So, there has some suggestion that ulama had been agreed that the basis of insurance contract which is an exchange contract (buy and sell) must be change to another type of contract in order to eliminate the objectionable elements. Thus the Islamic concepts that can be replaced in the conventional insurance are based on concept of protection, cooperation or mutual help, and mutual responsibility (Kamaruddin Shariff, 1998). These concepts have their basis in the Quran and the Sunnah. Allah says to the
Models in distribution of Takaful Surplus The development of Takaful industry faces a lot of issues and challenges. A few years ago, Shariah scholars has debated regarding to the ownership of the underwriting Takaful surplus, although that, none of the scholars agree to standardize the Takaful models. It is agreed that the different models create a freedom that could trigger the juristic thought in the Muslim nation especially in regards to Islamic Finance. The Prophet p.b.u.h also said that “difference of opinion among my Ummah is a blessing.” Based on the hadith, scholars agree to differ in opinions that there are many types of operational models to manage the Takaful funds. Basically, there are six models in managing the Takaful surplus.
Like the Wakala Model, the operational expenses that are incurred for providing Takaful services are also met from the same fund`s gross contributions received. Specific plans offer level and variable Annuity options, which allow the client to continue getting benefits from PIA investment, after the maturity of the plan. Wakala/Waqf Model of Takaful & Investment shows that how the participants contribute in the Takaful Company and where the Takaful Company invest that money. 3.13 DFT’s Investment & Protection Funds in its Family Takaful Plans As discussed that, the Takaful sector in Pakistan follows the “Wakala-Waqf Model” – as per regulations by SECP’s Takaful Rules. DFT’s working model is similarly based on the same model.
In Malaysia the concept of Halal food is strictly monitored. The Halal and non-halal of product consumption is an important issue in any Muslim country, such as Malaysia. Malaysia is an Islamic country and the demand of Halal food is quite high compared to the non-halal ones. First thing consumers look for is the certified Halal label. Tesco will need to have a certified Halal certification on all of its products and they will have to show the logo of Halal on each of the certified halal product.
On a journal “Family impact on Career Decision-Making Behavior” McClain and Melvin of Florida State University discussed that individual being connected to other family members conceptualize to produce a functional whole of family system literature which postmodern career theorist have developed theoretical frameworks on family roles on how it impacts and related to the factors that influence career paths of the individual. Because of this postmodern theory, the influence of the family on the career of the child or the student is mainly focused on the structure of the family itself and its environment. A good example is, the home represents the first workplace for the child like doing house chores and young adults commonly or majority follows
PART 1 (INTRODUCTION) 1. Discuss how and why companies be regarded as Sharia and non-Sharia compliant in Malaysia. There are two type of company that compliant securities in Malaysia, that is Sharia and non-Sharia. Sharia compliant securities is a securities that has normal shares and transferable membership right of a Bursa Malaysia listed company, which have been sorted as Sharia allowed for investment based on Sharia principle. It is comprise of its essential business and investment activities.
Car Insurance (Takaful) in U.A.E Literature Review I. INTRODUCTION Insurance is the reasonable transfer of the risk of a loss from one body to another in trade for payment. It is a form of risk management mainly used to attach against the risk of a group uncertain loss. An insurer is a company selling the insurance and policy holder is the person who is buying the insurance policy. The sum of money to be charged for a certain amount of insurance coverage is known as the premium.
CHAPTER 1 INTRODUCTION INSURANCE Insurance means equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a risk management form primarily used to hedge against the risk of uncertain loss. An insurer is selling the insurance; the insured is the person buying the insurance policy. The money to be charged for a certain amount of insurance coverage is called the premium. The insured receives a contract which is called the insurance policy, it details with the conditions and circumstances under which the insured will be financially compensated.
Upon analyzing and assessing their immediate surroundings, the banking groups recognize the following important factors that would impact on their competitiveness. THREAT OF RIVALRY AMONG EXISTING BANKS • Too many players in the industry; Each banking group has to contend with 7 other domestic banking groups and 30 other banking intermediaries both local and foreign, comprising 19 Commercial, 8 Islamic, and 3 Investment banks. (Appendix1 shows a complete list of banks in Malaysia). • Malaysian banking system is highly regulated/controlled by BNM and banking products are basically of similar/almost-identical nature. The tangible differentiation between competing banks is therefore minimal, as they have similar capability to market/sell their products, thus creating a very intense competition amongst all the players.
The rapid liberalization of the Islamic financial industry in Malaysia has been encouraging the participation of foreign institutions in Malaysia, thus creating a diverse community and developing domestic and international takaful operator. At present there are eight takaful operators and two retakaful operator, with five foreign investment from the UK, Bahrain, Germany and Japan. Takaful operators conduct business both local and foreign currency. Malaysia continues to progress and build a rapid development in the industry by encouraging financial institutions around the world to establish takaful and retakaful operation in Malaysia to conduct foreign currency business. Domestic Islamic financial institutions may also apply for ICBUs, a dedicated division to conduct foreign currency business.