Good Faith in Insurance and Takaful Contracts in Malaysia

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 Good Faith in Insurance and Takaful Contracts in Malaysia: A Comparative Perspective
 Haemala Thanasegaran
 Business & Economics
 February 2016
ISBN-13: 978-981-10-0383-7
Pages: 233
Format: Hardback

  • Offers an extensive comparison between good faith regulation in insurance contracts in Malaysia, the United Kingdom, and Australia
  • Features a special chapter on the evolving takaful regulations in Malaysia, including the Islamic Financial Services Act 2013
  • Provides a holistic look at law reform by taking into account doctrinal and socioeconomic factors

About the book

This book examines good faith in non-marine insurance and takaful (Islamic insurance) contracts in Malaysia, and proposes holistic law reform of the same. The first two-thirds of the book comprise an extensive comparative legal analysis of the issues between Malaysia, Australia and the United Kingdom, with the final third dedicated to a socio-economic analysis of law reform and suggestions for law reform particularly suited to Malaysia.

The book evaluates whether the duty of utmost good faith (the cornerstone of insurance and takaful contracts) is effectively regulated and, in turn, observed by insurers (and takaful operators) and insureds alike in Malaysia. The adequacy of the Insurance Act 1996 (Malaysia), the Takaful Act 1984 (Malaysia), the Financial Services Act 2013 (Malaysia) and the Islamic Financial Services Act 2013 (Malaysia) is evaluated, along with the supporting infrastructure and oversight measures introduced by the Malaysian government. In doing so, The book examines the duty of utmost good faith from both a doctrinal and a social science perspective, in order to propose suitable legal reform.

Useful and constructive to readers who want a better understanding of the Takaful industry in contemporary Islamic finance.

Author Information

Haemala Thanasegaran is Senior Lecturer with the Department of Business Law and Taxation at Monash University, Australia. She has taught primarily international trade law, business law, Malaysian income tax law, and Malaysian company law, amongst other subjects. Her research interests are in insurance and takaful (Islamic insurance), and legal culture and contracts (with an emphasis on comparative law).