Takaful and Insurance project (Chapter 1 to 3 only)
By: Iliyas Ismail
Chapter 1
Introduction
Takaful is the Islamic alternative to conventional insurance, providing the necessary product of protection that is Sharia compliant for Muslims to be able to capitalize and subscribe to. It differs with conventional insurance in several ways but the difference is mostly due to it avoiding the issue of riba (interest), maysir (gambling) and gharar (uncertainty). It is a product tool that is offered as part of the growing trend of Islamic finance in reaching out to segments of the world population.
Malaysia is recognized as a leader in Islamic finance and in tandem with this, it is also a leading nation in the field of takaful along with the countries of the Gulf Corporation Council (GCC). In terms of family takaful, Malaysia has the largest market in South East Asia with a 62% market share, and is the largest in the family takaful market globally (Global Takaful Report 2017). It is also a leader in terms of takaful regulations, being the first to implement the risk-based capital (RBC) framework for takaful. The framework refers to the set of guidelines a takaful operator company has to provide to clients to guard the interests of both parties. As for the first takaful company in Malaysia, it was established in 1984, Syarikat Takaful Malaysia, under the guidance of the Special Task Force formed to study the possibility of establishing an Islamic insurance. This was further enforced with the promulgation of the Takaful Act of 1984.
At present there are many papers on the topic of takaful and several on the comparisons between takaful and conventional insurance performances, however there are limited papers exploring the current improvements that conventional insurance has undergone as well as the various improvements pointed out by scholars that could be introduced into making the takaful products to be more in line with the spirit of the Sharia. This study seeks to explore and do a research on this gap, providing an analysis of several insurance and conventional companies operating in Malaysia.
While it is an established fact that the takaful industry in Malaysia is overseen by a sharia board and is subjected under the Islamic Financial Services Act to ensure its Islamic compliance, it is of interest to explore the various critique on the common practices of takaful and if the takaful industry in Malaysia could progress further.
Research question
1) How well does the practices of takaful in Malaysia live up to the standards of sharia?
2) What are the current actual contradictions between conventional insurance and shariah practices in Malaysia?
3) What improvements can be made to the existing takaful practices in Malaysia to streamline it with the sharia.
Research objectives
The objectives of this research are to:
1) Conduct a focused research on the current practices of takaful in Malaysia with the benchmark of the basic tenets of sharia.
2) To assess the current practices of conventional insurance and compare it with sharia standards.
3) Discuss the findings within the context of key areas of the literature review.
4) Develop appropriate observations and suggest future studies.
Problem statement
1) Takaful is presented as an alternative to the conventional insurance as a product that is in line with Islamic teachings. It is a tool presented to the ummah and to the world as an Islamic product vastly different from conventional insurance in the struggle to create a strong Islamic financial system.
2) Apart from being presented as an Islamic alternative, there should be clear cut differences that distinguishes it from being too similar from conventional insurance. Several papers have raised issues on the current Islamic status of takaful. Conventional insurance is also presented by many Muslim scholars as being absolutely forbidden but how much is the actual forbidden practices in their major business practices needs to be analysed.
3) In response to this, the study seeks to investigate and measure the amount of sharia compliance and contradictions in the practices offered by both takaful and conventional insurance in Malaysia to measure and conclude on how does it fare against the sharia.
Limitation
The limitations of the studies include the time limitation available for the researcher to do a more thorough research. Apart from this, is that the study is limited to the companies operating in Malaysia, and thus the findings of this paper does not necessarily reflect the current practices of takaful and conventional insurance companies in other countries, whether in the region or elsewhere.
Chapter 2
Literature Review
The importance of takaful insurance as a protection for the Muslim community, as opposed to conventional insurance, is well-grounded due to the issue of riba, gharar and maysir present in the latter. (Salman and Htay, 2013). Abdullah (2012) shows how takaful can achieve maqasid of shariah for the Muslims.
