Research Article
BibTex RIS Cite
Year 2023, Volume: 9 Issue: 1, 189 - 211, 30.03.2023
https://doi.org/10.54427/ijisef.1173921

Abstract

References

  • Abdullah, A. (2013). The Elements of Qimar (wagering) and Gharar (uncertainty) in the Contract of Insurance Revisited. Journal of Islamic Economics, Banking and Finance, 9(2), 89-102.
  • Abdullah, N. I. (2021). Impactful and Collective Microtakaful in Addressing the Impact of COVID-19 Pandemic. Journal of Islamic Finance, 10, 117-126.
  • Abu Zahrah Muhammad (1958). Usul al-Fiqh. Beirut: Dar al-Fikr al-Arabi.
  • Ahmad, M. A. J. (7-8 Julai 2021). Status dan Implikasi Klausa Pengecualian Terhadap Penggunaan Dana Tabarru’ dalam Takaful. Muzakarah Cendekiawan Syariah Nusantara Ke-15.
  • Ahmad, W. M. W. (2003). Some Issues of Gharar (Uncertainty) in Insurance”, Jurnal Syariah, 11(1), 61-80.
  • Ahmed, J. and Ali, D. (2019). Assessment of Knowledge, Attitude and Practices Regarding H1N1 Pandemic Influenza Among the Health Care Providers Working at a Tertiary Care Hospital in Kashmir: A Cross Sectional Study. International Journal of Advanced Community Medicine, 2(2), 23-27.
  • Albelahi, A. M., Ali, A., Mohmed, F., & Ali, M. (2018). The Theory of Interpretation in Solving Contemporary Legal Issues: With a Focus on the Instrument of Ijtihad in MATEC Web of Conferences, Vol. 150, available at: https://doi.org/10.1051/matecconf/201815005056
  • Ali, E. R., & Odierno, H. S. (2008). Essential Guide to Takaful (Islamic Insurance). Kuala Lumpur: CERT Publications.
  • Ali, M. M., Hassan, R. & Hasan, S. M. (2014). An Exploratory Study of Shari'ah Issues in the Application of Tabarru' for Takaful. Global Review of Islamic Economics and Business, 1(3), 164-174.
  • Al-Zarqa, A. M., (1989). Syarh al-Qawaʻid al-Fiqhiyyah. Damsyik: Dar al-Qalam.
  • Anusha, M. (2018). Awareness and Practices Regarding Swine Flu Among Individuals Attending Urban Health Centre in Medchal-Malkajgiri District, Telangana State. Journal of Medical Science and Clinical Research, 6(4), 323-328.
  • Astro Awani (2020). MOH Adds 1899 Health Workers Through Contract Appointments. Retrieved 20 August 2021 from https://www.astroawani.com/berita-malaysia/moh-adds-1899-health-workers-through-contract-appointments-263192
  • Bakar, M. D. (2009). Shari'ah Principles Governing Takaful Models. Takaful Islamic Insurance: Concepts and Regulatory Issues, 31-45.
  • Bank Negara Malaysia (2010), Resolusi Syariah dalam Kewangan Islam, ed. ke-2 Kuala Lumpur: Bank Negara Malaysia.
  • Bank Negara Malaysia, Shariah Governance Policy Document 2019, Bank Negara Malaysia, 2019.
  • Berita Harian (2020a). Kronologi COVID-19 di Malaysia (Chronology of COVID-19 in Malaysia). Retrieved 20 August 2021 from https://www.bharian.com.my/berita/nasional/2020/03/666122/kronologi-covid-19-di-malaysia
  • Berita Harian (2020b). COVID-19 Tiada dalam Perlindungan Insurans, Takaful: BNM (COVID-19 Not Covered by Insurance, Takaful: BNM). Retrieved 30 August 2021 from https://www.bharian.com.my/berita/nasional/2021/02/785355/covid-19-tiada-dalam-perlindungan-insurans-takaful-bnm
  • Bernama (2020). Pakej Rangsangan Prihatin Bantu Pertumbuhan Ekonomi Negara (PRIHATIN RAKYAT Economic Stimulus Pakage). https://www.sinarharian.com.my/article/76343/BERITA/Nasional/Pakej-rangsangan-Prihatin-bantu-pertumbuhan-ekonomi-negara
