Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia
By the introduction of Takaful as an alternative for conventional insurance in the early 1980s and with more than 30 year experience in Islamic Banking and Finance, it is time for Malaysia to make a move in completing its Islamic financial ecosystem by islamizing non-Banking Financial Institutions....
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| Format: | Article |
| Language: | English English |
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IIUM Press
2016
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| Online Access: | http://irep.iium.edu.my/56392/ http://irep.iium.edu.my/56392/1/56392_Cooperative%20takaful%20for%20non-banking%20financial%20institutions.pdf http://irep.iium.edu.my/56392/2/56392_Cooperative%20takaful%20for%20non-banking%20financial%20institutions_Scopus.pdf |
| _version_ | 1848784726810165248 |
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| author | Mohd Noor, Azman Abd Rahman, Muhammad Abd Hadi |
| author_facet | Mohd Noor, Azman Abd Rahman, Muhammad Abd Hadi |
| author_sort | Mohd Noor, Azman |
| building | IIUM Repository |
| collection | Online Access |
| description | By the introduction of Takaful as an alternative for conventional insurance in the early 1980s and with more than 30 year experience in Islamic Banking and Finance, it is time for Malaysia to make a move in completing its Islamic financial ecosystem by islamizing non-Banking Financial Institutions. This paper aims to investigate a potential approach to apply the concept of cooperative Takaful in transforming the Social Security Organization (SOCSO) into a Shariah-compliant institution using the concept of cooperative Takaful by emphasizing the similarity between current practices of SOCSO and cooperative Takaful. This paper highlights the difference between normal Takaful and cooperative Takaful. This paper proposes that the cooperative Takaful i.e. Musharakah Ta’awuniyyah model to aid the integration and transformation of SOCSO into a Shariah compliant institution. The contribution of this paper is twofold: First, this paper contributes to the existing literature on application of Musharakah Ta’awuniyyah as another alternative for the Takaful model. Second, it provides the possibility for SOCSO to convert its operation to Shariah compliant concept. |
| first_indexed | 2025-11-14T16:41:50Z |
| format | Article |
| id | iium-56392 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English English |
| last_indexed | 2025-11-14T16:41:50Z |
| publishDate | 2016 |
| publisher | IIUM Press |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-563922017-04-10T02:04:32Z http://irep.iium.edu.my/56392/ Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia Mohd Noor, Azman Abd Rahman, Muhammad Abd Hadi HG1501 Banking By the introduction of Takaful as an alternative for conventional insurance in the early 1980s and with more than 30 year experience in Islamic Banking and Finance, it is time for Malaysia to make a move in completing its Islamic financial ecosystem by islamizing non-Banking Financial Institutions. This paper aims to investigate a potential approach to apply the concept of cooperative Takaful in transforming the Social Security Organization (SOCSO) into a Shariah-compliant institution using the concept of cooperative Takaful by emphasizing the similarity between current practices of SOCSO and cooperative Takaful. This paper highlights the difference between normal Takaful and cooperative Takaful. This paper proposes that the cooperative Takaful i.e. Musharakah Ta’awuniyyah model to aid the integration and transformation of SOCSO into a Shariah compliant institution. The contribution of this paper is twofold: First, this paper contributes to the existing literature on application of Musharakah Ta’awuniyyah as another alternative for the Takaful model. Second, it provides the possibility for SOCSO to convert its operation to Shariah compliant concept. IIUM Press 2016 Article PeerReviewed application/pdf en http://irep.iium.edu.my/56392/1/56392_Cooperative%20takaful%20for%20non-banking%20financial%20institutions.pdf application/pdf en http://irep.iium.edu.my/56392/2/56392_Cooperative%20takaful%20for%20non-banking%20financial%20institutions_Scopus.pdf Mohd Noor, Azman and Abd Rahman, Muhammad Abd Hadi (2016) Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia. Intellectual Discourse, 24 (Special Issue). pp. 459-476. ISSN 0128-4878 E-ISSN 2289-5639 http://journals.iium.edu.my/intdiscourse/index.php/islam/article/view/929 |
| spellingShingle | HG1501 Banking Mohd Noor, Azman Abd Rahman, Muhammad Abd Hadi Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia |
| title | Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia |
| title_full | Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia |
| title_fullStr | Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia |
| title_full_unstemmed | Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia |
| title_short | Cooperative takaful for non-banking financial institutions: Islamization of SOCSO in the case of Malaysia |
| title_sort | cooperative takaful for non-banking financial institutions: islamization of socso in the case of malaysia |
| topic | HG1501 Banking |
| url | http://irep.iium.edu.my/56392/ http://irep.iium.edu.my/56392/ http://irep.iium.edu.my/56392/1/56392_Cooperative%20takaful%20for%20non-banking%20financial%20institutions.pdf http://irep.iium.edu.my/56392/2/56392_Cooperative%20takaful%20for%20non-banking%20financial%20institutions_Scopus.pdf |