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The Issues of Second Layer Charging Fee in Wakalah Takaful Model Practices

Author

Listed:
  • Mohamad Yazid Isa

    (Islamic Business School, College of Business, Universiti Utara Malaysia, 06010 Sintok, Kedah Darul Aman, Malaysia,)

  • Ahmad Khilmy Abd. Rahim

    (Islamic Business School, College of Business, Universiti Utara Malaysia, 06010 Sintok, Kedah Darul Aman, Malaysia,)

  • Asmadi Mohamed Naim

    (Islamic Business School, College of Business, Universiti Utara Malaysia, 06010 Sintok, Kedah Darul Aman, Malaysia,)

  • Muhammad Zarunnaim Haji Wahab

    (Islamic Business School, College of Business, Universiti Utara Malaysia, 06010 Sintok, Kedah Darul Aman, Malaysia.)

Abstract

This paper aims to examine the issues of second layer of charging fee in the Wakalah Takaful models practices in Malaysia. Hence, to make sure all the objectives are answered progressively, qualitative research methodology is advocated. The main data were collected from the interview session among scholars and expertise in Takaful field. Then, the data has been analysed based on certain coding and themes. In overcame the second layer of charging fee issue, Takaful operator (TO) should provide a clear contract that been used in their operations. Besides, another approach is by providing concrete decision from the authority body such as from Shariah Advisory Council (SAC). The issue also can be mitigate through a good Shariah framework from TO itself. This study can be expanded by focusing on the issue of customers’ preferences in the selection of takaful products. Besides, the future research can also examine whether these issues attributed to its low market penetration in Malaysia.

Suggested Citation

  • Mohamad Yazid Isa & Ahmad Khilmy Abd. Rahim & Asmadi Mohamed Naim & Muhammad Zarunnaim Haji Wahab, 2017. "The Issues of Second Layer Charging Fee in Wakalah Takaful Model Practices," International Review of Management and Marketing, Econjournals, vol. 7(2), pages 378-383.
    • Handle: RePEc:eco:journ3:2017-02-54
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    Citations

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    Cited by:

    1. Jassem Alokla & Arief Daynes & Paraskevas Pagas & Panagiotis Tzouvanas, 2023. "Solvency determinants: evidence from the Takaful insurance industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 48(4), pages 847-871, October.

    More about this item

    Keywords

    Business Administrative; Wakalah Takaful Model; Issue in Wakalah Model;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration

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