  • Codd, R. A. (1999). Critical Analysis of The Role of ljtihad in Legal Reforms in the Muslim World. Arab Law Quarterly, 14,112-131.
  • Coltart, C. E., Lindsey, B., Ghinai, I., Johnson, A. M., & Heymann, D. L. (2017). The Ebola Outbreak, 2013–2016: Old Lessons for New Epidemics. Philosophical Transactions of the Royal Society B: Biological Sciences, 372(1721), 20160297, doi: 10.1098/rstb.2016.0297
  • Deng, S. Q. and Peng, H. J. (2020). Characteristics of and Public Health Responses to The Coronavirus Disease 2019 Outbreak in China. Journal of Clinical Medicine, 9(2), 575.
  • Dorfman, M. S. and Cather, D. A. (2013). Introduction to Risk Management and Insurance. USA, Pearson.
  • Hasan, A. (2003). An Introduction to Collective Ijtihad (Ijtihad Jamai): Concept and applications. American Journal of Islamic Social Sciences, 20(2), 26-49.
  • Hasan, Z. B. (2010). Sharia Governance in Islamic Financial Institutions and the Effect of the Central Bank of Malaysia Act 2009. Journal of International Banking Law and Regulation, 3, 105-108.
  • Haynes, J (1895). Risk as an Economic Factor. The Quarterly Journal of Economics, 9(4), 409-449.
  • Henderson, D. A., Courtney, B., Inglesby, T. V., Toner, E. and Nuzzo, J. B. (2009). Public health and Medical Responses to the 1957-58 Influenza Pandemic. Biosecurity and Bioterrorism: Biodefense Strategy, Practice, and Science, 7(3), 265-273.
  • Hussain, M. A., Hassan, R. dan Hassan, A. (2013). Resolusi Syariah oleh Majlis Penasihat Shariah Bank Negara Malaysia: Tinjauan Perspektif Undang-undang. Kanun: Jurnal Undang-undang Malaysia, 25(2), 220-237.
  • Hussain, M. A., Hassan, R., Azhar, A., & Hasan, A. (2017). The appointment of members to the shariah advisory council of central bank of Malaysia: Legal issues. UUM Journal of Legal Studies, 8, 167-181.
  • James A. H. Murray (ed.). A New English Dictionary on Historical Principles (OED) (Oxford: At the Clarendon Press, 1914), p. 714, Retrieved from https://archive.org/details/oed8aarch/page/n727/mode/2up?q=risk
  • Jamil, S. N., & Jamal, J. (2016). Importance of Islamic Financial Services Act 2013 in takaful industry after the repelled Takaful Act 1984. Diponegoro Law Review, 1(1), 17-27.
  • Javed, A., & Javed, M. (2011). The Need of Ijtihad for Sustainable Development in Islam. IIUC Studies, 8, 215-224.
  • Johns Hopkins University & Medicine (2021). Corona Virus Resource Center. Retrieved 31 August 2021 from https://coronavirus.jhu.edu/map.html
  • Kamali, M. K. (1998). Principies of Islamic Jurisprudence. Umiah Publishers, Kuala Lumpur.
  • Kong, F. (2021). How to Understand the Role of Insurance Mechanism In a Global Pandemic?. International Journal of Environmental Research and Public Health,18(13), 6743.
  • Lewis, M. K. (2003). Challenges to the Takaful Industry. New Horizon, 132, 10-14.
  • Li, Q., Guan, X., Wu, P., Wang, X., Zhou, L., Tong, Y., Ren, R., Leung, K.S., Lau, E.H., Wong, J.Y. and Xing, X. (2020). Early Transmission Dynamics in Wuhan, China, of Novel Coronavirus–Infected Pneumonia. New England Journal of Medicine, 382(13), 1199-1207.
