Status of Nominee under Life Insurance and Family Takaful.

      Аннотация: In an insurance/takaful contract, the nominee is the one who is entitled to receive the policy proceeds upon the death of the policyholder /participant. However, in what capacity he/ she receives the money is a debatable issue under Islamic jurisprudence. The Takaful Act 1984 does not explicitly mention the status of the nominee under the family takaful plan. The Act mentions that the takaful benefits shall be paid to the ‘proper claimant’ without clarifying whether the nominee receives them as beneficiary or merely an executor. However, this issue has been addressed by Schedule 10, Section 142 (Paragraph 3. (1)) of the Islamic Financial Services Act 2013, which says a nominee shall receive the takaful benefits payable under a takaful certificate either as an executor or as a beneficiary under a conditional hibah, as the case may be, as stated in the nomination form by the takaful participant. Moreover, it is found that there are two main views of the Islamic scholars with regard to status of nominee(s). The first view is that a nominee is just a trustee. On the other hand, there are scholars who believe that the nominee may receive the benefits as hibah (gift).

Ключевые слова: Family Takaful, life insurance, nomination, maqasid Shari'ah