Shariah Issue in Takaful

In: Business and Management

Submitted By fatha83
Words 3439
Pages 14
INCEIF

 The
Global
University
in
Islamic
finance



Kuala
Lumpur,
Malaysia

 
 CIFP
part
2
 SH2002
Shariah
issues
in
Islamic
finance





Title

 Shariah
Issues
in
Takaful:
 Nomination
and
Hibah


Semester
Sept
2013



Name:
Fatima
Zahra
Habib
Eddine
 Matric
No:
1300135


Abstract
 _________


Fatima Zahra Habib Eddine 1300135


 Although
is
having
a
rapid
growth
the
Takaful
Industry
has
some
Shariah
issues
still
unsolved.
 Mainly
in
the
Family
Takaful
(Islamic
life
insurance)
not
all
Scholars
agree
on
the
nomination
 practice.
 This
 issue
 will
 be
 discussed
 in
 the
 first
 chapter.
 When
 nomination
 is
 accepted
 not
 all
 Scholars
 agree
 whether
 the
 appointed
 person
 is
 a
 sole
 recipient
 of
 the
 gift
 (hibah)
 or
 an
 executor.
The
Shariah
Advisory
Council
of
Bank
Negara
Malaysia
faced
the
issue.
However
there
 are
still
some
open
discussions
and
inconsistencies
in
regulations.
 
 
 
 
 
 
 Key
terms
of
the
research

 
 Takaful,
nomination,
hibah,
Shariah
issues,
family
takaful.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 2

Shariah Issues in Takaful


 Objectives of the research:

Fatima Zahra Habib Eddine 1300135

The principal objective of the research is to present the Shariah issues during the application of the nomination and the hibah in the Family takaful plans by the takaful operators. Therefore, the research will discuss: • • • • • The nomination practice in the Family takaful plans; The application of the hibah practice to the takaful proceeds; The role of the nominee in a Family takaful plan from the Shariah point of view. The applicability of the faraidh to the Family takaful proceeds; The best practices of Malaysia in the issues discussed.

Introduction Takaful is considered to be the Islamic equivalent of the conventional insurance.…...

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