Retakaful – An Integrated Mechanism to Enhance Prudence, Cost Effectiveness and Efficiency

The objective of this study is to highlight the current practice of retakaful and to explore means to enhance prudence, cost effectiveness and efficiency in managing retakaful which represents a major cost to the Participant Risk Fund (PRF). This is a qualitative study which discusses the theoretical and practical aspects of retakaful through literature review from published sources; articulated from the practitioner’s perspective. This study explains the concept and importance of retakaful, outlines the methods of retakaful, discusses the theory of efficiency, and analyses the cost of retakaful and its impact on the takaful business. This study highlights the best practices for prudent management of retakaful and outlines the methodologies for measuring the efficiency of retakaful. This study contributes to the current dearth of literature and research on takaful and retakaful as a nascent industry, compared to the more matured insurance and reinsurance industry. Hence, the conventional insurance and reinsurance theory and practice are also referred to as a benchmark. The study would provide better insight for the takaful industry on the mechanism to improve the management of retakaful as a critical component of the Enterprise Risk Management (ERM) of a takaful operation. Better management of retakaful will assist in bolstering the financial position of the PRF as a whole

Exploring relationship between perceived motivation factors and job satisfaction

A number of studies that have focused on perceived motivation factors towards employees’ job satisfaction have been conducted. However, very few relate these concepts from knowledge workers’ perspective. This paper set out to have an empirical look at the relationship between motivation factors and employees’ job satisfaction. The survey had been conducted by distributing questionnaires to employees describes as “knowledge workers” by the manager. 50 respondents participated in this study to yield a response rate of 84.75%. The results showed that only two out three motivator factors (recognition and achievement) have significant relationship between with intrinsic satisfaction and only two out of three hygiene factor (security and working condition) have significant relationship with extrinsic job satisfaction. Thus, this signifies the importance of both motivator and hygiene factors in enhancing job satisfaction among employees especially among knowledge worker

Retakaful (Islamic reinsurance) historical, shari’ah and operational perspectives

Risk cannot be separated from our daily life activities, including both personal and business activities. One of the ways to mitigate the risk is through insurance. However, insurance has the elements such as interest, uncertainty and gambling which are prohibited from the Islamic perspective. Thus, Muslim scholars have introduced Takaful (Islamic insurance) and then, Retakaful (Islamic reinsurance) becomes the central role for the Takaful operators since they cannot survive without Retakaful. Thus, the purpose of this research is to elaborate on historical development of Retakaful and its Shari’ah and operational aspect in order for us to appreciate the role of Retakaful to support the Takaful operators to whom we rely on to get the protection in the case of misfortune. Library research is adopted in this paper since secondary data is used in this study. We hope that this paper will enhance the body of knowledge in the area of Takaful and Retakaful

Decolorization of Reactive Black 5 dye using gel combustion synthesized LaFeO3 nanoparticles

Lanthanum orthoferrite (LaFeO3) nanoparticles was prepared via gel combustion method with fixed reaction temperature at 200°C, but different reaction time of (t) 2 hours (t=2h) and 24 hours (t=24h), respectively. Physicochemical properties' characterization was performed to compare both samples. UV-Vis spectroscopy analysis was done to determine the photocatalytic performance on Reactive Black 5 (RB5) dye. LaFeO3(t=24h) possessed a high crystallinity structure with specific surface area (SSA) of 28.037 m2g-1, while LaFeO3(t=2h) had a mixture of crystalline and amorphous structures with SSA of 40.952 m2g-1. The catalysts’ loading was also varied in a few conditions to elucidate the optimum loading that maximize the dye removal by mean of adsorption-photocatalytic action. Up to 94% of RB5 dye was successfully removed within 6h by LaFeO3(t=2h) samples, and this enhanced synergistic activity of LaFeO3 is promising for the further application of visible light driven photocatalyst in polluted water treatment

An extended Interval Type-2 Fuzzy VIKOR technique with equitable linguistic scales and Z-Numbers for solving water security problems in Malaysia

Interval Type-2 Fuzzy VIseKriterijumska Optimizacija I Kompromisno Resenje (IT2FVIKOR) technique is one of the techniques of Interval Type-2 Fuzzy Multi-Criteria Decision Making (IT2FMCDM), which was developed to solve problems involving conflicting and multiple objectives. Most of the IT2FVIKOR methods are created from linguistic variables based on Interval Type-2 Fuzzy Set (IT2FS) and its generalization, such as Interval Type-2 Fuzzy Numbers (IT2FNs). Recent literature suggests that equitable linguistic scales can offer a better alternative, particularly when IT2FSs have some limitations in handling uncertainty and imbalance. This paper proposes the extended IT2FVIKOR with an equitable linguistic scale and Z-Numbers, where its linguistic scale introduces an equitable balance of positive and negative scales added to the restriction and reliability approach. Different from the typical IT2FVIKOR, which directly utilizes IT2FNs with a positive membership, the proposed method introduces positive and negative membership where each side considers a restriction and reliability approach. Besides, this paper also offers objective weights using fuzzy entropy-based IT2FS to calculate the weights of the extended IT2FVIKOR. The obtained solutions would help decision makers (DMs) identify the best solution to enhance water security projects in terms of finding the best strategies for water supply security in Malaysia

Groundwater management system using hydrogeological model in Sg. Kelantan river basin / Wan Mohd Zamri W Ismail

