چکیده مقاله
Sudan is recognized as the pioneer of commercial Islamic Insurance With theguidance of Islamic scholars, financial regulators worldwide graduallyintroduced changes in their legal framework to support Islamic Finance In 2013,Bank Negara Malaysia BNM effectively divided Malaysia's financialbusinesses by implementing the Islamic Finance ACT Islamic FSA2013 andthe Financial Services Act FSA2013 which divide the economy and populationalong religious lines The Wakalah model was indirectly recognised as the onlypermitted Islamic Insurance contract which was subsequently adopted by manyother countries The various regulations, frameworks and policy documentsintroduced; empower the regulator to micro govern Islamic Finance companies This increases the cost of doing business and affects the company's innovation indeveloping alternative IFP compliant business models To ensure businessviability and sustainability, many Shariah dispensations and regulatoryprivileges were issued to help Takaful companies The phrase Shariah Complianthas been effectively abused by companies in their pursuit of profits despite theIslamic Finance Principles IFP being a very small component of Shariah Thispaper intends to demonstrate that a better and optimum approach by theregulator would be to infuse Universal Values UV 2 among existing licensedinsurers instead of creating separate laws and micro regulate them based onShariah Advisory Board’s advice Such actions by regulators are limits thedevelopment of Assurance solutions and mislead consumers by using the phrase“Shariah Compliant” This paper offers suggestions on the way forward toexpand the business and bridge the gap between takaful and insurance usingUniversal Values
کلیدواژهها
نویسندگان
Mohamed Rafick Khan bin Abdul Rahman
Freelance Consultant in Allianz Malaysia, SBU Consultant in Pacific Life Re
شیوه ارجاع
Abdul Rahman, Mohamed Rafick Khan bin,1401,Bridging the Gaps between Insurance & Takaful withUniversal Values,The 29th National Conference and 10th International Conference on Insurance and Development (NCOID) with the main
ارائهشده در
مجموعه مقالات بیست و نهمین همایش ملی و دهمین همایش بین المللی بیمه و توسعه با موضوع «توسعه دانش بنیان صنعت بیمه»13 آذر 1401