...Journal of Financial Reporting and Accounting Insurance vs Takaful: identical sides of a coin? Hairul Suhaimi Nahar Downloaded by ZHONGNAN UNIVERSITY OF ECONOMICS AND LAW At 10:31 08 December 2015 (PT) Article information: To cite this document: Hairul Suhaimi Nahar , (2015),"Insurance vs Takaful: identical sides of a coin?", Journal of Financial Reporting and Accounting, Vol. 13 Iss 2 pp. 247 - 266 Permanent link to this document: http://dx.doi.org/10.1108/JFRA-02-2015-0029 Downloaded on: 08 December 2015, At: 10:31 (PT) References: this document contains references to 66 other documents. To copy this document: permissions@emeraldinsight.com The fulltext of this document has been downloaded 248 times since 2015* Users who downloaded this article also downloaded: Mohamed Sherif, Nor Azlina Shaairi, (2013),"Determinants of demand on family Takaful in Malaysia", Journal of Islamic Accounting and Business Research, Vol. 4 Iss 1 pp. 26-50 http:// dx.doi.org/10.1108/17590811311314276 Khalid Al-Amri, (2015),"Takaful insurance efficiency in the GCC countries", Humanomics, Vol. 31 Iss 3 pp. 344-353 http://dx.doi.org/10.1108/H-05-2014-0039 Nor Aziah Abu Kasim, (2012),"Disclosure of Shariah compliance by Malaysian takaful companies", Journal of Islamic Accounting and Business Research, Vol. 3 Iss 1 pp. 20-38 http:// dx.doi.org/10.1108/17590811211216041 Access to this document was granted through an Emerald subscription provided by emeraldsrm:509129 [] For...
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...MALAYSIA AIRLINE SYSTEM BHD (MAS). Company Profile Malaysia Airlines started when a joint initiative of the Ocean Steamship Company of Liverpool, the Straits Steamship of Singapore and Imperial Airways led to a proposal to the Colonial Staraits Settlement government to run air service between Penang and Singapore. The result was incorporation of Malayan Airways Limited (MAL) on 12 October 1937. On 2 April 1947, MAL took to the skies with its first commercial flight as the national airline. However, it was renamed as Malaysian Airlines. Soon after Borneo Airways was incorporated into MAL. In 1965, with the separation of Singapore from Malaysia, MAL became a bi-national airline and was renamed Malaysia-Singapore Airlines (MSA). A new logo was introduced and the airline grew exponentially with new services to Perth, Taipei, Rome and London. However, in 1973, the partners went separate ways. Malaysia introduced Malaysian Airline Limited, which was subsequently renamed Malaysian Airline System or in short, Malaysia Airlines. While MAS has grown to become Southeast Asia’s largest airlines, it also becomes one of the world’s premier international carriers. Malaysia Airlines is listed on the stock exchange of Bursa Malaysia under the name Malaysian Airline System Berhad. The Malaysia Airlines headquarters is located at Sultan Abdul Aziz Shah Airport Subang, Selangor, Malaysia. It is leading by the Chairman, Tan Sri Md Nor Yusof and Tengku Datuk Seri Azmil Zaharuddin as a Managing...
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...making this report for providing us with the required details and information who helped us in gathering primary data, and our friends who helped us in fine tuning this report. Last but not least our parents for their huge support and immense tolerance. Without them this task would have never been a complete one or a successful report if it was not for their help and advices. Executive summary Globalization is a process of interaction and integration among companies and government of different nations. This is a process driven by international trade and investment and aided by information technology. And also it effects on the environment, on culture, on political system, on economic development and prosperity, and in societies around the world. The aim of this report is to provide finding and on Malaysian economy in a nutshell with regard to beauty and cosmetic products, identify the current trends and changes in the industry. And also analyze the cultural differences and the impact on Globalization, analyzed the Impact of multinational brands, local brands in the industry and future of the industry. Identify the direction and a coherent, overall plan is particularly important to a global Companies, like Ceylon spa which produces many different product lines worldwide. This report will provide holistic view of the findings and analyzing the environment and the basic structure of Malaysia. The PESTLE analysis of Malaysia identified different impacts on the country’s...
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...ePublications@bond. For more information, please contact Bond University's Repository Coordinator. Corporate Governance in Malaysia Abstract This article examines the corporate governance system in Malaysia. A sound corporate governance system should help create an environment conducive to the efficient and sustainable growth in the Malaysian corporate sector. Since the Southeast Asian financial crisis in 1997 – 98 (‘financial crisis’), corporate governance has become a key policy issue confronting many Southeast Asian countries, including Malaysia. This article considers the distinctive problems of corporate governance in Malaysia, despite several steps for reform that have taken place since the financial crisis. There will be a brief discussion on the meaning of corporate governance and an overview of the present status of corporate governance in Malaysia, in particular after the financial crisis. Keywords corporate governance, Malaysia, Southeast Asian financial crisis This article is available in Bond Law Review: http://epublications.bond.edu.au/blr/vol15/iss1/13 Singam: Corporate Governance in Malaysia CORPORATE GOVERNANCE IN MALAYSIA Kamini Singam* Introduction This article examines the corporate governance system in Malaysia. A sound corporate governance system should help create an environment conducive to the efficient and...
