A Study on Perception of Graduate Students in Iium: a Comparative Analysis Between Takaful and Conventional Insurance in Malaysia.
A study on perception of graduate students in IIUM: A comparative analysis between Takaful and conventional insurance in Malaysia.
Md. Mahmudul Haque (0823925), Khairina Binti Narawi (0733734), Amal Hakimah Mohd Zuhari (0822490), Eduart Nogu (0826619
Bank Management: section 1
1st Draft
1.0 Introduction
According to the world Bank Development Report 2000, the earth 's human population is approaching 6 billion, of which upwards of 25% are practicing Muslims. Malaysia 's population, as of July 2010, is estimated to be 28,250,500. According to the Population and Housing Census 2000 figures, approximately 60.4 percent of the population practiced Islam. Domination of Muslim population in Malaysia created a need for a comprehensive insurance system which is in compliance with Shariah laws. So, spurred on by such re-confirmations by Islamic scholars and their own person discomfort with existing insurance schemes, Muslims began in 1973 a rediscovery of the Takaful models and to pioneer their implementation. Takaful originates from Arabic word “kafalah”, which means “to help one another” or “mutual garuantee”.
In addition, takaful is an insurance concept which is grounded in Islamic Muamalat, observing the rules and regulations of Shariah. It is a concept that has been in practice for over 1400 years. In principle, Takaful system is based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants. In other words, it is the provision of shared contributions to help those who are in need. These fundamentals are based on the Holy Quran and the sayings of Prophet Muhammad S.A.W. Allah said: “...Help Ye one another in righteousness and piety but help ye not one another in sin and rancour... (Al Maidah : 2) According to hadith narrations, Prophet S.A.W said- Allah will always help His servant for as long as he helps others. (Narrated by Imam Ahmad and Imam Abu Daud).
In rapid succession, groundbreaking efforts to
Md. Mahmudul Haque (0823925), Khairina Binti Narawi (0733734), Amal Hakimah Mohd Zuhari (0822490), Eduart Nogu (0826619
Bank Management: section 1
1st Draft
1.0 Introduction
According to the world Bank Development Report 2000, the earth 's human population is approaching 6 billion, of which upwards of 25% are practicing Muslims. Malaysia 's population, as of July 2010, is estimated to be 28,250,500. According to the Population and Housing Census 2000 figures, approximately 60.4 percent of the population practiced Islam. Domination of Muslim population in Malaysia created a need for a comprehensive insurance system which is in compliance with Shariah laws. So, spurred on by such re-confirmations by Islamic scholars and their own person discomfort with existing insurance schemes, Muslims began in 1973 a rediscovery of the Takaful models and to pioneer their implementation. Takaful originates from Arabic word “kafalah”, which means “to help one another” or “mutual garuantee”.
In addition, takaful is an insurance concept which is grounded in Islamic Muamalat, observing the rules and regulations of Shariah. It is a concept that has been in practice for over 1400 years. In principle, Takaful system is based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants. In other words, it is the provision of shared contributions to help those who are in need. These fundamentals are based on the Holy Quran and the sayings of Prophet Muhammad S.A.W. Allah said: “...Help Ye one another in righteousness and piety but help ye not one another in sin and rancour... (Al Maidah : 2) According to hadith narrations, Prophet S.A.W said- Allah will always help His servant for as long as he helps others. (Narrated by Imam Ahmad and Imam Abu Daud).
In rapid succession, groundbreaking efforts to
References: Abdul Rahim Abdul Wahab, Lewis, M. K. & M. Kabir Hassan. (2007). Islamic Takaful: business models, Shariah concerns and proposed solutions. Thunderbird International Business Review, 49(3), 371-396. Ahmad Ali Khan (2003). Difference between Islamic and conventional insurance. Ahmad Tisman Pasha, Mher Mushtaq Hussain (2011) Epetimehin, F.M. (2011) Market Segmentation: A Tool for Improving Customer Satisfaction and Retention in Insurance Service Delivery. Journal of Emerging Trends in Economics and Management Sciences. Kotler,P., Keller, K.L (2012) Marketing Management 14th Edition. Pearson. Mohamad Abdul Hamid (2010). Financial Expositions of Corporate Determinants for Conventional Insurance: Evidence from Malaysian Firms. International Research Journal of Finance and Economics 4. Mohd Ma’sum Billah. (2007). Islamic banking and the growth of Takaful. UK: Edward Elgar Publishing Limited. Mohd Ma’sum Billah. (n.d.) Modern re-discovery of Takaful (Islamic Insurance): principles & practices. Retrieved from http://www.Takaful.coop/doc_store/Takaful/Rediscovery.pdf Muhammad Anwar (1994) Muhammad Anwar. (1994). Comparative Study of Insurance and Takafol (Islamic Insurance). The Pakistan Development Review, 33(2), 1315-1330. Pillai K. R., Rao M. S., Thampy J. K, and Peter J. (2011). Customer driven marketing strategy of LIC International in Bahrain: a product specific study. MSN Institute of Management & Technology, (1), 1-21. Safder Jaffer, Farzana Ismail, Jabran Noor, Linsay Urwin (2010). Takaful (Islamic Insurance); Concept, Challenges, and Opportunities. Milliman Research Report.