  • Life Insurance Association of Malaysia (2020). Health Insurance/Takaful Coverage for Novel Coronavirus (2019-nCoV). Retrieved 30 August 2021 from https://www.liam.org.my/news/press_details.aspx?ps=85&ct=3.
  • Life Insurance Association of Malaysia (2021). RM10 Million COVID-19 Test Fund. Retrieved from https://www.myctf.my/
  • Malaysian Takaful Association (2020). Bantuan Ahli-ahli Syarikat MTA untuk COVID-19. Retrieved 15 August 2021 from https://www.malaysiantakaful.com.my/sites/default/files/2020-04/24032020-01-manfaat-tambahan.pdf.
  • Malaysian Takaful Association (2021). COVID-19 Test Fund Reaches RM10 Million in Contribution From the Insurance and Takaful Industry. Retrieved 1 September 2021 from https://www.malaysiantakaful.com.my/media/media-release-press-statement/covid-19-test-fund-reaches-rm10-million-contribution-insurance.
  • Malaysian Takaful Association (2021). Insurance and Takaful Industry Commits to Private and Public Partnership to Manage the COVID-19 Pandemic. Retrieved 29 August 2021 from https://www.malaysiantakaful.com.my/media/media-release-press-statement/insurance-and-takaful-industry-commits-private-and-public.
  • Mas-Coma, S., Jones, M. K., & Marty, A. M. (2020). COVID-19 and Globalization. One Health, 9, doi: 10.1016/j.onehlt.2020.100132
  • Ministry of Health (MOH)(2021). Current Situation of COVID-19 in Malaysia Until 29 Sept 2021. Retrieved 30 September 2021 at: https://covid-19.moh.gov.my/terkini.
  • Mizan, M. Z., Lada, S., Hamzah, A. A., Esam, A., & Nordin, M. N. (2021). Movement Control Order (MCO): An Syar’iyyah Political Approach. Review of International Geographical Education Online, 11(7), 1225-1230.
  • Mohd Fadzli Yusof. (1996). Takaful Sistem Insurans Islam. Utusan Publications & Distributors Sdn. Bhd: Kuala Lumpur.
  • Noor, A. M & Zakaria, M. A. (2010). Takaful: Analisis Terhadap Konsep dan Akad. Jurnal Muamalat, 3, 1-23.
  • Organisation for Economic Co-operation and Development (2021), Responding to the COVID-19 and Pandemic Protection Gap in Insurance.
  • Philippe, J. (2001). Value at Risk: The New Benchmark for Managing Financial Risk. NY: McGraw-Hill Professional.
  • Potter, C. W. (2001). A history of influenza. Journal of Applied Microbiology, 91(4), 572-579.
  • Rafikov, I., & Akhmetova, E. (2020). Methodology of Integrated Knowledge in Islamic Economics and Finance: Collective Ijtihād. ISRA International Journal of Islamic Finance, 12(1), 115-129.
  • Rahman, H. H. A., (1999). The Origin and Development of Ijtihad and its Application to Solving Modern Complex Legal Problems. Muslim Education Quarterly, 43(2), 73.
  • Rejda, G. E. (2006). Principles of Risk Management and Insurance. 9th Edition, Dorling Kindersley, India.
  • Röhler, K. P. (2020). Are Pandemic Insurable?. Retrieved 1 November 2021 from https://www.allianz.com/en/press/news/business/insurance/201130_Allianz-are-pandemics-insurable.html
  • Roslan, M. N. H., Rashid, U. S. A., Zulkiflee, N., & Bahri, S. (2021). The Role of Islamic Financial Philanthropy During Covid-19: An Overview: Peranan Filantropi Kewangan Islam Dalam Mendepani Covid-19: Satu Tinjauan Awal. al-Qanatir: International Journal of Islamic Studies, 24(2), 17-27.
