Micro-takaful scheme for the protection of houses belonging to low-income groups in Malaysia
Joint Authors
Laldin, Muhammad Akram
Fawzi, Nur Farah Nadiyah Muhammad
Source
ISRA International Journal of Islamic Finance
Issue
Vol. 14, Issue 3 (31 Dec. 2022), pp.303-314, 12 p.
Publisher
International Shari'ah Research Academy for Islamic Finance
Publication Date
2022-12-31
Country of Publication
Malaysia
No. of Pages
12
Main Subjects
Abstract EN
Purpose – this study aims to assess the availability of micro-tak_aful (micro-islamic insurance) schemes for the protection of houses belonging to low-income groups in malaysia.
design/methodology/approach – the study is conducted via desk research and interview discussions with representatives from tak_aful operators and key stakeholders.
findings – findings of the study confirm the importance of micro-tak_aful as a scheme for the protection of lowincome groups.
micro-tak_aful schemes in Malaysia are, however, skewed towards the protection of health, life and family.
the study finds little industry interest in the provision of micro-tak_aful schemes for the protection of houses for low-income groups.
this represents another important area that tak_aful operators should take into consideration in their planning.
research limitations/implications – the paper will help the Majlis Agama Islam Negeri-Negeri (MAINs), the regulator, tak_aful operators and government agencies such as Jabatan Wakaf, Zakat dan Haji (JAWHAR) to generate awareness and promote the offering of micro-tak_aful schemes for the protection of houses belonging to low-income groups in Malaysia.
practical implications – in light of the limited availability of micro-tak_aful schemes for the protection of houses for low-income groups, this study argues that tak_aful operators should offer and promote them.
Social implications – the study is significant for fulfilling the need of low-income groups in Malaysia to protect their houses in the event of catastrophes so that they will not suffer significant losses.
rather, microtak_aful will assist them in improving their standard of living.
originality/value – this study promotes the idea that it is essential to facilitate the low-income groups with appropriate coverage made available to them; micro-tak_aful schemes in protecting their houses and home contents, should any defined calamities occur.
the outcomes are necessary for further development of microtak_aful models, specifically for the protection of properties.
the developed model shall be proposed for application in the malaysian tak_aful and housing industry to facilitate low-income groups to obtain protection for their household and home contents.
American Psychological Association (APA)
Fawzi, Nur Farah Nadiyah Muhammad& Laldin, Muhammad Akram. 2022. Micro-takaful scheme for the protection of houses belonging to low-income groups in Malaysia. ISRA International Journal of Islamic Finance،Vol. 14, no. 3, pp.303-314.
https://search.emarefa.net/detail/BIM-1490690
Modern Language Association (MLA)
Fawzi, Nur Farah Nadiyah Muhammad& Laldin, Muhammad Akram. Micro-takaful scheme for the protection of houses belonging to low-income groups in Malaysia. ISRA International Journal of Islamic Finance Vol. 14, no. 3 (2022), pp.303-314.
https://search.emarefa.net/detail/BIM-1490690
American Medical Association (AMA)
Fawzi, Nur Farah Nadiyah Muhammad& Laldin, Muhammad Akram. Micro-takaful scheme for the protection of houses belonging to low-income groups in Malaysia. ISRA International Journal of Islamic Finance. 2022. Vol. 14, no. 3, pp.303-314.
https://search.emarefa.net/detail/BIM-1490690
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 312-314
Record ID
BIM-1490690