Review of takaful models
| Authors | Journal | Model/Product | Findings |
|---|---|---|---|
| Zakaria et al. (2019) | Al-Shajarah | Waqf/Family takaful | To strengthen lower-income segment, it is argued that the waqf-based takaful model can propose a reasonable family takaful policy |
| Mohamad et al. (2018) | Pertanika journal of science and technology | Family takaful | The results of profit differ for each variation in the takaful model components. However, the takaful operators will continue to make a positive profit in the long run, regardless of the pricing assumptions with the condition in Malaysia |
| Ghazali et al. (2018) | International journal of engineering and technology (UAE) | Education plan | A new recovery model of takaful education plan is proposed which consists of a plan that may assist the special education teachers towards learning disabled children |
| Ismail et al. (2016) | Far east journal of mathematical sciences | Waqf/Education plan | From this model, a fund for the learning disabled children's recovery (dietary supplement, learning, and parenting skills) is set up for three years, together with the education fund, which will mature when the child reaches 21 |
| Hassanat and Al tarawneh (2015) | JIABR | Musharakah | Half of the respondents are interested in gambling free lottery. The product requires the approval of Shariah scholars, then significant positive responses are expected |
| Htay et al. (2015) | Qualitative research in financial markets | Micro-health takaful | Poor people are interested in participating in such a scheme. However, most of them are only willing to contribute about RM5 per month, while some of the respondents, especially zakat recipients, cannot afford to pay at all |
| Ghazali et al. (2015a) | Far east journal of mathematical sciences | Auto takaful | All three models had their advantage and disadvantage, but we can minimize the disadvantage of the model in the new model construction |
| Ghazali et al. (2015b) | Applied mathematical sciences | Wakalah and mudarabah/Family takaful | The significant weakness in mudharabah and wakala model is if a participant dies when the premiums are approaching maturity, the child will not get the full amount of the Insured death |
| Dusuki et al. (2012) | Advances in natural and applied sciences | Wadiah/Family takaful | Every contract should be executed separately to avoid Shariah prohibition. Takaful operators (TOs) can provide guaranteed cash surrender benefits only from the participants' Wadi'ah fund (PWF) |
| Ghazali et al. (2012a) | Journal of applied sciences research | Mudarabah and Wakalah/education plan | The new idea in the premium life table model also gives the customer a choice to choose the suitable premium life table for them with four models, whether in mudharabah or wakala |
| Ghazali et al. (2012b) | Journal of applied sciences research | Mudarabah and wakalah | The research results will show that the integration model is more inclusive than the existing model in premium life tables for clients to earn more money in the future |
| Ahmad and Ab Rahman (2011) | Arab law quarterly | Waqf | By integrating waqf in takāful products, takāful can help fulfill the function of redistributing wealth among Muslims |
| Authors | Journal | Model/Product | Findings |
|---|---|---|---|
| Al-Shajarah | Waqf/Family takaful | To strengthen lower-income segment, it is argued that the waqf-based takaful model can propose a reasonable family takaful policy | |
| Pertanika journal of science and technology | Family takaful | The results of profit differ for each variation in the takaful model components. However, the takaful operators will continue to make a positive profit in the long run, regardless of the pricing assumptions with the condition in Malaysia | |
| International journal of engineering and technology (UAE) | Education plan | A new recovery model of takaful education plan is proposed which consists of a plan that may assist the special education teachers towards learning disabled children | |
| Far east journal of mathematical sciences | Waqf/Education plan | From this model, a fund for the learning disabled children's recovery (dietary supplement, learning, and parenting skills) is set up for three years, together with the education fund, which will mature when the child reaches 21 | |
| JIABR | Musharakah | Half of the respondents are interested in gambling free lottery. The product requires the approval of Shariah scholars, then significant positive responses are expected | |
| Qualitative research in financial markets | Micro-health takaful | Poor people are interested in participating in such a scheme. However, most of them are only willing to contribute about RM5 per month, while some of the respondents, especially zakat recipients, cannot afford to pay at all | |
| Far east journal of mathematical sciences | Auto takaful | All three models had their advantage and disadvantage, but we can minimize the disadvantage of the model in the new model construction | |
| Applied mathematical sciences | Wakalah and mudarabah/Family takaful | The significant weakness in mudharabah and wakala model is if a participant dies when the premiums are approaching maturity, the child will not get the full amount of the Insured death | |
| Advances in natural and applied sciences | Wadiah/Family takaful | Every contract should be executed separately to avoid Shariah prohibition. Takaful operators (TOs) can provide guaranteed cash surrender benefits only from the participants' Wadi'ah fund (PWF) | |
| Journal of applied sciences research | Mudarabah and Wakalah/education plan | The new idea in the premium life table model also gives the customer a choice to choose the suitable premium life table for them with four models, whether in mudharabah or wakala | |
| Journal of applied sciences research | Mudarabah and wakalah | The research results will show that the integration model is more inclusive than the existing model in premium life tables for clients to earn more money in the future | |
| Arab law quarterly | Waqf | By integrating waqf in takāful products, takāful can help fulfill the function of redistributing wealth among Muslims |
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