  • Salim S. in The Edge. (2021). MOH 1138 Beds Private Hospitals be Used COVID-19 Fight. Retrieved 20 August 2021 from https://www.theedgemarkets.com/article/moh-1138-beds-private-hospitals-be-used-covid19-fight.
  • Samson, S., Reneke, J. A., & Wiecek, M. M. (2009). A Review of Different Perspectives on Uncertainty and Risk and an Alternative Modelling Paradigm. Reliability Engineering & System Safety, 94(2), 558-567.
  • Shofawati, A. (2020). Identification of non-sharia compliant activity in conventional insurance. Utopía y Praxis Latinoamericana: Revista Internacional de Filosofía Iberoamericana y Teoría Social, (2), 50-55.
  • Shrestha, N., Shad, M. Y., Ulvi, O., Khan, M. H., Karamehic-Muratovic, A., Nguyen, U. S. D., ... & Haque, U. (2020). The Impact of COVID-19 on Globalization. One Health, 11, 100180, doi: 10.1016/j.onehlt.2020.100180
  • Silver, L. Robert E. Stevens, R. E. and Clow, K. (2010). Concise Encyclopaedia of Insurance Terms. New York & London, Routledge.
  • Tan, C. S., Lokman, S., Rao, Y., Kok, S. H., & Ming, L. C. (2021). Public and Private Sectors Collective Response to Combat COVID-19 in Malaysia. Journal of Pharmaceutical Policy and Practice, 14(1), 1-4.
  • Taubenberger, J. K., and Morens, D. M., (2006). 1918 Influenza: The Mother of All Pandemics. Revista Biomedica, 17(1), 69-79.
  • The Star (2020). Malaysia Announces Restricted Movement Measure After Spike in COVID-19 Cases. Retrieved 29 August 2021 from https://www.thestar.com.my/news/nation/2020/03/16/malaysia-announces-restricted-movement-measure-after-spike-in-covid-19-cases.
  • The Star (2021b). Selayang Hospital Third in Selangor to be Turned into Full COVID-19 Hospital. Retrieved 31 August 2021 from https://www.thestar.com.my/news/nation/2021/07/22/selayang-hospital-third-in-selangor-to-be-turned-into-full-covid-19-hospital.
  • Tolefat, A. K. (2008). An analysis of the investment portfolio composition of Takaful undertakings in the GCC and Malaysia (Doctoral dissertation, Durham University).
  • Vaughan, E.J., and Vaughan, T. (2003). Fundamental of Risk and Insurance. John Wiley & Son, Hoboken.
  • Washington state Office of the Insurance Commissioner (2020). Kreidler Finds Most Business Insurance Policies in state exclude pandemic, virus coverage, Washington state Office of the Insurance Commissioner. Retrieved 1 November 2021 from https://www.insurance.wa.gov/news/kreidler-finds-most-business-insurance-policies-state-exclude-pandemic-virus-coverage.
  • Weible, C.M., Nohrstedt, D., Cairney, P., Carter, D.P., Crow, D.A., Durnova, A.P., Heikkila, T., Ingold, K., McConnell, A. and Stone, D. (2020). COVID-19 and The Policy Sciences: Initial Reactions and Perspectives. Policy Sciences, 53, 225-241.
  • Weisbart, S (2006). Pandemic: Can the Life Insurance Industry Survive the Avian Flu?”, Insurance Information Institute. Retrieved 2 September 2021 from https://www.iii.org/article/pandemic-can-life-insurance-industry-survive-avian-flu
  • World Health Organization. (2020). WHO Director-General’s opening remarks at the media briefing on COVID-19-11 March 2020. Retrieved 27 August 2021 from https://www.who.int/director-general/speeches/detail/who-director-general-s-opening-remarks-at-the-media-briefing-on-covid-19---11-march-2020.

