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All Journal Indonesian Journal of Sustainability Accounting and Management
Fauzilah Salleh
Faculty of Business and Management, Universiti Sultan Zainal Abidin, Terengganu, Malaysia

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Smallholder Farmers’ Readiness for Contributing to Crop Microtakaful Scheme Fauzilah Salleh; Nor Mazlina Abu Bakar; Nur Salina Ismail; Norfadzilah Rashid; Wan Jemizan Wan Deraman
Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. S1 (2023): Special Issue
Publisher : Universitas Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28992/ijsam.v7S1.881

Abstract

The study intends to identify smallholder farmers’ readiness to participate in Crop Microtakaful Scheme. This protection is significant for smallholder farmers to provide sustainable economic growth and food security. To understand the necessity of having the scheme, a few key areas must be observed. An overview of the smallholder farmers in Malaysia is presented, focusing on their demographics, readiness to participate in the scheme, and affordable contributions. In addition, risks and perils in agriculture, including natural disasters, pests, and crop diseases, are also outlined. The role of agriculture insurance/takaful is also discussed, highlighting its many benefits to smallholder farmers. For this study, a survey is carried out among 275 smallholder farmers to gain information on their demographic profiles, farming activities, and willingness to contribute to the Crop Microtakaful Scheme. The information is vital in developing a suitable and well-accepted Crop Microtakaful Scheme, specifically among the smallholder farmers in Malaysia. Findings show that a large percentage of the smallholder farmers were ready to participate in a takaful scheme to protect their crop losses. Contributions vary greatly, with 54.2% of respondents willing to contribute an amount ranging from RM50.00 to RM149.00, while 33.9% of respondents are only willing to contribute an amount of less than RM50.00. The Crop Microtakaful Scheme can reduce the community’s dependence on the government with stakeholders’ involvement in contributing a certain sum as part of their corporate social responsibility initiative.
Fruit Microtakaful Scheme Working Framework in Malaysia Fauzilah Salleh; Nor Mazlina Abu Bakar; Nur Salina Ismail; Norfadzilah Rashid; Wan Jemizan Wan Deraman
Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. S1 (2023): Special Issue
Publisher : Universitas Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28992/ijsam.v7S1.882

Abstract

Microtakaful is an emerging concept in the insurance industry that aims to provide low-cost, accessible, and Sharia-compliant insurance products to the underserved populations. In Malaysia, the Fruit Microtakaful Scheme has been introduced to address to the needs of low-income households, particularly those in rural areas. There is no gainsaying that microtakaful plays a pivotal role in protecting the lives of low-income farmers as it helps reduce potential risks, they are exposed to curb unforeseen calamities, but there is still low coverage for low-income farmers. Consequently, providing microtakaful for low-income farmers is highly necessary. This article presents a working framework of the Fruit Microtakaful Scheme in Malaysia, including its operational model, distribution channels, marketing strategy, and risk management approach. This study explored the Fruit Microtakaful Scheme framework for Malaysia’s smallholder farmers. A focus group discussion that involved ten participants from various agencies related to the Takaful industry was conducted to determine the underlying basis of the FMTS framework, with the Central Bank of Malaysia as the regulator. The discussion revealed the need for protection against floods, droughts, pests, diseases, season contributions, and the implementation of FMTS. The fruit microtakaful framework for smallholder farmers in Malaysia was presented in this study.
Do Smallholder Farmers Need Paddy Microtakaful Scheme? Fauzilah Salleh; Nor Mazlina Abu Bakar; Nur Salina Ismail; Norfadzilah Rashid; Wan Jemizan Wan Deraman
Indonesian Journal of Sustainability Accounting and Management Vol. 7 No. S1 (2023): Special Issue
Publisher : Universitas Pasundan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28992/ijsam.v7S1.884

Abstract

Smallholder farmers play a crucial role in the agricultural sector of developing nations, but they are exposed to a number of risks that could result in sizable financial losses. As an alternative risk-sharing mechanism that can assist smallholder farmers in effectively managing their risks, microtakaful has been introduced. The article intends to propose the Paddy Microtakaful Scheme (PMTS) exclusively for smallholding farmers in Malaysia. This protection is significant for smallholder farmers to provide sustainable economic growth and food security. A few key areas must be observed to understand the necessity of having the scheme. An overview of Malaysia’s agriculture sector is presented focusing on land use, employment, and production of food crops among the smallholder farmers. Risks and perils in agriculture, including natural disasters, pests, and crop diseases, are also outlined. The role of PMTS is also discussed, highlighting its many benefits to smallholder farmers. A survey was carried out among 275 smallholder farmers to gain information on their demographic profiles, farming activities as well as their willingness to contribute to the PMTS. The information is vital in developing a suitable and well-accepted PMTS, specifically among smallholder farmers in Malaysia. The PMTS framework presented in this report is based on a hypothetical product that contains four main attributes: 1) types of crops to be insured, 2) type of coverage, 3) contribution or the price, and 4) sum assured/benefit. The scheme includes coverage for natural disasters, pests, and crop diseases with the ultimate objective to reduce the vulnerability of the global food system. Further research will consist of the execution of a pilot program formulated to evaluate the effectiveness of PMTS. With the government’s three-way coordination and active roles, the smallholder farmers and Takaful company will become the essential constituents in realizing the PMTS.
Co-Authors Nor Mazlina Abu Bakar Norfadzilah Rashid Nur Salina Ismail Wan Jemizan Wan Deraman