Takaful (Islamic insurance) benefit: ownership and distribution issues in Malaysia
This paper aims at investigating the ownership of the Takaful benefit and the issues of hibah in nomination. The focus is made solely on the Family takāful because this type of policy is singularly related to death. In this regard, the question is raised as whether the money paid by the takāf...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Islami Bank Training and Research Academy
2009
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/16058/ http://irep.iium.edu.my/16058/1/takaful_%28islamic_insurance%29_benefit.pdf |
| Summary: | This paper aims at investigating the ownership of the Takaful benefit and the issues of hibah
in nomination. The focus is made solely on the Family takāful because this type of policy is
singularly related to death. In this regard, the question is raised as whether the money paid
by the takāful operator on the death of the participant (death benefit) before the policy
matures constitutes the participant’s estate or not, and secondly over the validity of making a
conditional hibah of that takaful policy to a nominee as a sole beneficiary |
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