Takaful is attractive to the Muslims due to it being presented as Islamic (Ismail, 2009), but not necessarily due to the company being solvent. More improvements can be made to promote the sharia nature of takaful by registered agents (Irwani et. al., 2013) to address the still modest level of knowledge among the public (Ahmad et. al., 2010, Salman, 2014). Some research has shown that urbanization could assist in developing the sense of need by the public to adopt takaful or insurance, and education is another opportunity to capitalize on to raise awareness on the public (Akhter and Khan, 2017).
Performance of takaful and insurance differ in the market, and research has shown that both have their own strengths and advantages, with conventional insurance being better in risk management and profitability (Ali et al, 2014) and higher scale of efficiency (Ismail 2011, al-Amri 2017), while takaful fared better on the premium to surplus ration (Ali et. al., 2014). Thus, in practice, there are differences in the outcome of these two intruments.
In presenting takaful as different from its conventional counterpart, the element of tabarru’ (Donation) and mutual cooperation and assistance is infused as its main characteristics. This is the main difference between takaful and conventional insurance. However, the practices of takaful does not truly reflect this concept. Takaful insurance normally advertises itself as an insurance company offering many benefits that participants could receive in the event of any unforeseen circumstances, instead of the benefits of donating, which inadvertently raises the question whether donation is the main objective of takaful.
The act of donation in itself implies that the donor loses the right of the item (Mohd 2011, and Bekkin 2017) and that he does not expect anything in return. In the takaful industry, participants are named as the owners of the policy, which means as owners, participants do expect something in return and believe that they deserve a part of the contributions that were initially given (Lukman & Elatrash, 2017). Thus, rather than seeing itself as a unilateral contract, tabarru’ in takaful is more of an exchange contract (Global Islamic Finance Report, 2012).
Dikko (2014) outlines the potential issues that could arise from takaful, namely the issue of donation, mudarabah and the need to top up the donation for more returns, if there are many claimants, displaying that the donation has further compulsory conditions. This brings back to the previous issue of whether can it really be deemed as a donation.
The modified mudharabah model has been under scrutiny by many sectors, especially when it seems that it is a profit maximising initiative for the operators and no longer the cooperative mutual fund that it claims to be. This model sets up a participative specially account (PSA) which shares not only profit on investment, but also underwriting surplus (Sheila and Salman 2013). The ability of profit maximising by takaful operators is shown to be very much possible in light of their business structure (Altuntas et. al., 2011), and indeed there should not be anything wrong for a takaful business to incur profit.
Zaharin and Sheila, 2012 states that many muslims jurists nowadays disagree with the qard hassan, as the borrower also cannot be forced to make repayment, which is the fundamental concept of many takaful operators. Irwani and Aniza (2010) stated that several but not all takaful operators offers conditional hibah (hibah ruqba) (also refer Ismail, Azman (2009)) which the authors have stated has some sharia issues due to its conflicting with wasiat, which presents a major issue. Ahmad and
Borhan (2017) although agreeing with this contradiction, makes allowance for hibah to be taken from returns from the takaful fund, however not from the investment fund.
Rahman et al (2012) found that takaful operators are divided on the issue of suicide and insurability, and themselves are of the opinion that it is Islamically sound to reimburse in full the beneficiaries of takaful policy holders that died due to suicide, due to the maqasid al sharia, namely the protection of property of the former. The differences of opinion in this matter seems evident when certain takaful takes the line of the conventional insurance by allowing for beneficiaries to receive reimbursements, while others denying it.
Since the tabarru’ is contentious, it is open to be interpreted as bilateral contract, which also would then expose it to the issue of maysir and gharar. The gharar in takaful is compounded by the fact that if the pooled money in the takaful runs out, takaful operators either need to provide qard hassan or participants would get lesser coverage.
Riba, Maysir and Gharar.
Riba – Conventional insurance is mostly involved investments in non-sharia compliant companies, including riba-based companies, and the fact that participants would receive a higher amount of compensation for a lesser premium price is called riba an-nasiah (Dusuki and Ali, 2018). However, in practice takaful participants also would receive higher amount of compensation that the amount donated, and the difference is in the donation. The actual difference is therefore not very major.
