Impact of the Government Service Tax (GST) on the Malaysian Takaful industry: issues and challenges
Malaysia is reputed to be a leader in the Takaful industry within the ASEAN region commanding a market share that exceeds 70 per cent of gross Takaful contribution. The industry however is not exempted from the recent implementation of the Malaysian Goods and Services Tax (GST) in April 2015. This s...
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| Format: | Proceeding Paper |
| Language: | English English |
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2016
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| Online Access: | http://irep.iium.edu.my/54433/ http://irep.iium.edu.my/54433/1/Fullpaper_AIC2016_UTMKL.pdf http://irep.iium.edu.my/54433/12/54443_2nd%20Asia%20International%20Conference%202016.pdf |
| _version_ | 1848784411573616640 |
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| author | Che Mohd Salleh, Marhanum Yussof, Sheila Ainon Abdullah, Nurdianawati Irwani |
| author_facet | Che Mohd Salleh, Marhanum Yussof, Sheila Ainon Abdullah, Nurdianawati Irwani |
| author_sort | Che Mohd Salleh, Marhanum |
| building | IIUM Repository |
| collection | Online Access |
| description | Malaysia is reputed to be a leader in the Takaful industry within the ASEAN region commanding a market share that exceeds 70 per cent of gross Takaful contribution. The industry however is not exempted from the recent implementation of the Malaysian Goods and Services Tax (GST) in April 2015. This study seeks to examine the specific Shari‘ah issues and challenges that may be triggered off by GST application on its operations. An inductive analysis will be undertaken on the relevant sources that justify GST implementation in Takaful, mainly guidelines provided by Customs Department, and also arguments from scholars on the likely contravention of Shari‘ah principles with the application of GST. This research will be significant as it will make an in-depth analysis of GST application whilst identifying the areas of non-compliances with Shari‘ah. Recommendations will be made for regulators to overcome the Shari‘ah issues and challenges that have emerged from its implementation. |
| first_indexed | 2025-11-14T16:36:49Z |
| format | Proceeding Paper |
| id | iium-54433 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English English |
| last_indexed | 2025-11-14T16:36:49Z |
| publishDate | 2016 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-544332017-02-08T02:21:12Z http://irep.iium.edu.my/54433/ Impact of the Government Service Tax (GST) on the Malaysian Takaful industry: issues and challenges Che Mohd Salleh, Marhanum Yussof, Sheila Ainon Abdullah, Nurdianawati Irwani H Social Sciences (General) HG Finance HG8011 Insurance KBP Islamic Law Malaysia is reputed to be a leader in the Takaful industry within the ASEAN region commanding a market share that exceeds 70 per cent of gross Takaful contribution. The industry however is not exempted from the recent implementation of the Malaysian Goods and Services Tax (GST) in April 2015. This study seeks to examine the specific Shari‘ah issues and challenges that may be triggered off by GST application on its operations. An inductive analysis will be undertaken on the relevant sources that justify GST implementation in Takaful, mainly guidelines provided by Customs Department, and also arguments from scholars on the likely contravention of Shari‘ah principles with the application of GST. This research will be significant as it will make an in-depth analysis of GST application whilst identifying the areas of non-compliances with Shari‘ah. Recommendations will be made for regulators to overcome the Shari‘ah issues and challenges that have emerged from its implementation. 2016-12-10 Proceeding Paper NonPeerReviewed application/pdf en http://irep.iium.edu.my/54433/1/Fullpaper_AIC2016_UTMKL.pdf application/pdf en http://irep.iium.edu.my/54433/12/54443_2nd%20Asia%20International%20Conference%202016.pdf Che Mohd Salleh, Marhanum and Yussof, Sheila Ainon and Abdullah, Nurdianawati Irwani (2016) Impact of the Government Service Tax (GST) on the Malaysian Takaful industry: issues and challenges. In: 2nd Asia International Conference 2016, 10th-11th Dec. 2016, Kuala Lumpur. (Unpublished) http://asiamediterranean.org/ |
| spellingShingle | H Social Sciences (General) HG Finance HG8011 Insurance KBP Islamic Law Che Mohd Salleh, Marhanum Yussof, Sheila Ainon Abdullah, Nurdianawati Irwani Impact of the Government Service Tax (GST) on the Malaysian Takaful industry: issues and challenges |
| title | Impact of the Government Service Tax (GST) on the Malaysian Takaful industry: issues and challenges |
| title_full | Impact of the Government Service Tax (GST) on the Malaysian Takaful industry: issues and challenges |
| title_fullStr | Impact of the Government Service Tax (GST) on the Malaysian Takaful industry: issues and challenges |
| title_full_unstemmed | Impact of the Government Service Tax (GST) on the Malaysian Takaful industry: issues and challenges |
| title_short | Impact of the Government Service Tax (GST) on the Malaysian Takaful industry: issues and challenges |
| title_sort | impact of the government service tax (gst) on the malaysian takaful industry: issues and challenges |
| topic | H Social Sciences (General) HG Finance HG8011 Insurance KBP Islamic Law |
| url | http://irep.iium.edu.my/54433/ http://irep.iium.edu.my/54433/ http://irep.iium.edu.my/54433/1/Fullpaper_AIC2016_UTMKL.pdf http://irep.iium.edu.my/54433/12/54443_2nd%20Asia%20International%20Conference%202016.pdf |