DISCHARGE OF CONTRACT AND SURRENDER UNDER LIFE INSURANCE AND FAMILY TAKAFUL: A COMPARATIVE STUDY (Pelepasan Kontrak dan Penyerahan di Bawah Insurans Hayat dan Takaful Keluarga: Satu Kajian Perbandingan)

Yusuf Sani Abu Bakar, Muhammad Anowar Zahid, Ruzian Markon

Abstract


ABSTRACT

This is a doctrinal and comparative research between the traditional law and the Syariah with regard to discharge of policies and surrender. The aim is to find similarities and dissimilarities between life insurance and family takaful vis-à-vis the issues. The issues are: Discharge of life policies/family takaful and this will cover discharge by Performance; Payment by Mistake; discharge by agreement, discharge by breach and cancellation. Moreover, the researcher explore surrender under life insurance and family takaful, which will deliberate on the concept and procedure for surrender. It has been found that both the traditional law and the Syariah agree that a contract of life insurance and family takaful may be discharged by performance, by agreement, by breach, payment by mistake and cancellation. With regard to surrender, it has been found that both the Financial Services Act 2013 and the Islamic Financial Services Act 2013 allow it. It has been submitted that surrender is not against the Syariah, since the purpose is to ensure good for the participants provided it is done in accordance with fair dealing. Moreover, both the traditional law and the Syariah share the same view in the procedure for the surrender as it is required to be in a writing form.

ABSTRAK

Artikel ini merupakan kajian doktrin dan kajian perbandingan di antara undang-undang tradisional dan undang-undang Syariah yang berkaitan dengan penamatan polisi dan serahan (pembatalan polisi). Tujuan kajian adalah untuk mencari persamaan dan perbezaan di antara insurans hayat dan takaful keluarga berkaitan isu-isu tertentu. Isu-isu yang dimaksudkan adalah Penamatan Polisi Hayat/Takaful Keluarga merangkumi Penamatan Secara Tindakan; Kesalahan Pembayaran; Penamatan Secara Persetujuan, Penamatan dengan Kemungkiran dan Pembatalan. Selain itu, penyelidik juga akan mengkaji dan membincangkan mengenai konsep dan prosedur bagi serahan di bawah insurans hayat dan takaful keluarga. Adalah didapati bahawa kedua-dua undang-undang tradisional dan Syariah bersetuju bahawa kontrak insurans hayat dan takaful keluarga boleh ditamatkan sama ada secara tindakan, secara persetujuan, secara kemungkiran, kesilapan pembayaran atau pembatalan. Dalam hal ini, kedua-dua akta iaitu Akta Perkhidmatan Kewangan 2013 dan Akta Perkhidmatan Kewangan Islam 2013 didapati membenarkannya serahan. Ia juga mengesahkan bahawa penamatan dengan serahan tidak bertentangan dengan undang-undang Syariah kerana ia bertujuan untuk memastikan kebaikan kepada para peserta dengan syarat ia dilakukan mengikut dengan tatacara yang sewajarnya. Selain itu, kedua-dua undang-undang tradisional dan Syariah berkongsi pandangan yang sama dalam prosedur bagi serahan dimana ia mesti dilakukan di dalam bentuk bertulis.



Full Text:

PDF

References


Contracts Act 1950

Dass, S. S. 2000. Law of Life Insurance in Malaysia. Malaysia: Alpha Sigma Sdn Bhd.

Financial Services Act 2013

Houseman and Davis. 2003. Law of Life Assurance. LexisNexis UK: n.p.

Islam, Muhammad Wohidul.1998. Dissolution of contract in islamic law. Arab Law Quarterly 3(4): 336-368.

Islamic Financial Services Act 2013

Magee v Pennie Insurance Co. Ltd [1969] 2 Q.B. 507; [1969] 2 All E.R. 891

Md. Abdul Jalil. 2010. Islamic Law of Contracts in Getting Momentum, International Journal of Business and Social Science 1(2):175-192.

Md. Dahlan, Nuarrul Hilal. 1989. Issues in Contract: A Case Study of the Housing Statutory Sale and Purchase Agreements in the Housing Development (Control and Licensing) Regulation in Peninsular Malaysia. n.p: n.p.

Mohammed Fadzli Yusof. 1996. The Concept and Operational System of Takaful Business, New Horizon, No. 5. http://www.kantakji.com/fiqh/Files/Insurance [16 June 2013].

M.P. Lee. 2007. General Principles of Malaysian Law. Kuala Lumpur: Penerbit Fajar Bakti Sdn. Bhd.

Tham Kong v Oh Hiam & Ors [1968] 1 MLJ 44; [1980] 2 MLJ 159 (PC).


Refbacks

  • There are currently no refbacks.


  ISSN: 1985-6830

eISSN: 2550-2271

JURNAL HADHARI
Institut Islam Hadhari
Universiti Kebangsaan Malaysia
43600 UKM Bangi
Selangor, MALAYSIA.


Phone: +603-8921 6988/6994
Fax: +603-8921 6990
Email: pghiih@ukm.edu.my

Web: ejournals.ukm.my/jhadhari