Maysir – Those who purchase insurance and takaful essentially wants the same thing, namely protection. It is not possible to guarantee an accident would not occur to anyone, and thus the issue of gambling is not very major looking at the practicality of both, since both takaful and insurance seek to provide protection when any unforeseen circumstance occurs, which no one person could guarantee.
Gharar – conventional insurance actually lists out the amount that is protected as well as what are the circumstances that could happen to make it eligible to obtain it, and thus gharar is significantly reduced. This is very similar to takaful in their advertising campaign.
A look at the various papers, we can see that the takaful issues that exists needs to be addressed soonest (Ali et. al., 2014, Mohd Noor & Abdullah, 2009).
Chapter 3
Methodology
Research methodology refers to the general outline on how a researcher would go about conducting his or her research (Saunders et al. 2012). In presenting a coherent methodology, the paper will go about stating the various stages of study.
The research approach that a researcher can adopt could either be inductive or deductive. The first
approach requires a researcher to come up with a hypothesis and subject it through a series of testing before concluding whether the hypothesis should be changed. This has more to do with what one refers to a scientific research. An inductive research in contrast refers to the researcher gathering data and experiencing the situation before formulating a theory, more common in the form of a conceptual framework. In order to meet the objectives of this research, an inductive approach is felt to be more suited, since it will be done through a qualitative based approach.
This qualitative study will derive the data primarily from primary and secondary sources. Primary sources include interviews with takaful operators while secondary sources will be collected from takaful websites and online brochures of the takaful operators in Malaysia.
Data will be collected from face to face interviews with employees and managers of the various takaful and conventional companies as well as conducting an online search to obtain the information from the company’s websites.
The key features of Riba, Maysir and gharar will be revisited and tested against the backdrop of takaful and conventional insurance. The research will see if the elements of riba for conventional insurance is significant, including the level that these companies are investing other riba-based companies, and would compare the amount of compensation money between conventional insurance and that of takaful operators, in terms of their offering to their participants.
For Maysir, the research is interested to see if there are any differences for both takaful and insurance by looking at the products offered to participants, and whether they could really be deemed as gambling. This includes viewing the types of agreement that conventional insurance participants enter into, and whether the companies offer maturity benefits, ie. the reimbursements given to participants after the insurance coverage period ends. With regards to uncertainty, the study will go through the various companies and see the level of disclosure when explaining their products to the public. This also includes cases of insufficient funds and the frequency of giving out qard hassans by the takaful operators.
A table will then be formulated listing out the differences of practices for both takaful and conventional insurance against the backdrop of riba, maysir and gharar, as well as including other aspects of hibah against wasiat to see the number of takaful operators that offers the controversial tool.
It is interested to know based on the findings, how significant is the difference between the two
operators in Malaysia and if recommendations to improve can be considered in the light of other researches.
Bibliography
Abdullah, S. (2012) Risk Management via Takaful from a Perspective of Maqasid of Shariah. Procedia - Social and Behavioral Sciences Vol. 65, 3 December 2012, pp. 535-541
Ahmad and Borhan (2017) The Application of Conditional Hibah in Takaful Benefit Distribution: A Juristic Analysis. Jurnal Syariah 25.pp 51-74.
