Transparency in the assessment of Takaful claims for construction works loss & damage

In the context of the construction industry, an alternative to the conventional insurance for works contracts is the Shariah compliant insurance otherwise known as takaful. Among the most frequently used takaful for construction works contracts is the Contractor’s All Risks (CAR) Takaful. Howe...

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Main Authors: Mohd Fauzi, Puteri Nur Farah Naadia, Abdul Rashid, Khairuddin
Format: Article
Language:English
Published: Universiti Sultan Azlan Shah 2016
Subjects:
Online Access:http://irep.iium.edu.my/51173/
http://irep.iium.edu.my/51173/
http://irep.iium.edu.my/51173/1/51173_Transparency_in_the_Assessment_of_Takaful.pdf
id iium-51173
recordtype eprints
spelling iium-511732017-03-19T08:03:33Z http://irep.iium.edu.my/51173/ Transparency in the assessment of Takaful claims for construction works loss & damage Mohd Fauzi, Puteri Nur Farah Naadia Abdul Rashid, Khairuddin HG4501 Stocks, investment, speculation In the context of the construction industry, an alternative to the conventional insurance for works contracts is the Shariah compliant insurance otherwise known as takaful. Among the most frequently used takaful for construction works contracts is the Contractor’s All Risks (CAR) Takaful. However, the future of CAR Takaful may be affected should issues such as marketing and clarification on how it works including how claims are processed, valued and compensation made are not made know to Contractors and Clients. In fact, previous studies have identified that issues on transparency in CAR Takaful products is among the major concerns expressed by the Contractors and Clients. Consequently, a study was conducted, the key objectives being to establish understanding on the concept of transparency in CAR Takaful claims and assess, from the perspectives of the Contractors and Clients, on whether the dealings in CAR Takaful claims are considered transparent or otherwise. The study was conducted principally via desk research and interviews with representative from takaful operators, Contractors and Clients organizations. Key results from the study suggest that transparency in CAR Takaful dealings is a concern especially those related to compliance with the Shariah and manner in which claims are valued and compensation decided. Such lack of transparency, if not addressed soonest possible, may not augur well for the future of the CAR Takaful industry. Universiti Sultan Azlan Shah 2016-06 Article PeerReviewed application/pdf en http://irep.iium.edu.my/51173/1/51173_Transparency_in_the_Assessment_of_Takaful.pdf Mohd Fauzi, Puteri Nur Farah Naadia and Abdul Rashid, Khairuddin (2016) Transparency in the assessment of Takaful claims for construction works loss & damage. Global Journal Al Thaqafah, 6 (1). pp. 23-35. ISSN 2232-0474 E-ISSN 2232-0482 http://www.gjat.my/gjat062016/10020160601.pdf
repository_type Digital Repository
institution_category Local University
institution International Islamic University Malaysia
building IIUM Repository
collection Online Access
language English
topic HG4501 Stocks, investment, speculation
spellingShingle HG4501 Stocks, investment, speculation
Mohd Fauzi, Puteri Nur Farah Naadia
Abdul Rashid, Khairuddin
Transparency in the assessment of Takaful claims for construction works loss & damage
description In the context of the construction industry, an alternative to the conventional insurance for works contracts is the Shariah compliant insurance otherwise known as takaful. Among the most frequently used takaful for construction works contracts is the Contractor’s All Risks (CAR) Takaful. However, the future of CAR Takaful may be affected should issues such as marketing and clarification on how it works including how claims are processed, valued and compensation made are not made know to Contractors and Clients. In fact, previous studies have identified that issues on transparency in CAR Takaful products is among the major concerns expressed by the Contractors and Clients. Consequently, a study was conducted, the key objectives being to establish understanding on the concept of transparency in CAR Takaful claims and assess, from the perspectives of the Contractors and Clients, on whether the dealings in CAR Takaful claims are considered transparent or otherwise. The study was conducted principally via desk research and interviews with representative from takaful operators, Contractors and Clients organizations. Key results from the study suggest that transparency in CAR Takaful dealings is a concern especially those related to compliance with the Shariah and manner in which claims are valued and compensation decided. Such lack of transparency, if not addressed soonest possible, may not augur well for the future of the CAR Takaful industry.
format Article
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 Transparency in the assessment of Takaful claims for construction works loss & damage
title_short Transparency in the assessment of Takaful claims for construction works loss & damage
title_full Transparency in the assessment of Takaful claims for construction works loss & damage
title_fullStr Transparency in the assessment of Takaful claims for construction works loss & damage
title_full_unstemmed Transparency in the assessment of Takaful claims for construction works loss & damage
title_sort transparency in the assessment of takaful claims for construction works loss & damage
publisher Universiti Sultan Azlan Shah
publishDate 2016
url http://irep.iium.edu.my/51173/
http://irep.iium.edu.my/51173/
http://irep.iium.edu.my/51173/1/51173_Transparency_in_the_Assessment_of_Takaful.pdf
first_indexed 2023-09-18T21:12:25Z
last_indexed 2023-09-18T21:12:25Z
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