Rules and regulations review on micro-takafulscheme development in Malaysia

Sofi Mohd Fikri, Asmadi Mohamed Naim, Selamah Maamor, Mohamad Yazid Isa, Shahrul Nizam Ahmad, Wahidah Shari and Nurul Aini Muhamed

Qualitative Research in Financial Markets, 2022, vol. 14, issue 4, 509-525

Abstract: Purpose - This study aims to review the current rules and regulations on micro-takafulin Malaysia to determine whether it addresses the basic principles of micro-takaful. Although the features of the first micro-takafulare slightly different from the customary long-establishedtakafulsettings, the rules and regulations remain unchanged following the original guidelines of operating insurance andtakaful. Until Perlindungan Tenang makes its first premiere, the rules and regulations on micro-takafulare gaining ground. The dissimilarity of micro-takafulfrom the originaltakafulcalls for updated guidelines, so that any micro-takafulscheme launched in the market meets the demand and needs of the targeted population. Design/methodology/approach - This study uses content analysis as the best method to review each guideline in the related rules and regulations across several documents such as microinsurance and micro-takafuldiscussion paper and guidelines on familytakafulproducts. Findings - Overall, the findings reveal that guidelines on micro-takafuloperating in Malaysia support the micro-takafulrequirement to be affordable, valuable, accessible, understandable and simplified. Matching the rules and regulations with this population feedback, the extended distribution channel may need further scrutiny due to deficit trust among public members toward insurance andtakaful. Originality/value - The insights presented are of important illumination to achieve long-term sustainability financial protection while preserving human well-being among those underserved.

Keywords: Micro-takaful development; Micro-takaful Malaysia; Micro-takaful scheme; Rules and regulations; G21; G22; G23 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:qrfmpp:qrfm-02-2021-0030

DOI: 10.1108/QRFM-02-2021-0030

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