Al-Amri, K. (2015) Takaful insurance efficiency in the GCC countries, Humanomics, Vol. 31 Issue: 3, pp.344-353
Ali et al (2014) An Exploratory Study of Shari'ah Issues in the Application of Tabarru' for Takaful. Global Review of Islamic Economics and Business. 1. pp 164-174
Amirul, M., Jaafar, N. M. and Alwi F. S. S. (2017) General takaful claims: An experience of takaful operator in Malaysia. Journal of Emerging Economies & Islamic Research 5(4) 2017, 18 – 26
Dikko M. (2014). An Analysis of Issues in Takaful (Islamic Insurance). Asian Social Science. 10 (22)
Dusuki, A.W. and Ali, M.M. (2018) Riba dalam insurans konvensional: Sejauhmana konsep takaful berperanan menanganinya. ICR Journal pp 205-226
Htay, N.N.H. and Salman S.A. (2013) Shariah and Ethical Issues in the Practice of the Modified Mudharabah Family Takaful Model in Malaysia. International Journal of Trade, Economics and Finance, Vol. 4 (6)
Hussein A. Abdou, Khurshid Ali and Roger J. Lister (2014). A comparative study of Takaful and conventional insurance: empirical evidence from the Malaysian market. Insurance Markets and Companies, 5(1)
Ismail, N. , Alhabshi, D.S.O. and Bacha, O. (2011), Organizational form and efficiency: the coexistence of family takaful and life insurance in Malaysia, Journal of Global Business and Economics , Vol. 3 No. 1, pp. 122-137
Ismail, M. (2009) Determinants of Financial Performance: The Case of General Takaful and Insurance Companies in Malaysia. International Review of Business Research Papers Vol. 9. No. 6. November 2013 Issue. pp. 111 – 130
Ismail, A. (2009) Nomination and Hibah Issues in the Takaful Industry. ISRA Shari’ah Conference on Takaful 2009.
Kamil, Naail and Mat Nor, Norsham (2014). Factors influencing the choice of takaful over conventional insurance: The case of Malaysia. Journal of Islamic Finance. 3. 1-14
Lukman, B. and Elatrash, S. (2017) "The goods and services tax (GST) on takāful products: a critical Sharīʿah appraisal", ISRA International Journal of Islamic Finance, Vol. 9 Issue: 2, pp.205-209
Noor. A. and Abdullah, A. (2009) Takaful (Islamic Insurance) Benefit: Ownership and Distribution Issues in Malaysia Journal of Islamic Economics, Banking and Finance, Vol. 5 (3)
Salleh, C.M., Abdullah, N.I. and Razali, S.S. (2013). Measuring Takaful Agents’ Understanding Towards The Objectives and Concepts of Takaful, Journal of Islamic Finance, Vol 2(1).
Saunders, M., Lewis, P. and Thornbill, A. (2012). Research Methods for Business Studies.
Chapter 1
Introduction
Takaful is the Islamic alternative to conventional insurance, providing the necessary product of protection that is Sharia compliant for Muslims to be able to capitalize and subscribe to. It differs with conventional insurance in several ways but the difference is mostly due to it avoiding the issue of riba (interest), maysir (gambling) and gharar (uncertainty). It is a product tool that is offered as part of the growing trend of Islamic finance in reaching out to segments of the world population.
Malaysia is recognized as a leader in Islamic finance and in tandem with this, it is also a leading nation in the field of takaful along with the countries of the Gulf Corporation Council (GCC). In terms of family takaful, Malaysia has the largest market in South East Asia with a 62% market share, and is the largest in the family takaful market globally (Global Takaful Report 2017). It is also a leader in terms of takaful regulations, being the first to implement the risk-based capital (RBC) framework for takaful. The framework refers to the set of guidelines a takaful operator company has to provide to clients to guard the interests of both parties. As for the first takaful company in Malaysia, it was established in 1984, Syarikat Takaful Malaysia, under the guidance of the Special Task Force formed to study the possibility of establishing an Islamic insurance. This was further enforced with the promulgation of the Takaful Act of 1984.
At present there are many papers on the topic of takaful and several on the comparisons between takaful and conventional insurance performances, however there are limited papers exploring the current improvements that conventional insurance has undergone as well as the various improvements pointed out by scholars that could be introduced into making the takaful products to be more in line with the spirit of the Sharia. This study seeks to explore and do a research on this gap, providing an analysis of several insurance and conventional companies operating in Malaysia.
While it is an established fact that the takaful industry in Malaysia is overseen by a sharia board and is subjected under the Islamic Financial Services Act to ensure its Islamic compliance, it is of interest to explore the various critique on the common practices of takaful and if the takaful industry in Malaysia could progress further.
Research question
1) How well does the practices of takaful in Malaysia live up to the standards of sharia?
2) What are the current actual contradictions between conventional insurance and shariah practices in Malaysia?
