013, statutory requirements
Subjects:	K Law > KBP Islamic Law
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Ahmad Ibrahim Kulliyyah of Laws > Department of Islamic Law
Depositing User:	Dr Safinar Salleh
Date Deposited:	14 Jul 2015 08:23
Last Modified:	11 Jun 2018 15:02
URI:	http://irep.iium.edu.my/id/eprint/43560

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