Nomination of Insurance Policy for Singaporean Muslims

Alma’amun, Suhaili; Kamarudin, Mohd Khairy

doi:10.17576/pengurusan-2014-42-06

Cited by 3 publications

(4 citation statements)

References 3 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The appointment of the nominee as the administrator can safeguard a fair distribution of asset in line with the rules of inheritance, including fara'id and distribution under mutual consent. This goes in line with the very principle of the takāful itself which serves as a risk reduction instrument in Islamic financial and wealth planning (Alma'amun & Kamarudin, 2014). Nevertheless, the nominee is expected to be honest in distributing the asset as to avoid any unwanted case of keeping the asset for himself.…”

Section: 2nomination Under the Islamic Financial Services Act 2013mentioning

confidence: 63%

Administration Of The Deceased’s Estates: An Analysis To The Effect Of Nomination

Nasrul¹,

Salim²,

Hak³

et al. 2018

The European Proceedings of Social and Behavioural Sciences

View full text Add to dashboard Cite

In the administration of estate, the asset related to nomination is governed under the nomination rules set by the different authorities, which gave rise to several nomination effects. Some of these nomination prevents the asset to be distributed to the rests of beneficiaries, other than the nominee. Other nomination effect grants the authority to the nominee as an administrator to that particular asset, without considering the capacity and ability of such nominee in distributing the asset. While the purpose of nomination is to ensure a quick and smooth process in extracting the deceased's asset, the differences in the nomination effect tend to cause confusion, leading to disputes between the nominee and the beneficiaries in claiming the ownership of the estate. This paper discusses the position of the asset under nomination through the analysis of provisions under the Islamic Financial Services Act 2013 in relation to the administration and the distribution of the deceased's estate. The research is conducted through the means of a library-based method which utilises written materials in several sources including journal articles, statutes, textbooks and cases. The finding in this study indicates that the lack of control by the institutions over the nomination process has led to the adverse implication involving the disputes between the parties. It is therefore suggested that the lawmaker needs to amend the nomination rules in order to harmonise the rights of the nominee and the beneficiaries of the deceased's estates respectively.

show abstract

Section: 2nomination Under the Islamic Financial Services Act 2013mentioning

confidence: 63%

Administration Of The Deceased’s Estates: An Analysis To The Effect Of Nomination

Nasrul¹,

Salim²,

Hak³

et al. 2018

The European Proceedings of Social and Behavioural Sciences

View full text Add to dashboard Cite

show abstract

“…Nominee who claims the Muslim's estate must sign the Undertaking Letter (Surat Aku Janji) where any failure to comply with the Undertaking Letter will affect the nominee from the point of law in which legal action can be taken https: //doi.org/10.15405/epsbs.2019.09.15 Corresponding Author: Nurul Atikah Nizaludin Selection and peer-review under responsibility of the Organizing Committee of the conference eISSN: 2357-1330 155 against the nominee. However, in other countries such as Singapore and Bangladesh, the appointed nominee is the sole beneficiary of the nominated property estate due to different lifestyle, economic, locality and sociocultural factors (Alma'Amun & Kamarudin, 2014;Mian & Rashid, 2013;Mustar & Nor Muhamad, 2014).…”

Section: Nomination Conceptmentioning

confidence: 99%

“…Discussions on insurance or Takaful policies often lead to the issue of insurance compensation or takaful benefits and whether it is considered as the estate of nominator or not (Abubakar, Zahid, & Markom, 2014;Alma'Amun & Kamarudin, 2014;Daud, Redzuan, & Yakob, 2017). Table 02 demonstrates the differences nomination practice in Insurance Act 1996 and Takaful Act 1984.…”

Section: Nomination From the Civil Lawmentioning

confidence: 99%

Nomination Status In Islamic And Civil Law

Nizaludin¹,

Kamarudin²,

Muhamad³

2019

The European Proceedings of Social and Behavioural Sciences

Self Cite

View full text Add to dashboard Cite

show abstract

“…From a practical perspective, estate planning could promote an efficient estate administration process that benefits a family, and eventually helps in improving a country's social and economic development. Increasing unclaimed inheritances have been a severe issue, especially in developing countries, such as Malaysia and Singapore (Alma'amun and Kamarudin 2014). The amount of unclaimed assets in Malaysia for example has amounted to RM70 billion due to the delay in estate administration process and inadequate knowledge in estate planning (Abd.…”

Section: Introductionmentioning

confidence: 99%

Estate Planning Behaviour: A Systematic Literature Review

Basir

Ahmad

Rahman

2023

JRFM

View full text Add to dashboard Cite

Estate planning is a financial tool for an individual to manage wealth upon his incapacitation or death. Although there are numerous studies on estate planning, there still needs to be an effort to systematically review the estate planning measurements. The paper aims to systematically review the literature published between 1990 to 2021 and evaluate the measures of estate planning and its methodological qualities. The systematic literature review process was guided by the PRISMA protocol, where the articles were selected based on established databases such as WOS, SCOPUS, and Google Scholar. The final sample of 24 articles was reviewed for the estate planning measurement, and it was found that previous studies examined estate planning as a tool for financial, wealth distribution, and succession planning. The measurements of only 10 studies were found to be sufficiently validated, rendering other studies under review to be inadequate in establishing sound empirical conclusions. This review contributes to assisting future researchers in choosing well-validated measurements of estate planning and adapting them accordingly to each context.

show abstract

Nomination of Insurance Policy for Singaporean Muslims

Abstract: The permissibility of a revocable nomination of insurance policies is the recent fatwa issued by the Fatwa Committee of Islamic Religious Council of Singapore (MUIS

Cited by 3 publications

References 3 publications

Administration Of The Deceased’s Estates: An Analysis To The Effect Of Nomination

Administration Of The Deceased’s Estates: An Analysis To The Effect Of Nomination

Nomination Status In Islamic And Civil Law

Estate Planning Behaviour: A Systematic Literature Review

Contact Info

Product

Resources

About