Potential of Tabarru’ Fund’s Coverage for Pandemics within Framework of Takaful: Does it Necessitate Ijtihad?

Year 2023, Volume: 9 Issue: 1, 189 - 211, 30.03.2023
https://doi.org/10.54427/ijisef.1173921

Abstract

Abstract: Global economic and social development has been severely inhibited by the COVID-19 outbreak. The long-term closure of economic sectors has resulted in numerous losses and presents a great challenge for many industries in recovering their losses. Pandemics are not generally covered by insurance and takaful companies because the outbreak of a disease on a global level is a rare event that requires a substantial amount of capital to cover it. Still, many insurances and takaful operators voluntarily agreed to waive this condition and circumvent relevant rules to provide coverage for COVID-19 treatment during a specific period of time. The takaful industry has been challenged in providing hospitalization benefits to COVID-19 patients where a pandemic clause is not included in the takaful contract. This conceptual paper focuses on when the contracting parties require ijtihad from shariah scholars to determine the need for tabarru’ funds when a pandemic has not been stated in the contract. By using qualitative approach, this study finds that takaful contracts require amendment of their clauses, or that other fundings need to be established for matters not specified in contracts, such as epidemics and pandemics.

References

  • Abdullah, A. (2013). The Elements of Qimar (wagering) and Gharar (uncertainty) in the Contract of Insurance Revisited. Journal of Islamic Economics, Banking and Finance, 9(2), 89-102.
  • Abdullah, N. I. (2021). Impactful and Collective Microtakaful in Addressing the Impact of COVID-19 Pandemic. Journal of Islamic Finance, 10, 117-126.
  • Abu Zahrah Muhammad (1958). Usul al-Fiqh. Beirut: Dar al-Fikr al-Arabi.
  • Ahmad, M. A. J. (7-8 Julai 2021). Status dan Implikasi Klausa Pengecualian Terhadap Penggunaan Dana Tabarru’ dalam Takaful. Muzakarah Cendekiawan Syariah Nusantara Ke-15.
  • Ahmad, W. M. W. (2003). Some Issues of Gharar (Uncertainty) in Insurance”, Jurnal Syariah, 11(1), 61-80.
  • Ahmed, J. and Ali, D. (2019). Assessment of Knowledge, Attitude and Practices Regarding H1N1 Pandemic Influenza Among the Health Care Providers Working at a Tertiary Care Hospital in Kashmir: A Cross Sectional Study. International Journal of Advanced Community Medicine, 2(2), 23-27.
  • Albelahi, A. M., Ali, A., Mohmed, F., & Ali, M. (2018). The Theory of Interpretation in Solving Contemporary Legal Issues: With a Focus on the Instrument of Ijtihad in MATEC Web of Conferences, Vol. 150, available at: https://doi.org/10.1051/matecconf/201815005056
  • Ali, E. R., & Odierno, H. S. (2008). Essential Guide to Takaful (Islamic Insurance). Kuala Lumpur: CERT Publications.
  • Ali, M. M., Hassan, R. & Hasan, S. M. (2014). An Exploratory Study of Shari'ah Issues in the Application of Tabarru' for Takaful. Global Review of Islamic Economics and Business, 1(3), 164-174.
  • Al-Zarqa, A. M., (1989). Syarh al-Qawaʻid al-Fiqhiyyah. Damsyik: Dar al-Qalam.
  • Anusha, M. (2018). Awareness and Practices Regarding Swine Flu Among Individuals Attending Urban Health Centre in Medchal-Malkajgiri District, Telangana State. Journal of Medical Science and Clinical Research, 6(4), 323-328.
  • Astro Awani (2020). MOH Adds 1899 Health Workers Through Contract Appointments. Retrieved 20 August 2021 from https://www.astroawani.com/berita-malaysia/moh-adds-1899-health-workers-through-contract-appointments-263192
  • Bakar, M. D. (2009). Shari'ah Principles Governing Takaful Models. Takaful Islamic Insurance: Concepts and Regulatory Issues, 31-45.
  • Bank Negara Malaysia (2010), Resolusi Syariah dalam Kewangan Islam, ed. ke-2 Kuala Lumpur: Bank Negara Malaysia.
