Publication:
In Two Minds of Replacing Life Insurance Policy

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dc.contributor.authorNor Haziah Hashimen_US
dc.contributor.authorZurina Kefelien_US
dc.contributor.authorNursilah Ahmaden_US
dc.date.accessioned2024-05-29T08:22:12Z
dc.date.available2024-05-29T08:22:12Z
dc.date.issued2019
dc.description.abstractThe case is about how Maju Takaful Resources (MTR), a takaful consultation firm, dealt with their agents' grievances regarding the regulation of Replacement of Policy (ROP) imposed by Bank Negara Malaysia (BNM). The regulation was imposed to curb unwarranted replacement of life insurance policy and to ensure the interest of the policyholders is continuously safeguarded. The regulation specified that agents shall not receive any commission for any policy which is construed as ROP. However, the regulation has placed MTR at a great disadvantage, since most of their clients, whom previously subscribed to conventional life insurance policy wished to switch to family takaful (a shariah-compliant version of life insurance). Unfortunately, according to ROP regulation, these cases were still considered as ROP. The case allowed students to learn the effects of ROP on different stakeholders within the insurance and takaful industries in Malaysia.en_US
dc.identifier.doihttps://doi.org/10.33102/jmifr.v16i2.224
dc.identifier.epage85
dc.identifier.issn1823-075X
dc.identifier.issue2
dc.identifier.spage77
dc.identifier.urihttp://jmifr.usim.edu.my/index.php/jmifr/article/view/224
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/14653
dc.identifier.volume16
dc.languageEnglish
dc.language.isoen_USen_US
dc.publisherUniversiti Sains Islam Malaysiaen_US
dc.relation.ispartofThe Journal of Muamalat and Islamic Finance Researchen_US
dc.sourceOpen Journal Systems
dc.subjectLife insurance policyen_US
dc.subjectTakafulen_US
dc.subjectFamily Takafulen_US
dc.titleIn Two Minds of Replacing Life Insurance Policyen_US
dc.typeArticleen_US
dspace.entity.typePublication

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