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Utmost Good Faith and Takaful in Malaysia

  • Haemala ThanasegaranEmail author
Chapter
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Abstract

This chapter sets out the concept of takaful or Islamic insurance as well as its juridical basis and application in Malaysia with respect to both the pre and post-contractual duty of utmost good faith. It analyses the shortcomings of the duty, pre and post-contract with respect to takaful, and evaluates the recent reforms introduced via the Islamic Financial Services Act 2013 (Malaysia) vis-a-vis its predecessor the Takaful Act 1984 (Malaysia), the common law and the reforms pertaining to conventional insurance introduced in Australia and the United Kingdom. The chapter also briefly addresses the extent to which the duty of utmost good faith in takaful contracts has been regulated, in other Muslim-majority jurisdictions where takaful is offered in a large scale, so as to place the Malaysian takaful reforms in context.

Keywords

Saudi Arabia Insurance Contract Islamic Banking Consumer Insurance Federal Constitution 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media Singapore 2016

Authors and Affiliations

  1. 1.Monash UniversityMelbourneAustralia

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