Protection against creditors, indemnity and No Claim Benefits (NCB) under life insurance and family takaful

This is a doctrinal and comparative research between the traditional law and the Shariah with regard to issues of protection against creditors, indemnity and no claim benefits (NCB) under life insurance and family takaful. The aim is to find similarities and dissimilarities between life insurance...

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Main Authors:	Yusuf Sani Abubakar, Muhammad Anowar Zahidi, Ruzian Markom
Format:	Article
Language:	English
Published:	Penerbit Universiti Kebangsaan Malaysia 2016
Online Access:	http://journalarticle.ukm.my/10416/ http://journalarticle.ukm.my/10416/ http://journalarticle.ukm.my/10416/1/14119-38802-1-SM.pdf

id	ukm-10416
recordtype	eprints
spelling	ukm-104162017-06-02T13:48:11Z http://journalarticle.ukm.my/10416/ Protection against creditors, indemnity and No Claim Benefits (NCB) under life insurance and family takaful Yusuf Sani Abubakar, Muhammad Anowar Zahidi, Ruzian Markom, This is a doctrinal and comparative research between the traditional law and the Shariah with regard to issues of protection against creditors, indemnity and no claim benefits (NCB) under life insurance and family takaful. The aim is to find similarities and dissimilarities between life insurance and family takaful vis-à-vis the issues based on Maqasid al-Shariah. It is found that both the traditional law and the Shariah assert that creditors have priority over the life policy and family takaful benefits even if the beneficiaries will get nothing from it. Again, under both systems, it is submitted that although ‘Indemnity’ and ‘No claim benefits’ are paid but the Shariah does not allow forfeiture of the indemnity because of lack of utmost good faith (uberimae fidei) or discontinuing payment of the premiums/contributions by the policyholder or participant. It is further submitted that under takaful the No Claim Benefits (NCB) should be paid based on al-Mudarabah agreement and not interest and uncertainty. And all these ensure protection of religion and property. Penerbit Universiti Kebangsaan Malaysia 2016 Article PeerReviewed application/pdf en http://journalarticle.ukm.my/10416/1/14119-38802-1-SM.pdf Yusuf Sani Abubakar, and Muhammad Anowar Zahidi, and Ruzian Markom, (2016) Protection against creditors, indemnity and No Claim Benefits (NCB) under life insurance and family takaful. Jurnal Hadhari, 8 (1). pp. 1-11. ISSN 1985-6830 http://ejournals.ukm.my/jhadhari/issue/view/803
repository_type	Digital Repository
institution_category	Local University
institution	Universiti Kebangasaan Malaysia
building	UKM Institutional Repository
collection	Online Access
language	English
description	This is a doctrinal and comparative research between the traditional law and the Shariah with regard to issues of protection against creditors, indemnity and no claim benefits (NCB) under life insurance and family takaful. The aim is to find similarities and dissimilarities between life insurance and family takaful vis-à-vis the issues based on Maqasid al-Shariah. It is found that both the traditional law and the Shariah assert that creditors have priority over the life policy and family takaful benefits even if the beneficiaries will get nothing from it. Again, under both systems, it is submitted that although ‘Indemnity’ and ‘No claim benefits’ are paid but the Shariah does not allow forfeiture of the indemnity because of lack of utmost good faith (uberimae fidei) or discontinuing payment of the premiums/contributions by the policyholder or participant. It is further submitted that under takaful the No Claim Benefits (NCB) should be paid based on al-Mudarabah agreement and not interest and uncertainty. And all these ensure protection of religion and property.
format	Article
author	Yusuf Sani Abubakar, Muhammad Anowar Zahidi, Ruzian Markom,
spellingShingle	Yusuf Sani Abubakar, Muhammad Anowar Zahidi, Ruzian Markom, Protection against creditors, indemnity and No Claim Benefits (NCB) under life insurance and family takaful
author_facet	Yusuf Sani Abubakar, Muhammad Anowar Zahidi, Ruzian Markom,
author_sort	Yusuf Sani Abubakar,
title	Protection against creditors, indemnity and No Claim Benefits (NCB) under life insurance and family takaful
title_short	Protection against creditors, indemnity and No Claim Benefits (NCB) under life insurance and family takaful
title_full	Protection against creditors, indemnity and No Claim Benefits (NCB) under life insurance and family takaful
title_fullStr	Protection against creditors, indemnity and No Claim Benefits (NCB) under life insurance and family takaful
title_full_unstemmed	Protection against creditors, indemnity and No Claim Benefits (NCB) under life insurance and family takaful
title_sort	protection against creditors, indemnity and no claim benefits (ncb) under life insurance and family takaful
publisher	Penerbit Universiti Kebangsaan Malaysia
publishDate	2016
url	http://journalarticle.ukm.my/10416/ http://journalarticle.ukm.my/10416/ http://journalarticle.ukm.my/10416/1/14119-38802-1-SM.pdf
first_indexed	2023-09-18T19:57:24Z
last_indexed	2023-09-18T19:57:24Z
_version_	1777406621036576768

Protection against creditors, indemnity and No Claim Benefits (NCB) under life insurance and family takaful

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