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All Journal Yustisia Jambe Law Journal
Remli, Norizan
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Law, Crime, Criminology & Criminal Justice Social Sciences

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The Application of Maqasid Shariah in Takaful for The Protection of Unsecured Creditors Ossofo, Assane Buana; Abd Aziz, Hartinie; Abd Ghadas, Zuhairah Ariff; Remli, Norizan; Abdullah, Nurhidayah; Mohiddin, Mas Nooraini
Jambe Law Journal Vol. 8 No. 1 (2025)
Publisher : Faculty of Law, Jambi University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/home.v8i1.384

Abstract

This paper proposes expanding the concept of “Musibah” (calamity) and misfortune within the Takaful framework in Malaysia to encompass financial distress scenarios, such as compulsory winding up due to a court’s order. This expansion seeks to protect unsecured creditors, a group currently vulnerable to such events. In examining the current limitations of Takaful, the study identifies significant gaps in coverage that leave unsecured creditors exposed to financial risks. The current application of Takaful, primarily covering accidents and disasters, is scrutinized for potential extension to unforeseen financial calamities. By applying the principles of Maqasid Shariah, this study explores the transformative potential of Takaful as a mechanism for broader economic security and justice. Through qualitative methods and a critical review of existing Takaful practices, this research underscores the urgent need to reevaluate the operational frameworks to effectively protect unsecured creditors. This proposed expansion aligns with the core principle of mutual assistance and risk sharing in Shariah, thus enhancing the resilience and inclusivity of the Islamic financial system in Malaysia
Takaful as a Mechanism for Protecting Unsecured Creditors: Legal and Operational Considerations in Malaysia Shafiee, Hazrai Afizi Che Haron; Abd Aziz, Hartinie; Abd Ghadas, Zuhairah Ariff; Remli, Norizan; Abdullah, Nurhidayah
Yustisia Vol 13, No 3: December 2024
Publisher : Faculty of Law, Universitas Sebelas Maret

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20961/yustisia.v13i3.93861

Abstract

In the mandatory winding-up procedure, all payments must be prioritised before disbursements to unsecured creditors, as the Malaysia Companies Act 2016 stipulated. Unsecured creditors, positioned lower in the hierarchy of creditors, may not recover the funds owed to them from the company's liabilities, resulting in financial hardship for these creditors. All unsecured creditors must demonstrate their claims following the issuance of the winding-up order. Nonetheless, the existence of debt evidence does not guarantee payment if the corporation lacks sufficient assets to satisfy unsecured creditors after addressing secured and preferential creditors. This article seeks to investigate the rights of the unsecured creditors during winding up and to analyse the possibility of establishing a new mechanism, specifically takaful (Islamic insurance), to protect the unsecured creditors during winding up. This study adopts a qualitative approach, employing doctrinal analysis and interviews with industrial stakeholders. This article highlights the need to implement takaful as a potential solution for unsecured creditors to recover their debt if the company is wound up
Co-Authors Abd Aziz, Hartinie Abd Ghadas, Zuhairah Ariff Abdullah, Nurhidayah Mohiddin, Mas Nooraini Ossofo, Assane Buana Shafiee, Hazrai Afizi Che Haron