Browsing by Author "Ahcene Lahsasna"
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Publication Fatwa and Its Shariah Methodology in Islamic Finance(Universiti Sains Islam Malaysia, 2011)Ahcene LahsasnaFatwa plays a very significant role in Shariah by providing different resolutions and solutions to the Muslim community when it is needed to ensure the compliance with principles of Shariah and commends of God. It should be understood that fatwa is not confined to particular section in Islamic law but it covers the entire sections and subsection of Islamic law including business, finance and trade. Today, fatwa takes a different shape in Islamic finance; it is introduced and presented in the industry in the form of resolutions issued by Shariah board members who represent Shariah corporate governance body in the structure of the Islamic financial institutions. The resolution is further structured in the form of Shariah endorsement which is part and parcel of product approval as required by the regulators. The present paper discusses fatwa and its methodology in Islamic finance to ensure a sound process of issuing an accurate resolutions that comply with the rules and guidelines that have been set in Islamic jurisprudence. - Some of the metrics are blocked by yourconsent settings
Publication Matrix Equations In Reciprocal Cost Allocation: An Application In The Takaful Industry In Malaysia(Academic Inspired Network, 2019) ;Sharifah Fairuz Syed Mohamad ;Syed Othman AlhabshiAhcene LahsasnaShared and outsourced services have been generally allowed by the regulator (Bank Negara Malaysia, BNM) for commercial expediency and enhanced competitiveness of takaful companies in Malaysia. The different departments usually have a system of transferring the costs to each function; however the reciprocal method is rarely chosen. This study aims to analyze some of the methods of cost allocation through linear equations which will allow a large number of departmental cost transfers on Microsoft Excel. The study shows some relevant findings towards takaful operators’ decision on which method to adopt. The findings illustrates how the excel solver efficiently simplifies the calculation of reciprocal method of allocation which are generally avoided due to its complex computations. Keywords: Linear equations, matrices, cost allocation, takaful operators - Some of the metrics are blocked by yourconsent settings
Publication Shariah Non Compliance Risks In Shared And Outsourced Services Of Takaful Operators(Global Academic Excellence (GAE), 2018) ;Sharifah Fairuz Syed Mohamad ;Syed Othman AlhabshiAhcene LahsasnaShared and outsourced services have been generally allowed by the regulator (Bank Negara Malaysia, BNM) for commercial expediency and enhanced competitiveness of takaful companies in Malaysia. While these objectives are acceptable, the requirement for takaful operators to be Shariah-compliant end to end is paramount. This study therefore aims to look at the processes involved to see whether there are any forms of Shariah non-compliance that needs to be mitigated. It uses qualitative approach through content analysis and interviews. In general, most of the processes are found to converge towards Shariah compliance. Findings from the study show that there are some Shariah non-compliance risks that could arise out of the shared or outsourced services. Firstly, there is a risk of non-compliance in the sharing of key persons who need to oversee both entities (takaful and insurance). Secondly, there could also be risks in the structure of promoting products through the same office or branches which could also lead to reputational risks. Several parameters are suggested to assist risk identification and mitigation processes in the shared or outsourced functions.