3) What improvements can be made to the existing takaful practices in Malaysia to streamline it with the sharia.
Research objectives
The objectives of this research are to:
1) Conduct a focused research on the current practices of takaful in Malaysia with the benchmark of the basic tenets of sharia.
2) To assess the current practices of conventional insurance and compare it with sharia standards.
3) Discuss the findings within the context of key areas of the literature review.
4) Develop appropriate observations and suggest future studies.
Problem statement
1) Takaful is presented as an alternative to the conventional insurance as a product that is in line with Islamic teachings. It is a tool presented to the ummah and to the world as an Islamic product vastly different from conventional insurance in the struggle to create a strong Islamic financial system.
2) Apart from being presented as an Islamic alternative, there should be clear cut differences that distinguishes it from being too similar from conventional insurance. Several papers have raised issues on the current Islamic status of takaful. Conventional insurance is also presented by many Muslim scholars as being absolutely forbidden but how much is the actual forbidden practices in their major business practices needs to be analysed.
3) In response to this, the study seeks to investigate and measure the amount of sharia compliance and contradictions in the practices offered by both takaful and conventional insurance in Malaysia to measure and conclude on how does it fare against the sharia.
Limitation
The limitations of the studies include the time limitation available for the researcher to do a more thorough research. Apart from this, is that the study is limited to the companies operating in Malaysia, and thus the findings of this paper does not necessarily reflect the current practices of takaful and conventional insurance companies in other countries, whether in the region or elsewhere.
Chapter 2
Literature Review
The importance of takaful insurance as a protection for the Muslim community, as opposed to conventional insurance, is well-grounded due to the issue of riba, gharar and maysir present in the latter. (Salman and Htay, 2013). Abdullah (2012) shows how takaful can achieve maqasid of shariah for the Muslims.
Takaful is attractive to the Muslims due to it being presented as Islamic (Ismail, 2009), but not necessarily due to the company being solvent. More improvements can be made to promote the sharia nature of takaful by registered agents (Irwani et. al., 2013) to address the still modest level of knowledge among the public (Ahmad et. al., 2010, Salman, 2014). Some research has shown that urbanization could assist in developing the sense of need by the public to adopt takaful or insurance, and education is another opportunity to capitalize on to raise awareness on the public (Akhter and Khan, 2017).
Performance of takaful and insurance differ in the market, and research has shown that both have their own strengths and advantages, with conventional insurance being better in risk management and profitability (Ali et al, 2014) and higher scale of efficiency (Ismail 2011, al-Amri 2017), while takaful fared better on the premium to surplus ration (Ali et. al., 2014). Thus, in practice, there are differences in the outcome of these two intruments.
In presenting takaful as different from its conventional counterpart, the element of tabarru’ (Donation) and mutual cooperation and assistance is infused as its main characteristics. This is the main difference between takaful and conventional insurance. However, the practices of takaful does not truly reflect this concept. Takaful insurance normally advertises itself as an insurance company offering many benefits that participants could receive in the event of any unforeseen circumstances, instead of the benefits of donating, which inadvertently raises the question whether donation is the main objective of takaful.
The act of donation in itself implies that the donor loses the right of the item (Mohd 2011, and Bekkin 2017) and that he does not expect anything in return. In the takaful industry, participants are named as the owners of the policy, which means as owners, participants do expect something in return and believe that they deserve a part of the contributions that were initially given (Lukman & Elatrash, 2017). Thus, rather than seeing itself as a unilateral contract, tabarru’ in takaful is more of an exchange contract (Global Islamic Finance Report, 2012).
Dikko (2014) outlines the potential issues that could arise from takaful, namely the issue of donation, mudarabah and the need to top up the donation for more returns, if there are many claimants, displaying that the donation has further compulsory conditions. This brings back to the previous issue of whether can it really be deemed as a donation.
