Case Studies of the Practice of Nomination and Hibah by Malaysian Takaful Operators

• DOI: 10.55188/ijif.v2i2.106
• Publication Date: 2023-01-09T02:20:54Z
• Authors: Nurdianawati Irwa...; Nazliatul Aniza A...
• Keywords: Nomination; Beneficiary; Waqf

Nomination is a process whereby policyholder who purchases the insurance policy should name someone to benefit from in event of policyholder’s death. purposely performed ensure beneficiaries receive takaful benefits promptly. The current practice nomination clause family operation basically vague because Takaful Act 1984 does not expressly provide any rule that effect. This study aims examine status nominees for Muslim participants and non-Muslim as stipulated tak ful form. It significant clarify nominee, either beneficiary or an executor, order avoid misconception among legal heirs future. Besides this, also seeks assess how far related concept hibah currently implemented by operators Malaysia. Hibah seems be alternative allocate right without adhering Islamic law inheritance (fara’id). adopts document analysis identify whether form standardised clarified respect nominee each operator Samples eight licensed are selected this study. results found all operators. some forms executor. In addition, application violate nature itself take place during lifetime participant. concludes proposes recommendations better enhanced implementation takaful.