Publication:
The practice of takaful benefit (nomination) in the context of IFSA 2013: a critical appraisal
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Date
2016
SDG:
Abstract
Nomination, in the context of takaful (Islamic insurance), involves the takaful participant nominating a person to receive the takaful benefits in the event of the participant's death before the maturity of the takaful plan. Distribution of the takaful benefits that are to be received upon maturity of the takaful plan is a main concern arising in family takaful, an Islamic alternative to life insurance. Upon the death of the participant, the takaful benefits may either be payable to the estate of the participant or to a person nominated by the participant as the sole recipient of the benefits of such a takaful policy. The effect of such a nomination is the central focus of this research paper. Reference to the Islamic Financial Services Act 2013 (IFSA) is crucial to identify the nature, position and effect of nomination in Malaysia.
Keywords
Takaful , Islamic insurance , Takaful benefits , IFSA 2013
Citation
Elatrash, S. R. J. & Soualhi, Y. (2016). The practice of takaful benefit (nomination) in the context of IFSA 2013: a critical appraisal. ISRA International Journal of Islamic Finance, 8 (1), pp. 197-202.
Publisher
Emerald Publishing Limited