The modified mudharabah model has been under scrutiny by many sectors, especially when it seems that it is a profit maximising initiative for the operators and no longer the cooperative mutual fund that it claims to be. This model sets up a participative specially account (PSA) which shares not only profit on investment, but also underwriting surplus (Sheila and Salman 2013). The ability of profit maximising by takaful operators is shown to be very much possible in light of their business structure (Altuntas et. al., 2011), and indeed there should not be anything wrong for a takaful business to incur profit.
Zaharin and Sheila, 2012 states that many muslims jurists nowadays disagree with the qard hassan, as the borrower also cannot be forced to make repayment, which is the fundamental concept of many takaful operators. Irwani and Aniza (2010) stated that several but not all takaful operators offers conditional hibah (hibah ruqba) (also refer Ismail, Azman (2009)) which the authors have stated has some sharia issues due to its conflicting with wasiat, which presents a major issue. Ahmad and
Borhan (2017) although agreeing with this contradiction, makes allowance for hibah to be taken from returns from the takaful fund, however not from the investment fund.
Rahman et al (2012) found that takaful operators are divided on the issue of suicide and insurability, and themselves are of the opinion that it is Islamically sound to reimburse in full the beneficiaries of takaful policy holders that died due to suicide, due to the maqasid al sharia, namely the protection of property of the former. The differences of opinion in this matter seems evident when certain takaful takes the line of the conventional insurance by allowing for beneficiaries to receive reimbursements, while others denying it.
Since the tabarru’ is contentious, it is open to be interpreted as bilateral contract, which also would then expose it to the issue of maysir and gharar. The gharar in takaful is compounded by the fact that if the pooled money in the takaful runs out, takaful operators either need to provide qard hassan or participants would get lesser coverage.
Riba, Maysir and Gharar.
Riba – Conventional insurance is mostly involved investments in non-sharia compliant companies, including riba-based companies, and the fact that participants would receive a higher amount of compensation for a lesser premium price is called riba an-nasiah (Dusuki and Ali, 2018). However, in practice takaful participants also would receive higher amount of compensation that the amount donated, and the difference is in the donation. The actual difference is therefore not very major.
Maysir – Those who purchase insurance and takaful essentially wants the same thing, namely protection. It is not possible to guarantee an accident would not occur to anyone, and thus the issue of gambling is not very major looking at the practicality of both, since both takaful and insurance seek to provide protection when any unforeseen circumstance occurs, which no one person could guarantee.
Gharar – conventional insurance actually lists out the amount that is protected as well as what are the circumstances that could happen to make it eligible to obtain it, and thus gharar is significantly reduced. This is very similar to takaful in their advertising campaign.
A look at the various papers, we can see that the takaful issues that exists needs to be addressed soonest (Ali et. al., 2014, Mohd Noor & Abdullah, 2009).
Chapter 3
Methodology
Research methodology refers to the general outline on how a researcher would go about conducting his or her research (Saunders et al. 2012). In presenting a coherent methodology, the paper will go about stating the various stages of study.
The research approach that a researcher can adopt could either be inductive or deductive. The first
approach requires a researcher to come up with a hypothesis and subject it through a series of testing before concluding whether the hypothesis should be changed. This has more to do with what one refers to a scientific research. An inductive research in contrast refers to the researcher gathering data and experiencing the situation before formulating a theory, more common in the form of a conceptual framework. In order to meet the objectives of this research, an inductive approach is felt to be more suited, since it will be done through a qualitative based approach.
This qualitative study will derive the data primarily from primary and secondary sources. Primary sources include interviews with takaful operators while secondary sources will be collected from takaful websites and online brochures of the takaful operators in Malaysia.
Data will be collected from face to face interviews with employees and managers of the various takaful and conventional companies as well as conducting an online search to obtain the information from the company’s websites.
The key features of Riba, Maysir and gharar will be revisited and tested against the backdrop of takaful and conventional insurance. The research will see if the elements of riba for conventional insurance is significant, including the level that these companies are investing other riba-based companies, and would compare the amount of compensation money between conventional insurance and that of takaful operators, in terms of their offering to their participants.
