Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia

By the introduction of Takaful as an alternative for conventional insurance in the early 1980s and with more than 30 year experience in Islamic Banking and Finance, it is time for Malaysia to make a move in completing its Islamic financial ecosystem by islamizing non-Banking Financial Institutions....

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Main Authors:	Mohd Noor, Azman, Abd Rahman, Muhammad Abd Hadi
Format:	Article
Language:	English English
Published:	IIUM Press 2016
Subjects:	HG1501 Banking
Online Access:	http://irep.iium.edu.my/56392/ http://irep.iium.edu.my/56392/ http://irep.iium.edu.my/56392/1/56392_Cooperative%20takaful%20for%20non-banking%20financial%20institutions.pdf http://irep.iium.edu.my/56392/2/56392_Cooperative%20takaful%20for%20non-banking%20financial%20institutions_Scopus.pdf

id	iium-56392
recordtype	eprints
spelling	iium-563922017-04-10T02:04:32Z http://irep.iium.edu.my/56392/ Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia Mohd Noor, Azman Abd Rahman, Muhammad Abd Hadi HG1501 Banking By the introduction of Takaful as an alternative for conventional insurance in the early 1980s and with more than 30 year experience in Islamic Banking and Finance, it is time for Malaysia to make a move in completing its Islamic financial ecosystem by islamizing non-Banking Financial Institutions. This paper aims to investigate a potential approach to apply the concept of cooperative Takaful in transforming the Social Security Organization (SOCSO) into a Shariah-compliant institution using the concept of cooperative Takaful by emphasizing the similarity between current practices of SOCSO and cooperative Takaful. This paper highlights the difference between normal Takaful and cooperative Takaful. This paper proposes that the cooperative Takaful i.e. Musharakah Ta’awuniyyah model to aid the integration and transformation of SOCSO into a Shariah compliant institution. The contribution of this paper is twofold: First, this paper contributes to the existing literature on application of Musharakah Ta’awuniyyah as another alternative for the Takaful model. Second, it provides the possibility for SOCSO to convert its operation to Shariah compliant concept. IIUM Press 2016 Article PeerReviewed application/pdf en http://irep.iium.edu.my/56392/1/56392_Cooperative%20takaful%20for%20non-banking%20financial%20institutions.pdf application/pdf en http://irep.iium.edu.my/56392/2/56392_Cooperative%20takaful%20for%20non-banking%20financial%20institutions_Scopus.pdf Mohd Noor, Azman and Abd Rahman, Muhammad Abd Hadi (2016) Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia. Intellectual Discourse, 24 (Special Issue). pp. 459-476. ISSN 0128-4878 E-ISSN 2289-5639 http://journals.iium.edu.my/intdiscourse/index.php/islam/article/view/929
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG1501 Banking
spellingShingle	HG1501 Banking Mohd Noor, Azman Abd Rahman, Muhammad Abd Hadi Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia
description	By the introduction of Takaful as an alternative for conventional insurance in the early 1980s and with more than 30 year experience in Islamic Banking and Finance, it is time for Malaysia to make a move in completing its Islamic financial ecosystem by islamizing non-Banking Financial Institutions. This paper aims to investigate a potential approach to apply the concept of cooperative Takaful in transforming the Social Security Organization (SOCSO) into a Shariah-compliant institution using the concept of cooperative Takaful by emphasizing the similarity between current practices of SOCSO and cooperative Takaful. This paper highlights the difference between normal Takaful and cooperative Takaful. This paper proposes that the cooperative Takaful i.e. Musharakah Ta’awuniyyah model to aid the integration and transformation of SOCSO into a Shariah compliant institution. The contribution of this paper is twofold: First, this paper contributes to the existing literature on application of Musharakah Ta’awuniyyah as another alternative for the Takaful model. Second, it provides the possibility for SOCSO to convert its operation to Shariah compliant concept.
format	Article
author	Mohd Noor, Azman Abd Rahman, Muhammad Abd Hadi
author_facet	Mohd Noor, Azman Abd Rahman, Muhammad Abd Hadi
author_sort	Mohd Noor, Azman
title	Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia
title_short	Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia
title_full	Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia
title_fullStr	Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia
title_full_unstemmed	Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia
title_sort	cooperative takaful for non-banking financial institutions: islamization of socso in the case of malaysia
publisher	IIUM Press
publishDate	2016
url	http://irep.iium.edu.my/56392/ http://irep.iium.edu.my/56392/ http://irep.iium.edu.my/56392/1/56392_Cooperative%20takaful%20for%20non-banking%20financial%20institutions.pdf http://irep.iium.edu.my/56392/2/56392_Cooperative%20takaful%20for%20non-banking%20financial%20institutions_Scopus.pdf
first_indexed	2023-09-18T21:19:32Z
last_indexed	2023-09-18T21:19:32Z
_version_	1777411788483067904

Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia

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