Malaysia is expected to reach an aged population by 2030. Currently, micro takaful under the “Per... more Malaysia is expected to reach an aged population by 2030. Currently, micro takaful under the “Perlindungan Tenang” initiative, does not promote the participation of the elderly in line with the increasing life expectancy of the country. This is mainly due to the link between the high risk of age-related-illness. For the microtakaful offering segment, takaful operators should not expect immediate profit. Therefore, the study was conducted to look at collaboration opportunities between takaful operators and the Department of Social Welfare (JKM) by offering microtakaful to senior citizens in the country. Befittingly this collaboration has allowed for the government department, JKM, to provide direct service to senior citizens. Thus, field studies were conducted with JKM, takaful operators and the Central Bank of Malaysia (BNM). Interviews with JKM involved a group of senior citizens, and also members of the productive welfare and a sample of the community. Interviews with takaful operators included AIA Public Takaful in the Product Marketing Department, Prudential BSN Takaful under microtakaful and CSR Department and IKHLAS Takaful in the Bancatakaful Department. Interviews with BNM were conducted with the Islamic Banking and Takaful Department. The offering of microtakaful to senior citizens living in institutions under the JKM and senior citizens receiving financial assistance ie “Bantuan Orang Tua (BOT)” is made possible through funds from zakat, waqf and CSR in the form of non-commercial microtakaful. Whereas senior citizens living in the community can be offered commercial microtakaful through community cooperation, Elderly Care Centres, both from NGOs and privately registered centres have been cooperating with JKM to describe the value and importance of increasing understanding as well awareness of microtakaful. At the same time, microtakaful schemes need to make product design improvements to be relevant and appropriate for senior citizens, especially in terms of target schemes and supply channels.
TAFHIM: IKIM Journal of Islam and the Contemporary World, Oct 6, 2017
This article discusses several potential waqf instruments in higher education. It examines the po... more This article discusses several potential waqf instruments in higher education. It examines the potential financing instruments of higher education in using waqf instruments in the development of waqf at the State Islamic Religious Council (MAIN). This study was conducted by interviewing five Islamic Religious Council (MAIWP), Selangor Wakaf Corporation (PWS), Negeri Sembilan Wakaf Corporation (PWNS), Johor State Islamic Council (MAINJ) and Penang State Islamic Religious Council (MAINPP). As commonly known, MAIN is the sole trustee of a waqf estate in the country. Therefore, the instruments that have been implemented in MAIN are more practical for higher education. In addition, the discussions in this article also put forward several proposals to realise waqf instruments in higher education.
Malaysia is expected to reach an aged population by 2030. Currently, micro takaful under the “Per... more Malaysia is expected to reach an aged population by 2030. Currently, micro takaful under the “Perlindungan Tenang” initiative, does not promote the participation of the elderly in line with the increasing life expectancy of the country. This is mainly due to the link between the high risk of age-related-illness. For the microtakaful offering segment, takaful operators should not expect immediate profit. Therefore, the study was conducted to look at collaboration opportunities between takaful operators and the Department of Social Welfare (JKM) by offering microtakaful to senior citizens in the country. Befittingly this collaboration has allowed for the government department, JKM, to provide direct service to senior citizens. Thus, field studies were conducted with JKM, takaful operators and the Central Bank of Malaysia (BNM). Interviews with JKM involved a group of senior citizens, and also members of the productive welfare and a sample of the community. Interviews with takaful operators included AIA Public Takaful in the Product Marketing Department, Prudential BSN Takaful under microtakaful and CSR Department and IKHLAS Takaful in the Bancatakaful Department. Interviews with BNM were conducted with the Islamic Banking and Takaful Department. The offering of microtakaful to senior citizens living in institutions under the JKM and senior citizens receiving financial assistance ie “Bantuan Orang Tua (BOT)” is made possible through funds from zakat, waqf and CSR in the form of non-commercial microtakaful. Whereas senior citizens living in the community can be offered commercial microtakaful through community cooperation, Elderly Care Centres, both from NGOs and privately registered centres have been cooperating with JKM to describe the value and importance of increasing understanding as well awareness of microtakaful. At the same time, microtakaful schemes need to make product design improvements to be relevant and appropriate for senior citizens, especially in terms of target schemes and supply channels.
TAFHIM: IKIM Journal of Islam and the Contemporary World, Oct 6, 2017
This article discusses several potential waqf instruments in higher education. It examines the po... more This article discusses several potential waqf instruments in higher education. It examines the potential financing instruments of higher education in using waqf instruments in the development of waqf at the State Islamic Religious Council (MAIN). This study was conducted by interviewing five Islamic Religious Council (MAIWP), Selangor Wakaf Corporation (PWS), Negeri Sembilan Wakaf Corporation (PWNS), Johor State Islamic Council (MAINJ) and Penang State Islamic Religious Council (MAINPP). As commonly known, MAIN is the sole trustee of a waqf estate in the country. Therefore, the instruments that have been implemented in MAIN are more practical for higher education. In addition, the discussions in this article also put forward several proposals to realise waqf instruments in higher education.
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For full article please visit
http://tafhim.ikim.gov.my/index.php/tafhim/article/view/94
For full article please visit
http://tafhim.ikim.gov.my/index.php/tafhim/article/view/94