Endowment Takaful at the Syarikat Takaful Malaysia Berhad: A Literature Review

Syarikat Takaful Malaysia Berhad has ever introduced Takaful Wakaf Plan in 2002 and it has been adopted until 2009. During the period of its implementation, especially from 2002 to 2004 showed a favorable response from participants. However, in 2009 the plan was withdrawn from the market and its application comes to an end afterwards. Hence, this paper aims to search the previous literatures that relating to the concept and application of the endowment takaful at the Syarikat Takaful Malaysia Berhad. Literature analysis is made to find out the causative factor why this plan has been withdrawn from the market. This is a qualitative study through library research. Outcome of literature review found that there are a number of factors why the plan has been withdrawn such as problem in mudarabah system and problem in underwriting. However, this Takaful Endowment Plan is necessary to bring back to the current market by integrating endowment in takaful policy by using different model of what has been implemented by Syarikat Takaful Malaysia Berhad.