Figure - available via license: Creative Commons Attribution 4.0 International
Content may be subject to copyright.
Contexts in source publication
Context 1
... amount is very beneficial to takaful contributors across the country. This figure has shown an increase in 2021 when total death claims by takaful institutions amount to RM1,023,743,130 as shown in Table 2. If the third of the death compensation in 2020 and 2021 is taken, which is 30% of the total compensation of participants, this amount represents almost RM240 million in 2020 and RM300 million in 2021 from participant death benefits to religious institutions as shown in Table 1-2. ...Context 2
... participant and the Takaful company can enjoy the benefit from the Waqf fund including providing Qardh Hassan with any other Takaful benefit to its participants. Table 2 describes the process of both models. The capital providers are the participants while the fund managers are the Takaful operators. ...Similar publications
The 2u2i and work-based learning (WBL) are two study modes newly introduced by the Malaysia Ministry of Higher Education (MoHE) in meeting the challenges of the 21 st century to produce holistic, knowledgeable and highly skilled graduates as well as having entrepreneurial characteristics. In this regard, it is a necessity to induce higher-order thi...
Citations
... Waqf-based takaful models have been implemented in Malaysia, offering death compensation and savings plans (Rahman & Ahmad, 2011;Abu Bakar et al., 2023a). These models aim to benefit socio-economic development and assist flood victims (Che Mohd Salleh et al., 2020;Ahmad et al., 2022). However, challenges exist in managing waqf assets, standardizing frameworks, and increasing awareness among potential participants (Abu Bakar et al., 2023a;Che Mohd Salleh et al., 2020). ...
... The integration of waqf into takaful products, particularly death compensation schemes, offers potential benefits for socio-economic development in Malaysia (Abu Bakar et al., 2023a;Ahmad et al., 2022). While only a few takaful companies currently offer waqf-based death compensation products, these align with Maqasid Shariah principles (Abu Bakar et al., 2023a). ...
This study aims to analyze the acceptance and challenges of waqf-takaful death compensation products in Malaysia, focusing on factors such as product knowledge, education, marketing, customer attitude, and long-term benefits. A quantitative approach using a descriptive cross-sectional survey method was employed, with data collected via a structured questionnaire. The findings revealed that product knowledge, customer attitude, and marketing strategies significantly influence acceptance. However, challenges such as limited awareness, inadequate promotion, and accessibility issues were also identified. The study highlights the importance of improving customer education and refining marketing strategies to enhance the adoption of waqf-takaful products.
... Several studies propose models combining waqf and takaful to enhance participant benefits and contribute to socio-economic development (Abu Bakar et al., 2023a;Habibi & Yudha, 2017;Ahmad et al., 2022). The implementation of waqf-takaful models faces challenges, including inconsistent standards and governance issues (Ahmad et al., 2024;. Research indicates that well-trained takaful agents are crucial for the successful implementation of waqf-takaful compensation governance (Ahmad et al., 2024). ...
... The implementation of waqf-takaful models faces challenges, including inconsistent standards and governance issues (Ahmad et al., 2024;. Research indicates that well-trained takaful agents are crucial for the successful implementation of waqf-takaful compensation governance (Ahmad et al., 2024). Some studies propose frameworks for integrating waqf into takaful products, emphasizing the importance of documentation, operational, and governance matters (Ahmad et al., 2023). ...
The waqf-takaful death compensation concept merges two Islamic principles: waqf and takaful. In this model, death benefits from a takaful plan are directed to religious institutions as waqf, ensuring ongoing community support. This approach not only provides financial security to the deceased’s family but also creates a lasting charitable impact, turning a one-time payout into a perpetual source of funding for social and religious causes. Despite facing challenges such as inconsistent implementation standards and management difficulties, some takaful operators in Malaysia have begun integrating death compensation waqf into their products. FWD Takaful Berhad, as one of the key players in the takaful industry, holds considerable potential for collaboration in further developing this product. Therefore, this study aims to propose a waqf-takaful death compensation product for FWD Takaful Berhad. A qualitative approach was employed, with data gathered through Focus Group Discussions (FGDs) involving academics and industry experts in Malaysia. The data were analyzed using thematic analysis via ATLAS.ti software. The study identified several potential strategies for developing the waqf-takaful death compensation product for FWD Takaful Berhad. This research offers valuable insights for academics and industry stakeholders interested in proposing waqf-takaful death compensation products in Malaysia.
... Key issues include inconsistent standards across the industry, which can affect the reliability and effectiveness of these products (Ahmad et al., 2022; Abu Bakar et al., 2023a; Abu Bakar et al., 2023b). Management issues, such as resource allocation and operational inefficiencies, further complicate the implementation process (Ahmad et al., 2024). Additionally, limited collaboration among stakeholders can hinder the development and integration of waqf-takaful products, impacting their overall effectiveness and reach. ...
The waqf-takaful concept involves channeling death compensation benefits from deceased takaful participants to selected religious institutions, thereby generating perpetual and sustainable waqf contributions. Despite recent challenges such as inconsistent implementation standards and management issues, some takaful operators in Malaysia have started to incorporate death compensation waqf into their offerings. Key players in this field, such as FWD Takaful Berhad, Waqaf An-Nur Corporation Berhad (WanCorp) and Yayasan Waqaf Malaysia (YWM), have significant potential for collaboration in advancing this product. This study aims to develop a waqf-takaful death compensation product for FWD Takaful Berhad, known as FATWA. This product integrates elements of death compensation waqf and takaful, combining the efforts of FWD Takaful with WanCorp and YWM to optimize takaful benefits. The study uses a qualitative approach, with data collected through focus group discussions involving academics in Islamic finance, waqf, law and marketing, as well as industry players from selected takaful companies in Malaysia, YWM and the Malaysian Takaful Association (MTA). The data were analysed using thematic analysis via ATLAS.ti software. The study found that waqf-takaful death compensation products, FATWA developed by FWD Takaful Berhad through WanCorp or YWM, have unique strengths. Both are competitive and capable of making significant contributions to the takaful and waqf industries, offering substantial benefits to the Muslim community as a whole.