  • Bank Negara Malaysia, Shariah Governance Policy Document 2019, Bank Negara Malaysia, 2019.
  • Berita Harian (2020a). Kronologi COVID-19 di Malaysia (Chronology of COVID-19 in Malaysia). Retrieved 20 August 2021 from https://www.bharian.com.my/berita/nasional/2020/03/666122/kronologi-covid-19-di-malaysia
  • Berita Harian (2020b). COVID-19 Tiada dalam Perlindungan Insurans, Takaful: BNM (COVID-19 Not Covered by Insurance, Takaful: BNM). Retrieved 30 August 2021 from https://www.bharian.com.my/berita/nasional/2021/02/785355/covid-19-tiada-dalam-perlindungan-insurans-takaful-bnm
  • Bernama (2020). Pakej Rangsangan Prihatin Bantu Pertumbuhan Ekonomi Negara (PRIHATIN RAKYAT Economic Stimulus Pakage). https://www.sinarharian.com.my/article/76343/BERITA/Nasional/Pakej-rangsangan-Prihatin-bantu-pertumbuhan-ekonomi-negara
  • Codd, R. A. (1999). Critical Analysis of The Role of ljtihad in Legal Reforms in the Muslim World. Arab Law Quarterly, 14,112-131.
  • Coltart, C. E., Lindsey, B., Ghinai, I., Johnson, A. M., & Heymann, D. L. (2017). The Ebola Outbreak, 2013–2016: Old Lessons for New Epidemics. Philosophical Transactions of the Royal Society B: Biological Sciences, 372(1721), 20160297, doi: 10.1098/rstb.2016.0297
  • Deng, S. Q. and Peng, H. J. (2020). Characteristics of and Public Health Responses to The Coronavirus Disease 2019 Outbreak in China. Journal of Clinical Medicine, 9(2), 575.
  • Dorfman, M. S. and Cather, D. A. (2013). Introduction to Risk Management and Insurance. USA, Pearson.
  • Hasan, A. (2003). An Introduction to Collective Ijtihad (Ijtihad Jamai): Concept and applications. American Journal of Islamic Social Sciences, 20(2), 26-49.
  • Hasan, Z. B. (2010). Sharia Governance in Islamic Financial Institutions and the Effect of the Central Bank of Malaysia Act 2009. Journal of International Banking Law and Regulation, 3, 105-108.
  • Haynes, J (1895). Risk as an Economic Factor. The Quarterly Journal of Economics, 9(4), 409-449.
  • Henderson, D. A., Courtney, B., Inglesby, T. V., Toner, E. and Nuzzo, J. B. (2009). Public health and Medical Responses to the 1957-58 Influenza Pandemic. Biosecurity and Bioterrorism: Biodefense Strategy, Practice, and Science, 7(3), 265-273.
  • Hussain, M. A., Hassan, R. dan Hassan, A. (2013). Resolusi Syariah oleh Majlis Penasihat Shariah Bank Negara Malaysia: Tinjauan Perspektif Undang-undang. Kanun: Jurnal Undang-undang Malaysia, 25(2), 220-237.
  • Hussain, M. A., Hassan, R., Azhar, A., & Hasan, A. (2017). The appointment of members to the shariah advisory council of central bank of Malaysia: Legal issues. UUM Journal of Legal Studies, 8, 167-181.
  • James A. H. Murray (ed.). A New English Dictionary on Historical Principles (OED) (Oxford: At the Clarendon Press, 1914), p. 714, Retrieved from https://archive.org/details/oed8aarch/page/n727/mode/2up?q=risk
  • Jamil, S. N., & Jamal, J. (2016). Importance of Islamic Financial Services Act 2013 in takaful industry after the repelled Takaful Act 1984. Diponegoro Law Review, 1(1), 17-27.
  • Javed, A., & Javed, M. (2011). The Need of Ijtihad for Sustainable Development in Islam. IIUC Studies, 8, 215-224.
  • Johns Hopkins University & Medicine (2021). Corona Virus Resource Center. Retrieved 31 August 2021 from https://coronavirus.jhu.edu/map.html
  • Kamali, M. K. (1998). Principies of Islamic Jurisprudence. Umiah Publishers, Kuala Lumpur.
  • Kong, F. (2021). How to Understand the Role of Insurance Mechanism In a Global Pandemic?. International Journal of Environmental Research and Public Health,18(13), 6743.
  • Lewis, M. K. (2003). Challenges to the Takaful Industry. New Horizon, 132, 10-14.
  • Li, Q., Guan, X., Wu, P., Wang, X., Zhou, L., Tong, Y., Ren, R., Leung, K.S., Lau, E.H., Wong, J.Y. and Xing, X. (2020). Early Transmission Dynamics in Wuhan, China, of Novel Coronavirus–Infected Pneumonia. New England Journal of Medicine, 382(13), 1199-1207.
