Theoretical and practical issues and challenges in takaful for construction works

According to the Malaysia Economic Report 2015/2016, the construction industry of Malaysia is estimated to contribute some 8% to the nation’s GDP in year 2015. Consequently, activities related to construction are widespread, hence the potential of loss and damage they entail. Such potential loss and...

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Bibliographic Details
Main Authors:	Mohd Fauzi, Puteri Nur Farah Naadia, Abdul Rashid, Khairuddin
Format:	Conference or Workshop Item
Language:	English English English
Published:	2015
Subjects:	HD61 Risk Management HG8011 Insurance KBP1 Islamic law.Shariah.Fiqh TH4021 Buildings. Construction with reference to use.
Online Access:	http://irep.iium.edu.my/49472/ http://irep.iium.edu.my/49472/1/Cert_presenter.pdf http://irep.iium.edu.my/49472/3/Tentative_programme_Colloquium_r1.pdf http://irep.iium.edu.my/49472/7/takaful_issue_in_construction.pdf

id	iium-49472
recordtype	eprints
spelling	iium-494722016-05-13T00:43:37Z http://irep.iium.edu.my/49472/ Theoretical and practical issues and challenges in takaful for construction works Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin HD61 Risk Management HG8011 Insurance KBP1 Islamic law.Shariah.Fiqh TH4021 Buildings. Construction with reference to use. According to the Malaysia Economic Report 2015/2016, the construction industry of Malaysia is estimated to contribute some 8% to the nation’s GDP in year 2015. Consequently, activities related to construction are widespread, hence the potential of loss and damage they entail. Such potential loss and damage of construction works require protection and the most common type of insurance in compliance with the Shariah is Contractor’s All Risks (CAR) Takaful. The CAR Takaful continuously recorded significant performance with 15% increment yearly. Critically, despite substantial growth, the penetration of CAR Takaful industry is far below its potentials. A wide range of issues and challenges concerning construction takaful are being debated by Shariah scholars and technocrats. This chapter aims to review the theory and practice of takaful in general and CAR Takaful specifically, with the objective to provide better understanding of takaful and CAR Takaful and to highlight issues and challenges surrounding thereto. The outcome of the review suggests that the takaful and CAR Takaful are plagued with a host of theoretical and practical issues and challenges including the Shariah legitimacy in the practice of takaful and CAR Takaful, ambiguous regulatory framework, lack of transparency and accountability and issues related to governance. These issues and challenges require urgent attention or else they may not augur well for the future of the takaful and CAR Takaful industry. 2015-12-03 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/49472/1/Cert_presenter.pdf application/pdf en http://irep.iium.edu.my/49472/3/Tentative_programme_Colloquium_r1.pdf application/pdf en http://irep.iium.edu.my/49472/7/takaful_issue_in_construction.pdf Mohd Fauzi, Puteri Nur Farah Naadia and Abdul Rashid, Khairuddin (2015) Theoretical and practical issues and challenges in takaful for construction works. In: THE 3RD IIUM – KYOTO UNIVERSITY RESEARCH COLLOQUIUM, 2-3 December 2015, Kuala Lumpur. (Unpublished)
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English English
topic	HD61 Risk Management HG8011 Insurance KBP1 Islamic law.Shariah.Fiqh TH4021 Buildings. Construction with reference to use.
spellingShingle	HD61 Risk Management HG8011 Insurance KBP1 Islamic law.Shariah.Fiqh TH4021 Buildings. Construction with reference to use. Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin Theoretical and practical issues and challenges in takaful for construction works
description	According to the Malaysia Economic Report 2015/2016, the construction industry of Malaysia is estimated to contribute some 8% to the nation’s GDP in year 2015. Consequently, activities related to construction are widespread, hence the potential of loss and damage they entail. Such potential loss and damage of construction works require protection and the most common type of insurance in compliance with the Shariah is Contractor’s All Risks (CAR) Takaful. The CAR Takaful continuously recorded significant performance with 15% increment yearly. Critically, despite substantial growth, the penetration of CAR Takaful industry is far below its potentials. A wide range of issues and challenges concerning construction takaful are being debated by Shariah scholars and technocrats. This chapter aims to review the theory and practice of takaful in general and CAR Takaful specifically, with the objective to provide better understanding of takaful and CAR Takaful and to highlight issues and challenges surrounding thereto. The outcome of the review suggests that the takaful and CAR Takaful are plagued with a host of theoretical and practical issues and challenges including the Shariah legitimacy in the practice of takaful and CAR Takaful, ambiguous regulatory framework, lack of transparency and accountability and issues related to governance. These issues and challenges require urgent attention or else they may not augur well for the future of the takaful and CAR Takaful industry.
format	Conference or Workshop Item
author	Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin
author_facet	Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin
author_sort	Mohd Fauzi, Puteri Nur Farah Naadia
title	Theoretical and practical issues and challenges in takaful for construction works
title_short	Theoretical and practical issues and challenges in takaful for construction works
title_full	Theoretical and practical issues and challenges in takaful for construction works
title_fullStr	Theoretical and practical issues and challenges in takaful for construction works
title_full_unstemmed	Theoretical and practical issues and challenges in takaful for construction works
title_sort	theoretical and practical issues and challenges in takaful for construction works
publishDate	2015
url	http://irep.iium.edu.my/49472/ http://irep.iium.edu.my/49472/1/Cert_presenter.pdf http://irep.iium.edu.my/49472/3/Tentative_programme_Colloquium_r1.pdf http://irep.iium.edu.my/49472/7/takaful_issue_in_construction.pdf
first_indexed	2023-09-18T21:09:56Z
last_indexed	2023-09-18T21:09:56Z
_version_	1777411184914333696

Theoretical and practical issues and challenges in takaful for construction works

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