Performance of Takaful BIBD: The Case of Automobile Takaful Scheme

Abstract

This academic writing focuses on the management of the participant funds by the Takaful BIBD in the case of Automobile Takaful scheme under general Takaful. This research will include the discussion regarding with the level of knowledge and understanding the people of Brunei Darussalam towards the concepts, arabic and shariah terms in takaful especially the term like mudarabah and tabarru' that are using in the aqad. In supporting this research and to make this research into more relevant context the information gathered were through personal interview with shari'ah department of the Takaful BIBD; a questionnaires handed to Takaful BIBD; the public view and awareness regarding with the practice of Takaful BIBD under general takaful through questionnaires and personal experience through the real practice dealing with the takaful BIBD. This research will be based on the practice of Takaful BIBD before it merged with the Takaful BIBD. A total of 100 questionnaires were distributed to the takaful BIBD customers, but only 78 questionnaires were able to be collected for analysis. Surprisingly, majority of the respondents 64 out of 78 about 82.1% respondents do not understanad the Mudarabah contract offered by Takaful and this create some doubtfulness about the current practice of takaful BIBD. Furthermore in theoretical part of this research I will also discuss on the definition of takaful and highlight some of the issues arise from the contract used by Takaful BIBD such as the issues of the tabarru', excess money, the processing fees and loading fees. Finally, i hope with this reseach, it will give some useful information and benefit to the people of Brunei Darussalam regarding the current practice of Takaful BIBD especially in the case of Automobile Takaful Scheme under general Takaful scheme.