  • Life Insurance Association of Malaysia (2020). Health Insurance/Takaful Coverage for Novel Coronavirus (2019-nCoV). Retrieved 30 August 2021 from https://www.liam.org.my/news/press_details.aspx?ps=85&ct=3.
  • Life Insurance Association of Malaysia (2021). RM10 Million COVID-19 Test Fund. Retrieved from https://www.myctf.my/
  • Malaysian Takaful Association (2020). Bantuan Ahli-ahli Syarikat MTA untuk COVID-19. Retrieved 15 August 2021 from https://www.malaysiantakaful.com.my/sites/default/files/2020-04/24032020-01-manfaat-tambahan.pdf.
  • Malaysian Takaful Association (2021). COVID-19 Test Fund Reaches RM10 Million in Contribution From the Insurance and Takaful Industry. Retrieved 1 September 2021 from https://www.malaysiantakaful.com.my/media/media-release-press-statement/covid-19-test-fund-reaches-rm10-million-contribution-insurance.
  • Malaysian Takaful Association (2021). Insurance and Takaful Industry Commits to Private and Public Partnership to Manage the COVID-19 Pandemic. Retrieved 29 August 2021 from https://www.malaysiantakaful.com.my/media/media-release-press-statement/insurance-and-takaful-industry-commits-private-and-public.
  • Mas-Coma, S., Jones, M. K., & Marty, A. M. (2020). COVID-19 and Globalization. One Health, 9, doi: 10.1016/j.onehlt.2020.100132
  • Ministry of Health (MOH)(2021). Current Situation of COVID-19 in Malaysia Until 29 Sept 2021. Retrieved 30 September 2021 at: https://covid-19.moh.gov.my/terkini.
  • Mizan, M. Z., Lada, S., Hamzah, A. A., Esam, A., & Nordin, M. N. (2021). Movement Control Order (MCO): An Syar’iyyah Political Approach. Review of International Geographical Education Online, 11(7), 1225-1230.
  • Mohd Fadzli Yusof. (1996). Takaful Sistem Insurans Islam. Utusan Publications & Distributors Sdn. Bhd: Kuala Lumpur.
  • Noor, A. M & Zakaria, M. A. (2010). Takaful: Analisis Terhadap Konsep dan Akad. Jurnal Muamalat, 3, 1-23.
  • Organisation for Economic Co-operation and Development (2021), Responding to the COVID-19 and Pandemic Protection Gap in Insurance.
  • Philippe, J. (2001). Value at Risk: The New Benchmark for Managing Financial Risk. NY: McGraw-Hill Professional.
  • Potter, C. W. (2001). A history of influenza. Journal of Applied Microbiology, 91(4), 572-579.
  • Rafikov, I., & Akhmetova, E. (2020). Methodology of Integrated Knowledge in Islamic Economics and Finance: Collective Ijtihād. ISRA International Journal of Islamic Finance, 12(1), 115-129.
  • Rahman, H. H. A., (1999). The Origin and Development of Ijtihad and its Application to Solving Modern Complex Legal Problems. Muslim Education Quarterly, 43(2), 73.
  • Rejda, G. E. (2006). Principles of Risk Management and Insurance. 9th Edition, Dorling Kindersley, India.
  • Röhler, K. P. (2020). Are Pandemic Insurable?. Retrieved 1 November 2021 from https://www.allianz.com/en/press/news/business/insurance/201130_Allianz-are-pandemics-insurable.html
  • Roslan, M. N. H., Rashid, U. S. A., Zulkiflee, N., & Bahri, S. (2021). The Role of Islamic Financial Philanthropy During Covid-19: An Overview: Peranan Filantropi Kewangan Islam Dalam Mendepani Covid-19: Satu Tinjauan Awal. al-Qanatir: International Journal of Islamic Studies, 24(2), 17-27.
  • Salim S. in The Edge. (2021). MOH 1138 Beds Private Hospitals be Used COVID-19 Fight. Retrieved 20 August 2021 from https://www.theedgemarkets.com/article/moh-1138-beds-private-hospitals-be-used-covid19-fight.
  • Samson, S., Reneke, J. A., & Wiecek, M. M. (2009). A Review of Different Perspectives on Uncertainty and Risk and an Alternative Modelling Paradigm. Reliability Engineering & System Safety, 94(2), 558-567.
