Mathematical Concept in Integration Model of Education Plan Takaful
Puspa Liza Ghazali1, Hazimi Foziah2, Mustafa Mamat3, Roslida Abdul Razak4, Lazim Omar5, Asyraf Afthanorhan6, Wan Mohd Nazri Wan Daud7
1Puspa Liza Ghazali, Faculty of Economics and Management Sciences, Universiti Sultan Zainal Abidin, Terengganu, Malaysia.
2Hazimi Foziah, Faculty of Economics and Management Sciences, Universiti Sultan Zainal Abidin, Terengganu, Malaysia.
3Mustafa Mamat, Faculty of Informatics and Computing, Universiti Sultan Zainal Abidin, Terengganu, Malaysia.
4Roslida Abdul Razak, Faculty of Economics and Management Sciences, Universiti Sultan Zainal Abidin, Terengganu, Malaysia.
5Asyraf Afthanorhan, Faculty of Economics and Management Sciences, Universiti Sultan Zainal Abidin, Terengganu, Malaysia.
6Wan Mohd Nazri Wan Daud, Faculty of Economics and Management Sciences, Universiti Sultan Zainal Abidin, Terengganu, Malaysia.
7Lazim Omar, Faculty of Economics and Management Sciences, Universiti Sultan Zainal Abidin, Terengganu, Malaysia.
Manuscript received on 16 February 2019 | Revised Manuscript received on 07 March 2019 | Manuscript Published on 08 June 2019 | PP: 594-599 | Volume-7 Issue-5S4, February 2019 | Retrieval Number: E11250275S419/19©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: This research has focused on the new mathematical model of family takaful in which specifically design for education plan takaful. This research wants to come up with the solution in creating the new quotation method of new model of family takaful business in education plan takaful. According to the new model of family takaful, there are many advantages of the riders which more versatile as compared to the present family takaful, as for example death benefit, death coverage, critical illnesses or loss of effort to work, khairat and hospitality bills. The low premium in the new model of family takaful is believed to get an interest ranging from the lower income group and also high income Muslims people in order to save the money for their children education and health.
Keywords: Critical Illnesses, Death Benefit, Death Coverage, Education Plan Takaful, Hospitality Bills, Khairat, Loss of Effort to Work.
Scope of the Article: Smart Learning and Innovative Education Systems