Review of governance in takaful firms
| Authors | Journal | Method | Findings |
|---|---|---|---|
| Amuda and Hassan (2019) | JLERI | Survey-based | Legal diversification of takaful is evidenced to address the needs of less privileged groups in Saudi Arabia |
| Muhamat and McIver (2019) | JIABR | Qualitative | The governance quality of takaful operators is perceived to be at par, and in most cases, operators are better in terms of compliance |
| Ahmad and Lukman (2017) | ISRA IJIF | Qualitative | The compensation of the late payment of takāful benefit has a positive impact on the takāful industry |
| Lukman and Elatrash (2017) | ISRA IJIF | Conceptual | This study finds that a strict interpretation of Sharīʿah does not allow for the imposition of GST; however, there is still room for the government to justify it using a broader interpretation of maṣlaḥah (public interest) |
| Yusof et al. (2017) | Institutions and economies | Conceptual | Malaysia's risk-based capital framework only fulfills the appropriate incentive for capital expansion, measurement of economic values of assets and liabilities, sound financial reporting and assessment of management |
| Itam et al. (2016) | Intellectual discourse | Conceptual | The requirements with regard to Shariah governance for the Islamic co-operative are flexible and not as strict as required for the Islamic financial institutions |
| Berkem (2014) | IJSE | Case study | For effective supervision, the proposed approach includes four key elements which are determining the objectives and supervision, setting the supervisory plan, strategic axes of the approach and follow the stage of supervision |
| Kasim (2012) | JIABR | Conceptual | The high level of conformance promotes comparability, but it does not necessarily fully address disclosure issues, such as providing adequate and relevant information |
| Dreassi (2009) | Savings and development | Conceptual | Its three-pillared approach encompasses financial, governance and risk management requirements, as well as transparency and enhanced disclosure |
| Authors | Journal | Method | Findings |
|---|---|---|---|
| JLERI | Survey-based | Legal diversification of takaful is evidenced to address the needs of less privileged groups in Saudi Arabia | |
| JIABR | Qualitative | The governance quality of takaful operators is perceived to be at par, and in most cases, operators are better in terms of compliance | |
| ISRA IJIF | Qualitative | The compensation of the late payment of takāful benefit has a positive impact on the takāful industry | |
| ISRA IJIF | Conceptual | This study finds that a strict interpretation of Sharīʿah does not allow for the imposition of GST; however, there is still room for the government to justify it using a broader interpretation of maṣlaḥah (public interest) | |
| Institutions and economies | Conceptual | Malaysia's risk-based capital framework only fulfills the appropriate incentive for capital expansion, measurement of economic values of assets and liabilities, sound financial reporting and assessment of management | |
| Intellectual discourse | Conceptual | The requirements with regard to Shariah governance for the Islamic co-operative are flexible and not as strict as required for the Islamic financial institutions | |
| IJSE | Case study | For effective supervision, the proposed approach includes four key elements which are determining the objectives and supervision, setting the supervisory plan, strategic axes of the approach and follow the stage of supervision | |
| JIABR | Conceptual | The high level of conformance promotes comparability, but it does not necessarily fully address disclosure issues, such as providing adequate and relevant information | |
| Savings and development | Conceptual | Its three-pillared approach encompasses financial, governance and risk management requirements, as well as transparency and enhanced disclosure |
Note(s): GST = Goods and Services Tax
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