UPSI Digital Repository (UDRep)
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UPSI Digital Repository (UDRep)
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| Abstract : Universiti Pendidikan Sultan Idris |
| Basically, shariah risk management in the takaful industry is responsible to those specialize in shariah studies (fiqh and usul, fiqh muamalat) namely Shariah Committee (SC) of Takaful Operator and Internal Shariah Department of Takaful Operator. Nonetheless, non-shariah staff, other than SC and Internal Shariah Department of Takaful Operators, also play an important role in managing shariah risk exposures in the operations of Takaful Operator. According to section 29 (3) Islamic Financial Services Act 2013 (IFSA 2013) which states that the Chief Executive Officer and Officer including any of the staff of the Takaful Operator are responsible for ensuring shariah compliance in the operation of Islamic financial institutions. Therefore, this study will analyze a using qualitative approach by interviewing respondents who are involved with the operations of takaful companies in Malaysia. Primary data from the takaful industry is analyzed using coding, memo, inductive and deductive processes using the Computer Assisted Qualitative Data Analysis Atlas.ti 7. The purpose of this research is to identify the roles and responsibilities of non-shariah staff in managing the shariah risk exposures of the Takaful Company in Malaysia. The secondary objective is to analyse and suggest an improvement for competency non-shariah staff in strengthening the shariah risk management of the Takaful Operator. This study found that non-shariah staff, especially front-line staff who are the first party to identify when there are shariah risk exposures in the operations of Takaful Operators. Subsequently, the underwriting staff is the second party to identify if there is any shariah risk exposures in the application of a new takaful contract. Then, the roles and responsibilities of investment-linked personnel staff, risk management staff and also Chief Executive Officer (CEO) of the Takaful Operator who are the non-shariah staff that involved in shariah risk management. |
| References |
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