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Protecting takaful against the risk of failure: a critical appraisal of the takaful benefits protection system (TBPS) in Malaysia

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dc.contributor.authorShaikh Hamzah Shaikh Abdul Razak
dc.contributor.authorMuhammad Ali Jinnah Ahmad
dc.contributor.authorNurdianawati Irwani Abdullah
dc.contributor.authorSaid Bouheraoua
dc.contributor.authorSa'id Adekunle Mikail
dc.date.accessioned2016-06-06
dc.date.accessioned2016-07-25T17:20:24Z
dc.date.available2016-06-06
dc.date.available2016-07-25T17:20:24Z
dc.date.disclosure2016-06-10
dc.date.issued2014
dc.description.abstractThe establishment of the Takaful and Insurance Benefits Protection System (TIPS) in Malaysia is a statutory requirement. TIPS aims to ensure financial stability, soundness and public confidence. Perbadanan Insurans Deposit Malaysia (PIDM), known internationally as the Malaysia Deposit Insurance Corporation, is the sole regulatory body entrusted with the mandate to regulate deposit insurance across the country. At the outset, its mandate was confined to banking institutions. Since 2010, however, PIDM’s role has been extended to include takaful and conventional insurance institutions. With regard to takaful, the operation of the Takaful Benefits Protection System (TBPS) and the relationship between PIDM and its takaful members pose major concerns that have been raised by the industry in Malaysia. The concerns are related to contractual relationships, sources of premiums, the subject matter of the contract, and the services and guarantee that PIDM provides for takaful participants. This research aims to provide critical Shari'ah analysis and evaluation of the current model of Takaful benefits protection system. It examines the existing model to ascertain to what extent it accomplishes the statury mandate and to what extent it meets Shari'ah requirements. Adherence to regulatory requirements is a must. The takaful industry faces some major challenges in trying to realise the interests of the takaful participants and its shareholders while satisfying the regulators. Thus, it is imperative to conduct an investigation that resolves these thorny issues in a win-win manner.
dc.identifier.citationShaikh Abdul Razak, S. H., Mikail, S. A., Bouheraoua, S., & Ahmad, M. A. J., & Abdullah, N. I. (2014). Protecting takaful against the risk of failure: a critical appraisal of the takaful benefits protection system (TBPS) in Malaysia. Kuala Lumpur, Malaysia: ISRA.
dc.identifier.urihttps://ikr.inceif.org/handle/INCEIF/1193
dc.languageEnglish
dc.language.isoeng
dc.publisherISRA
dc.rights2014. ISRA
dc.sourceCRP
dc.subjectUjr (fee)
dc.subjectKafalah (guarantee)
dc.subjectTakaful
dc.subjectIslamic deposit insurance
dc.subjectTakaful and insurance benefits protection system (TIPS)
dc.titleProtecting takaful against the risk of failure: a critical appraisal of the takaful benefits protection system (TBPS) in Malaysia
dc.typeResearch Monograph
dlc.maintopicMuamalat contracts
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicMuamalat contracts
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