Takaful: A review on performance, issues and challenges in Malaysia

Puteri Nur Farah Naadia Mohd Fauzi, Khairuddin Abdul Rashid, Azila Ahmad Sarkawi, Sharina Farihah Hasan, Srazali Aripin, Muhammad Ariffuddin Ariffin

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Abstract

This paper aims to bring to attention the state of takaful or Shariah compliant insurance industry in Malaysia. It provides a review on takaful and its performance in Malaysia and highlights issues and challenges it faced. The review is undertaken through a detail desk study. The outcome of the review suggests that the penetration growth of takaful in Malaysia is relatively small in contrast to the conventional insurance, and that the takaful industry faces a series of constraints that require immediate attention if the industry is going to offer a reliable alternative to conventional insurance
Original languageEnglish
Pages (from-to)71-76
Number of pages6
JournalJournal of Scientific Research and Development
Volume3
Issue number4
Publication statusPublished - 2016

Keywords

  • takaful
  • construction

ASJC Scopus subject areas

  • Engineering(all)
  • Economics, Econometrics and Finance(all)
  • Social Sciences(all)

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