The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013

Very recently, a new takaful legislation, i.e. IFSA 2013, has been enforced to repeal the old Takaful Act 1984 (TA). Generally, the 2013 Act strengthens the requirements made under the 1984 Act as well as provides additional requirements including licensing of takaful operator, limiting to one class...

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Main Authors:	Salleh, Safinar, Ibrahim, Uzaimah, Zahraa, Mahdi
Format:	Article
Language:	English
Published:	AENSI Publications 2014
Subjects:	KBP Islamic Law
Online Access:	http://irep.iium.edu.my/43560/ http://irep.iium.edu.my/43560/ http://irep.iium.edu.my/43560/1/Safinar_Salleh_et.al_published_391-395.pdf

id	iium-43560
recordtype	eprints
spelling	iium-435602018-06-11T07:02:25Z http://irep.iium.edu.my/43560/ The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013 Salleh, Safinar Ibrahim, Uzaimah Zahraa, Mahdi KBP Islamic Law Very recently, a new takaful legislation, i.e. IFSA 2013, has been enforced to repeal the old Takaful Act 1984 (TA). Generally, the 2013 Act strengthens the requirements made under the 1984 Act as well as provides additional requirements including licensing of takaful operator, limiting to one class of takaful business per takaful operator and establishment of permissible takaful interest. The new Act also incorporates requirements that are provided by guidelines related to takaful business especially Shariah-compliant and Shariah governance requirements. This study aims to examine these statutory requirements and analyse their implications on the business of takaful in Malaysia. The traditional legal research method is used to analyse provisions relating to takaful in IFSA. This study finds that the Malaysian takaful law has been substantially improvised by the promulgation of the new Act and many changes need to be done by takaful operators to ensure their compliance with the law. This recent legal development could be a promising initiative for better future of takaful industry in Malaysia. AENSI Publications 2014-09 Article PeerReviewed application/pdf en http://irep.iium.edu.my/43560/1/Safinar_Salleh_et.al_published_391-395.pdf Salleh, Safinar and Ibrahim, Uzaimah and Zahraa, Mahdi (2014) The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013. Australian Journal of Basic and Applied Sciences, 8 (15). pp. 391-395. ISSN ISSN 1991-8178 http://ajbasweb.com/old/ajbas/2014/September/391-395.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	KBP Islamic Law
spellingShingle	KBP Islamic Law Salleh, Safinar Ibrahim, Uzaimah Zahraa, Mahdi The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013
description	Very recently, a new takaful legislation, i.e. IFSA 2013, has been enforced to repeal the old Takaful Act 1984 (TA). Generally, the 2013 Act strengthens the requirements made under the 1984 Act as well as provides additional requirements including licensing of takaful operator, limiting to one class of takaful business per takaful operator and establishment of permissible takaful interest. The new Act also incorporates requirements that are provided by guidelines related to takaful business especially Shariah-compliant and Shariah governance requirements. This study aims to examine these statutory requirements and analyse their implications on the business of takaful in Malaysia. The traditional legal research method is used to analyse provisions relating to takaful in IFSA. This study finds that the Malaysian takaful law has been substantially improvised by the promulgation of the new Act and many changes need to be done by takaful operators to ensure their compliance with the law. This recent legal development could be a promising initiative for better future of takaful industry in Malaysia.
format	Article
author	Salleh, Safinar Ibrahim, Uzaimah Zahraa, Mahdi
author_facet	Salleh, Safinar Ibrahim, Uzaimah Zahraa, Mahdi
author_sort	Salleh, Safinar
title	The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013
title_short	The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013
title_full	The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013
title_fullStr	The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013
title_full_unstemmed	The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013
title_sort	future of takaful (islamic insurance) business in malaysia under the islamic financial services act (ifsa) 2013
publisher	AENSI Publications
publishDate	2014
url	http://irep.iium.edu.my/43560/ http://irep.iium.edu.my/43560/ http://irep.iium.edu.my/43560/1/Safinar_Salleh_et.al_published_391-395.pdf
first_indexed	2023-09-18T21:02:04Z
last_indexed	2023-09-18T21:02:04Z
_version_	1777410690173108224

The future of Takaful (Islamic Insurance) business in Malaysia under the Islamic Financial Services Act (IFSA) 2013

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