For Maysir, the research is interested to see if there are any differences for both takaful and insurance by looking at the products offered to participants, and whether they could really be deemed as gambling. This includes viewing the types of agreement that conventional insurance participants enter into, and whether the companies offer maturity benefits, ie. the reimbursements given to participants after the insurance coverage period ends. With regards to uncertainty, the study will go through the various companies and see the level of disclosure when explaining their products to the public. This also includes cases of insufficient funds and the frequency of giving out qard hassans by the takaful operators.
A table will then be formulated listing out the differences of practices for both takaful and conventional insurance against the backdrop of riba, maysir and gharar, as well as including other aspects of hibah against wasiat to see the number of takaful operators that offers the controversial tool.
It is interested to know based on the findings, how significant is the difference between the two
operators in Malaysia and if recommendations to improve can be considered in the light of other researches.
Bibliography
Abdullah, S. (2012) Risk Management via Takaful from a Perspective of Maqasid of Shariah. Procedia - Social and Behavioral Sciences Vol. 65, 3 December 2012, pp. 535-541
Ahmad and Borhan (2017) The Application of Conditional Hibah in Takaful Benefit Distribution: A Juristic Analysis. Jurnal Syariah 25.pp 51-74.
Al-Amri, K. (2015) Takaful insurance efficiency in the GCC countries, Humanomics, Vol. 31 Issue: 3, pp.344-353
Ali et al (2014) An Exploratory Study of Shari'ah Issues in the Application of Tabarru' for Takaful. Global Review of Islamic Economics and Business. 1. pp 164-174
Amirul, M., Jaafar, N. M. and Alwi F. S. S. (2017) General takaful claims: An experience of takaful operator in Malaysia. Journal of Emerging Economies & Islamic Research 5(4) 2017, 18 – 26
Dikko M. (2014). An Analysis of Issues in Takaful (Islamic Insurance). Asian Social Science. 10 (22)
Dusuki, A.W. and Ali, M.M. (2018) Riba dalam insurans konvensional: Sejauhmana konsep takaful berperanan menanganinya. ICR Journal pp 205-226
Htay, N.N.H. and Salman S.A. (2013) Shariah and Ethical Issues in the Practice of the Modified Mudharabah Family Takaful Model in Malaysia. International Journal of Trade, Economics and Finance, Vol. 4 (6)
Hussein A. Abdou, Khurshid Ali and Roger J. Lister (2014). A comparative study of Takaful and conventional insurance: empirical evidence from the Malaysian market. Insurance Markets and Companies, 5(1)
Ismail, N. , Alhabshi, D.S.O. and Bacha, O. (2011), Organizational form and efficiency: the coexistence of family takaful and life insurance in Malaysia, Journal of Global Business and Economics , Vol. 3 No. 1, pp. 122-137
Ismail, M. (2009) Determinants of Financial Performance: The Case of General Takaful and Insurance Companies in Malaysia. International Review of Business Research Papers Vol. 9. No. 6. November 2013 Issue. pp. 111 – 130
Ismail, A. (2009) Nomination and Hibah Issues in the Takaful Industry. ISRA Shari’ah Conference on Takaful 2009.
Kamil, Naail and Mat Nor, Norsham (2014). Factors influencing the choice of takaful over conventional insurance: The case of Malaysia. Journal of Islamic Finance. 3. 1-14
Lukman, B. and Elatrash, S. (2017) "The goods and services tax (GST) on takāful products: a critical Sharīʿah appraisal", ISRA International Journal of Islamic Finance, Vol. 9 Issue: 2, pp.205-209
Noor. A. and Abdullah, A. (2009) Takaful (Islamic Insurance) Benefit: Ownership and Distribution Issues in Malaysia Journal of Islamic Economics, Banking and Finance, Vol. 5 (3)
Salleh, C.M., Abdullah, N.I. and Razali, S.S. (2013). Measuring Takaful Agents’ Understanding Towards The Objectives and Concepts of Takaful, Journal of Islamic Finance, Vol 2(1).
Saunders, M., Lewis, P. and Thornbill, A. (2012). Research Methods for Business Studies.
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