  • Shofawati, A. (2020). Identification of non-sharia compliant activity in conventional insurance. Utopía y Praxis Latinoamericana: Revista Internacional de Filosofía Iberoamericana y Teoría Social, (2), 50-55.
  • Shrestha, N., Shad, M. Y., Ulvi, O., Khan, M. H., Karamehic-Muratovic, A., Nguyen, U. S. D., ... & Haque, U. (2020). The Impact of COVID-19 on Globalization. One Health, 11, 100180, doi: 10.1016/j.onehlt.2020.100180
  • Silver, L. Robert E. Stevens, R. E. and Clow, K. (2010). Concise Encyclopaedia of Insurance Terms. New York & London, Routledge.
  • Tan, C. S., Lokman, S., Rao, Y., Kok, S. H., & Ming, L. C. (2021). Public and Private Sectors Collective Response to Combat COVID-19 in Malaysia. Journal of Pharmaceutical Policy and Practice, 14(1), 1-4.
  • Taubenberger, J. K., and Morens, D. M., (2006). 1918 Influenza: The Mother of All Pandemics. Revista Biomedica, 17(1), 69-79.
  • The Star (2020). Malaysia Announces Restricted Movement Measure After Spike in COVID-19 Cases. Retrieved 29 August 2021 from https://www.thestar.com.my/news/nation/2020/03/16/malaysia-announces-restricted-movement-measure-after-spike-in-covid-19-cases.
  • The Star (2021b). Selayang Hospital Third in Selangor to be Turned into Full COVID-19 Hospital. Retrieved 31 August 2021 from https://www.thestar.com.my/news/nation/2021/07/22/selayang-hospital-third-in-selangor-to-be-turned-into-full-covid-19-hospital.
  • Tolefat, A. K. (2008). An analysis of the investment portfolio composition of Takaful undertakings in the GCC and Malaysia (Doctoral dissertation, Durham University).
  • Vaughan, E.J., and Vaughan, T. (2003). Fundamental of Risk and Insurance. John Wiley & Son, Hoboken.
  • Washington state Office of the Insurance Commissioner (2020). Kreidler Finds Most Business Insurance Policies in state exclude pandemic, virus coverage, Washington state Office of the Insurance Commissioner. Retrieved 1 November 2021 from https://www.insurance.wa.gov/news/kreidler-finds-most-business-insurance-policies-state-exclude-pandemic-virus-coverage.
  • Weible, C.M., Nohrstedt, D., Cairney, P., Carter, D.P., Crow, D.A., Durnova, A.P., Heikkila, T., Ingold, K., McConnell, A. and Stone, D. (2020). COVID-19 and The Policy Sciences: Initial Reactions and Perspectives. Policy Sciences, 53, 225-241.
  • Weisbart, S (2006). Pandemic: Can the Life Insurance Industry Survive the Avian Flu?”, Insurance Information Institute. Retrieved 2 September 2021 from https://www.iii.org/article/pandemic-can-life-insurance-industry-survive-avian-flu
  • World Health Organization. (2020). WHO Director-General’s opening remarks at the media briefing on COVID-19-11 March 2020. Retrieved 27 August 2021 from https://www.who.int/director-general/speeches/detail/who-director-general-s-opening-remarks-at-the-media-briefing-on-covid-19---11-march-2020.
There are 69 citations in total.

Details

Primary Language English
Subjects Finance
Journal Section Research Article
Authors

Aısyah Mustafa 0000-0001-5167-824X

Asmak Ab Rahman 0000-0003-1406-3099

Publication Date March 30, 2023
Published in Issue Year 2023 Volume: 9 Issue: 1

Cite

APA Mustafa, A., & Ab Rahman, A. (2023). Potential of Tabarru’ Fund’s Coverage for Pandemics within Framework of Takaful: Does it Necessitate Ijtihad?. International Journal of Islamic Economics and Finance Studies, 9(1), 189-211. https://doi.org/10.54427/ijisef.1173921

25855

All articles published on IJISEF are licensed under the Creative Commons Attribution 4.0 International License. This license grants you the right to reproduce, share and disseminate data mining applications, search engines, websites, blogs, and all other platforms, provided that all published articles, data sets, graphics and attachments are cited. Open access is an approach that facilitates interdisciplinary communication and encourages different disciplines to work with each other.