Takaful Company Case Study
How Cooperate Governance In Line With Enterprise Risk Management In Takaful Industry?
Abstract
The purpose of this paper is to discuss about how cooperate governance in line with Enterprise Risk Management in Takaful industry. As what we know, many company do not implement Enterprise Risk Management in their company especially in Takaful industry. Every company in Takaful industry have to improve their knowledge regarding Enterprise Risk Management. Nowadays, Takaful become more popular and one of the alternative method of providing insurance services among Muslims in Malaysia. Differ from conventional insurance, the Muslims would prefer Takaful as their insurance services because it is more based on the syariah in Islam.
Introduction
Enterprise …show more content…
Majority of the Malaysian public especially Malaysian Muslim, deal with the potential growth in the industry regarding in the life business. To fulfil their insurance needs without going against the Syariah, Takaful would be prefer and encourage them especially among the Muslims. But among the Malaysian especially Muslims, they still don’t understand or lack of knowledge regarding what is Takaful all about. Example for the takaful companies is like Islamic Financial Institutions are bound to operate their business within the concept of the Syariah. Basically, there are a few methods designed for the purpose to the Takaful operator. Each model will provide the funds to cover not only operating expenses of the takaful operator bu include the profits will distributed to other …show more content…
From the point of view the Syariah, the question has been ask about the conflict of laws and the adequacy of the framework for takaful operations. The model used by takaful also have their own question regarding this study. There are some conflict in Mudarabah model because tabarru is not about the sharing relationship and making profit. Furthermore, tabarru fund cannot be mudarabah capital at the same time. Another conflict is about mudarabah model is the fact that with mudarabah, that is not legal for the party to the agreement to stipulate a certain amount based on his proceeds during the arrangement. The contributor has their own right to payment of a fixed amount as compensations which amount when entering into the tabarru agreement also against this basic principles of
Abstract
The purpose of this paper is to discuss about how cooperate governance in line with Enterprise Risk Management in Takaful industry. As what we know, many company do not implement Enterprise Risk Management in their company especially in Takaful industry. Every company in Takaful industry have to improve their knowledge regarding Enterprise Risk Management. Nowadays, Takaful become more popular and one of the alternative method of providing insurance services among Muslims in Malaysia. Differ from conventional insurance, the Muslims would prefer Takaful as their insurance services because it is more based on the syariah in Islam.
Introduction
Enterprise …show more content…
Majority of the Malaysian public especially Malaysian Muslim, deal with the potential growth in the industry regarding in the life business. To fulfil their insurance needs without going against the Syariah, Takaful would be prefer and encourage them especially among the Muslims. But among the Malaysian especially Muslims, they still don’t understand or lack of knowledge regarding what is Takaful all about. Example for the takaful companies is like Islamic Financial Institutions are bound to operate their business within the concept of the Syariah. Basically, there are a few methods designed for the purpose to the Takaful operator. Each model will provide the funds to cover not only operating expenses of the takaful operator bu include the profits will distributed to other …show more content…
From the point of view the Syariah, the question has been ask about the conflict of laws and the adequacy of the framework for takaful operations. The model used by takaful also have their own question regarding this study. There are some conflict in Mudarabah model because tabarru is not about the sharing relationship and making profit. Furthermore, tabarru fund cannot be mudarabah capital at the same time. Another conflict is about mudarabah model is the fact that with mudarabah, that is not legal for the party to the agreement to stipulate a certain amount based on his proceeds during the arrangement. The contributor has their own right to payment of a fixed amount as compensations which amount when entering into the tabarru agreement also against this basic principles of