The groundwater resources of the Sg.Kelantan river basin are the main sources of fresh water and also are vitally needed to supplement surface water sources. However, despite their importance, the groundwater resources are under stress of exploitation and contamination. The maintenance and protection of groundwater ecosystems should therefore be a major topic in the coming years in groundwater water management. The main objectives of this study are to better understand the importance of a balanced development of groundwater as to preservation of good ecosystems in Kelantan by establishment of “Groundwater Resource Management (GWRM)” system, a decision support tool with GIS and database system to handle and store all water resource relevant information, and to establish a monitoring system with observation wells for level and quality of groundwater by evaluation of all existing use of water and redefine sustainable use and regulate rate of abstraction. Groundwater flow modeling of the alluvial aquifer is needed to support the sustainable groundwater management. Groundwater sources will be better managed and future development plans for groundwater will be fully controlled within the limits for a safe and sustainable environment, with following activity plan, i.e:- a) Groundwater survey, groundwater model, test drilling and pumping, and water sample analyzing in order to establishing “Groundwater Resource Management (GWRM)” system with support of GIS and database system to handle and store all water resource relevant information, b) Evaluate all existing use of water and redefine sustainable use and regulate rate of abstraction, and c) Establish a monitoring system with observation wells for level and quality of water. A validated groundwater flow model was created for a groundwater sub-basin within the north Kelantan regional groundwater basin to support the water resources management in the Kelantan State. Future development of groundwater can be guided by implementation of GWRM system and functions to safeguard any further contamination in a regional basis. This can benefits water operators and water stakeholders in understanding and managing the groundwater resources in the study area particularly

Experiential learning: the Kuching project

This paper discusses on a final project of third year Architecture module. The project selected was the Habitat for Humanity (HFH) regional office in Kuching, Sarawak. The studio tutors has posited the idea of bringing studio outside the classroom and implemented Student-Centred Learning (SCL) towards another milestone. The project has allowed the development of exploration studio outside the classroom approach. The project was divided into two parts; which the first part the students were involved in a design proposal for the needy, brainstorming on the idea of new possible layout, requirements, alternative design with costing awareness and subsequently, the students are exposed to a real hands-on construction of housing for needy in Jalan Matang Kuching, Sarawak. While the primary motivation underlying this project is to promote innovation in studio project, a substantial component of the study involved gaining a broader perspective of humanistic approach in architectural thoughts and awareness among the students outside their comfort studio room. The state of the art of the studio project has been explored by bringing it outside the studio context, working in a group, meeting tight deadlines, exploring contexts and concepts within short amount of time and preparing the students for an industrial environment for their future. This auspicious project specifically focuses on graduating students of final year Bachelor of Design (Architecture) UPM with the noble intention to request of their balance in producing architectural products and to invoke their thinking and maturity in response to real deal. Thus, the outcomes of the project provide i) the insight of the two weeks trip to Kuching, Sarawak, ii) the design proposal of the Habitat House for the needy and iii) the development of the final design of HFH regional office in Sarawak with the final outcomes of the design proposal. In summary, the project will highlight on the issue of architectural for humanity aspects and contributes to the innovations of education and studio projects for architectural education in Malaysia

Are takaful operators at the sympathy of retakaful operators in Malaysia?

The concept of insurance is novel and excellent, since it tries to help the participants in the case of misfortune. It is prohibited from the Islamic aspect because the practice of insurance involves interest, uncertainty and gambling. Takaful has been introduced as an alternative to insurance and at the same time, Retakaful has emerged as an alternative to reinsurance. Unfortunately, due to the limited number of Retakaful operators and over reliance of the Takaful operators on the Retakaful operators seem to create Takaful operators helpless except to follow the demand of the Retakaful operators. In addition, they have more bargaining power than Takaful operators. This study provides the evidence that higher proportion of general Takaful contribution goes for Retakaful expenses. Thus, it is time for the Takaful operators to realize that they are at the sympathy of Retakaful operators and the former one needs to find an alternative Retakful method, for example Retakaful pool method, apart from the traditional way of ceding their risks through Retakaful operators

The enforcement of financial ombudsman scheme (FOS) to Malaysian takaful and insurance sectors: an analysis of alternative dispute resolution (ADR) from a period of 2013 to 2021

The introduction of Islamic Financial Services Act 2013 or IFSA into Malaysian legislative landscape has shaped the Islamic financial services industry (IFSI) tremendously. Focusing on providing effective dispute settlement and financial protection towards the customers, IFSA creatively formulates the financial ombudsman scheme (FOS) which is effectively enforceable towards banking and insurance sectors. Without any exception, FOS is equivalently applicable towards Islamic banking and Takaful sectors in the country. Reaching towards FOS’s first decade of establishment, this research stands (i) to evaluate the application of FOS, specifically on the use of alternative dispute resolution in Takaful and insurance sectors from a period between 2013 to 2021. This is done by following the latest reports from the one and only Ombudsman for Financial Services (OFS) of Malaysia. This research also (ii) examines approaches of dispute settlement of selected cases which were taken by OFS. By appreciating the advantages of qualitative approaches, the researchers depend on doctrinal legal analysis, arm-chaired research strategies, and observational investigation from the identified trends in the IFSI. As a part of findings, it is found that there is a steady increase of cases which were referred to OFS. Types of complaints may be varied. During the period of COVID-19 lockdown which is between 2020 to 2021, there is an increase of complaints from the customers relating to scams. This is happened due to the change in the engagement and communication between the customers and their Takaful and insurance operators