1.5 Development Takaful in Malaysia 1.5.1 The Birth of Takaful Industry in Malaysia In the early of 1980s, the demand of the Shariah-compliant substitute to traditional insurance from Muslim public on that time has make the takaful industry start to grow in Malaysia. The establishment of the Islamic bank in 1983 also makes the takaful industry develop as a supplement of the Islamic bank’s operation. Malaysian National Fatwa Committee has claimed that the elements of Gharar (uncertainty), Riba’
Japanese Share Fund "Mashariq", 2004 Islamic Finance Magazine Award for Best Takaful Ta'awuni Provider, 2004 Internet International Union Award for BAJ's Tadawulcom Site "Local Share Trading Portal" Design, 2005 Euromoney Islamic Finance Award for Best Takaful Ta'awuni Provider, 2006 Policy Middle East Life Insurance Award for Best Takaful Ta'awuni Provider, 2007 Kleef Islamic Finance Policy Award for Best Takaful Ta'awuni Provider,
Increasing in burglary and theft accidents in the last few years, Unfortunately Malaysia has become much less safer than before and breaking in and arm robberies have been witnessed more lately which generated the need of the burglary insurance. 3. Takaful has put a very reasonable price for this insurance, for only RM 100 customers will get the burglary insurance. 4. Safety reasons, when a person has his/her property insured from burglary, he or she will feel safer. 5. Burglary insurance started to
Introduction Islam is the way of life which brings happiness of human life for all times and places in term of its flexibility. One of the clearest manifestations of this flexibility is in the field of transaction that is based on the “concept of permissibility in principle provided that it does not involve prohibited objects”. In this globalization time, the needed of sale transaction is easier than previous years ago. Credit card is one of the easy facilitation which is provided by bank as intermediary