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Please use this identifier to cite or link to this item: https://ptsldigital.ukm.my/jspui/handle/123456789/578150
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dc.contributor.authorMohamad A. I (UITM)
dc.contributor.authorTumin M. H (UITM)
dc.contributor.authorNoor N. L. M (UITM)
dc.contributor.authorSaman F. M (UITM)
dc.contributor.authorAmin M. N. M (UITM)
dc.date.accessioned2023-11-06T02:58:46Z-
dc.date.available2023-11-06T02:58:46Z-
dc.date.issued2018-01
dc.identifier.issn0128-7680
dc.identifier.otherukmvital:98140
dc.identifier.urihttps://ptsldigital.ukm.my/jspui/handle/123456789/578150-
dc.descriptionTakaful, the Islamic alternative to conventional insurance, is based on the concept of social solidarity, cooperation and mutual indemnification of losses of members. The ‘transparency’ offered in the Takaful system will eliminates the elements of gharar (uncertainty), maisir (gambling) and riba (usury). Due to the dynamicity and complexity of cash flows in the Takaful system, the application of system dynamic approach is used in order to discover any possible internal and external impacts in the assumptions used in determining contributions rate from the participants. The traditional approach, which is the deterministic approach, has limitations where changes of the actual experience may cause operators to stop issuing the contract or product. Using system dynamic, these possible effects from the actual experience can be determined in terms of the amounts transferred to shareholder’s fund and results obtained can assist the management to decide which assumptions to be used so that the operators will continue solvent and making profit at the same time. The results of System Dynamic simulation analysis in this paper represent the impacts of component changes in the Takaful model. The results can be used as decision tools for the Takaful operators to determine the best assumptions and strategies in order to maximise their profits.
dc.language.isoen
dc.publisherUniversiti Putra Malaysia Press
dc.relation.haspartPertanika Journals
dc.relation.urihttp://www.pertanika.upm.edu.my/regular_issues.php?jtype=2&journal=JST-26-1-1
dc.rightsUKM
dc.subjectActuarial Science
dc.subjectSystem Dynamic
dc.subjectInsurance
dc.subjectTakaful
dc.titleApplication of system dynamic approach for family takaful product analysis
dc.typeJournal Article
dc.format.volume26
dc.format.pages379-390
dc.format.issue1
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