Introduction To Takaful (Ins510)

BACHELOR OF BUSINESS ADMINISTRATION (HONS) FINANCE
2021 INTRODUCTION TO TAKAFUL (INS510)
GROUP ASSIGNMENT REPORT
PREPARED BY:
NAME CLASS STUDENT ID

IMAN FIRDAUS BIN MOHD KHAIROL ANUAR JBA2424A 2019218296
ERMAN BIN RAHIM JBA2424A 2019871664
ERYSHA DANIAH BINTI EZREEN JBA2424A 2019230008
EZZA NATASHA BINTI MOHD AZLAN JBA2424A 2019685478
NUR AFIQAH BINTI AB GHANI JBA2424A 2019219004
PREPARED FOR:
MADAM NURUL AIEN BINTI ABD AZIZ
TABLE OF CONTENTS
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ACKNOWLEDGEMENT
1.0 INTRODUCTION
2.0 POTENTIAL OF RISK
2.1 FIRE RISK
2.2 LOSS IN COMPANY INCOME
2.3 INFLATION RISK
2.4 INSUFFIECIENT OR LACK OF EMPLOYEES
2.5 THEFT IN A WAREHOUSE
2.6 INFORMATION TECHNOLOGY (IT) FAILURES
ACKNOWLEDGEMENT
Alhamdulillah thank you to ALLAH S.W.T for his blessing for us to finish this
assignment within the time given. We eventually managed to achieve this mission with the
great health and physical shape he blessed us with. This assessment had been done with all
our afford even though it is normal for this report to make it done easily, but during this time
which is during Movement Control Order (MCO), it is difficult to resolve it because the
internet facilities for some of us are very limited and quite poor. So it's hard for us to get it
done in an efficient time. In addition, our discussions are also limited to cyberspace so we
can only talk without having to face each other in real life. This, of course, is a bit difficult for
everyone because face-to-face discussions are better and more efficient. However, we have
to be grateful for this chance given by Allah S.W.T during this phase of MCO. Luckily, all the
problems can be settled down within the period of time given by doing our best to complete
this assigned task.
We also would like to thank our lecturer, Madam Azitadoly Binti Mohd Arifin for
guiding us in making this assignment. With her experiences and knowledge, we gained a lot
of information throughout the whole journey of this assignment. This is because without her
guidance and moral support we might not be able to finish this assessment within the period
of time in smooth and easy ways. Thank you for all the support and knowledge that our
lecturer gives throughout this assignment.
Then, we would like to thank each of the group members for the hard work and
commitment. With the great enthusiasm and determination given by each member, we
managed to complete this assignment with satisfaction. Finally, acknowledgment of all the
individuals involved in helping us make this project a success, we really appreciated your
time and effort so much. Thank you. Last but not least, we would also like to thank our
classmates BAE7B. This is because they have been very helpful and persistent in guiding in
resolving problems in these assignments given to us by our lecturer. They also give us
comments and feedback on our group assignment so that we can improve our project in
better ways. In conclusion, we hope that all the efforts will give us a good result at the end of
our slip examination on this subject, Introduction to Takaful (INS510).
Financial product (FIRE HAZARD)
1. Zurich Essential Fire Takaful (ZEFT)
Zurich General Takaful Malaysia Berhad provides protection against to fire risk. The
Zurich Fire Takaful is specially designed to cover the loss or damage to your property
caused by fire, lightning and explosion. The Zurich Essential Fire Takaful (ZEFT) is a de-
tariff product provides coverage for property (building, plant and machinery, stock-in-trade,
furniture, fixtures and fittings and all other contents relating to the participant’s trade)
described in the Takaful certificate schedule. The coverage is based on the cost of restoring
the damaged property or replacing it with a property that is similar in condition to that of the
time when the loss occurred.
2. Zurich Fire Consequential Loss Takaful
Zurich General Takaful Malaysia Berhad provides protection the loss of business profits
due to fire-related damages. The Fire Consequential Loss Takaful by Zurich is specially
designed to complement your Fire Takaful certificate. This certificate covers you for loss of
gross profit due to reduction in turnover and increase cost of working consequent upon
interruption of the business caused by perils covered under the Fire certificate.
NON-FINANCIAL
(FIRE HAZARD)
1. Maintain fire safety equipment.

Employers are responsible for keeping fire protection equipment in working order.
Fire safety equipment such as smoke alarms, fire extinguishers and sprinklers should be
inspected regularly. Any faulty equipment should be replaced right away. Store equipment in
an easily accessible area that’s free from clutter. Keep up with routine maintenance by
setting a calendar reminder or designate a time of year to schedule both formal inspections
and independent upkeep. For example, many people use daylight savings time as a
reminder to change the batteries in their smoke detectors.
2. Have an evacuation strategy

Every business should have an evacuation strategy to make it safer and more
efficient
for employees and customers to exit the building during a fire. In fact, OSHA guidelines state
that a business must have an emergency evacuation plan (EAP) if they anticipate anyone
evacuating the premises during a fire or other emergency. Make sure the company
workplace EAP complies with OSHA requirements and industry best practices.
Communicate plan with others in the organization, and post evacuation maps near stairwells
and main walkways for easy access. These maps can direct people to alternative routes and
help those unfamiliar with the building to find their way to safety.
3. Train your employees

Human error is a common cause of fire in the workplace. Improperly storing
combustible materials and kitchen mishaps are just a few of the many situations that could
spark a fire. Train the employees how to properly operate machinery and safely store and
dispose of hazardous materials to minimize fire hazards. Teach the employees about the
importance of following safety procedures and keep them engaged. Another way to prevent
fire by creating a designated smoking area that’s far away from the building, inventory and
combustible materials. Dispose of ashes away from flammable liquids and trash. It can
reduce careless or negligent behaviour that might cause an accident.
4. Clean Environment
Employers must make sure that workplace environment is clean and tiny. The main
reasons is because when there’s a lot of clutter, especially flammable materials such as
paper, boxes, and other which it will lead a fire can spread faster. The clutter could also
block exits and make it harder to escape if there is a fire. Any stock should be stored safely,
and appropriate control measures implemented to safely store flammable materials and
liquids in line with COSHH regulations. For example, if flammable materials don’t need
storing in the workplace, they should be stored elsewhere (location where they pose less risk
to people’s safety). Flammable materials also need to be stored in fire-resistant cabinets or
containers that can retain spills.
5. Conduct routine fire drills
Panicking during an emergency can have dire consequences. Help familiarize the
employees with the emergency action plan by practicing fire drills a few times a year.
Routine drills can help employees respond to a fire quickly and calmly. The employees will
be better equipped to guide themselves, and others, from the building if they know where to
go. Consider having unannounced fire drills to measure the readiness of the staff and
address any underlying concerns. It can also prepare for other unforeseen emergencies,
such as earthquakes or active shooters. The employees will be well-versed with the
evacuation routes and procedures as a result of the fire drill and will be able to stay away
from harm’s way too.

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BACHELOR OF BUSINESS ADMINISTRATION (HONS) FINANCE

2021 INTRODUCTION TO TAKAFUL (INS510)

GROUP ASSIGNMENT REPORT

NAME CLASS STUDENT ID

MADAM NURUL AIEN BINTI ABD AZIZ

Financial product (FIRE HAZARD)

1. Zurich Essential Fire Takaful (ZEFT)

2. Zurich Fire Consequential Loss Takaful

1. Maintain fire safety equipment.

2. Have an evacuation strategy

3. Train your employees

5. Conduct routine fire drills

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