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...fostering cooperation among the various ethnic and communities. The five pillars of the principle are as follows, belief in God, loyalty to the king and country, supremacy of the constitution, rule of law and behaviour and morality. The five principles are intended to establish a united Malaysian nation, and a Malaysian society that is equitable, democratic, liberal and progressive. Belief in God Race and this country have been established on a strong belief in God. Through this religious belief will make this nation as a sovereign nation. The Federal Constitution provides that Islam is the religion of the Federation, but religious and other beliefs may be practiced in peace and harmony in any part of the Federation and actions to discriminate against any citizen on grounds of religion is prohibited. Pillars of legislators Committee recognizes the importance of religion and belief in God in human life. The absence of religion can destroy a person's character and the nation. Recognising the importance of holding strength of the community against their religious teachings, this principle has been chosen as the first principle of Pillar. [Edit] Loyalty to King and Country Malaysia practices a system of Parliamentary democracy and Constitutional monarchy with His Majesty the King as Head of State. In line with the position of the King as the King in accordance with the Constitution, the monarchy is also practiced in every state, and the In-Command of the states that do not have...
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...between them and Malaya at straits of Malacca. Each major religious group has its major holidays such as "Hari Raya Adilfiltri", "Hari Raya Cina" and "Hari Deevapali". Hari Kebangsaan is the most universal holidays that celebrate by the whole Malaysian to celebrate the independent of Malaya back to 31 August 1957. Although festivals are differently from the different ethics, but they still celebrate together in Malaysia. This shows that Malaysian hold the One Malaysia spirit. Before the existence of the three main commiunities (Malay,Chinese and Indian), almost the entire population of Malaya consisted of Malays. In the early 19th century more than 90% of the population in the peninsular of Malaysia and Singapore were Malays. There were only a few number of Chinese who had come to Malaya as traders and settled down in Melacca, Kuala Terengganu, Johor River, Pahang River and Kelantan. Meanwhile, a small number of Indians also worked as labourers in coffee and sugarcane plantations in penang and Seberang prai. The immigration of Chinese and Indians on a large scale to Malaya started in the middle of the 19 th centur. This phenomenon occurred as a result of British colonial policy of bringing in those races, especially to move the economic sector. The 19th century actually saw the british domination of the...
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...MALAYSIA – SINGAPORE RELATIONS: THE SECURITY DILEMMAS INTRODUCTION ‘It's impossible to be friendly with Singapore because of the neighbouring city states’ unfriendliness towards Malaysia. Singapore gets into that kind of mood that they reject anything that comes from Malaysia. We try to be as friendly as possible but it's impossible’.[1] Tun Dr. Mahathir Mohamad Former Malaysia Prime Minister “…we fear that at some time or other there could be a random act of madness like cutting off our water supplies, which they had publicly threatened whenever there were differences between us… we have to be prepared for all contingencies”.[2] Lee Kuan Yew Former Singapore Prime Minister Singapore became a part of Malaysia in 1963. On the part of Singapore, such was a welcomed move as Singapore lacks the depth, mass and resources deemed necessary for development and survival. On the part of Malaysia, however, it started-off as a half-hearted decision, with Tunku Abdul Rahman fearing that the Chinese population in Singapore would, after the merger, upset the Malay majority in Malaya. In May 1960, he told Malayan students in London that “(The) Chinese-educated and new immigrants will always be loyal to China and they are less Malay-minded,” and that the inclusion of the 1.3 million Chinese would confuse Malayans and ruin the calm atmosphere of the Federation[3]...
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...computer can be manufacture in different location and assemble in China to save cost. Both developed and developing countries such as Malaysia are cautious of its benefits not only socioeconomically but also geopolitically. Realizing this, Malaysia has started to take initiative in globalization approach in the 21st century. For example, the export of Thai rice and sugar to Malaysia, telecommunication equipment to Vietnam, rice and vehicles including spare parts to the Philippines and electrical equipment, machinery, fruits and vegetables to Indonesia. Malaysia sustained a robust broad based growth in 2003, driven by strong domestic demand and sturdy export performance as a result of the influence of globalization. As stated in Economic Report of Malaysia (n.d), ‘Electrical and...
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...Responsibility Environmental Reporting Public disclosure by a firm of its environmental performance information, similar to the publication of its financial performance information. Environmental Reporting & withCorporate Social List Responsibility • Addcompany’s sense bullet point here A your second • Add your thirdand environment (bot the community bullet point here of responsibility towards h ecological and social) in which it operates. Companies express this citizenship (1)through their waste and pollution reduction pr ocesses, (2) by contributing educational and social programs, (3) by earning adequate returns on the employed resources. Measurement Issues There are serious concerns on the appropriateness of attempting to monetize nature in this way. No satisfactory method of assessing, basing our decision-making on the wider implications of our activities. Time Horizons Business decisions tend to be made on the basis of what is likely to happen in the next financial year, year up to five years into the future. Unfortunately some of the environmental impacts that result from business activities can continue to have a negative effect for hundreds, thousands, or even hundreds of years. Measurement Issues The process of measuring sustainability impact and sustainability reporting can be complex and there is currently no widely accepted model for assessing the financial value of sustainability contributions to a company. Companies will take different approaches...
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...Assessment 2: Mini Case Analysis After conducting an extensive PESTLE analysis into Australia’s environment, the following will outline how Australia’s economic, social and technological macro environmental factors will impact Giant TMC Berhad’s success in the Supermarket and Grocery Stores industry. Economic Factors Financially, the Australian economy has had, “an annual average Gross Domestic Product (GDP) growth rate of 2.9 percent over the past 10 years,” demonstrating its resilience despite the subdued customer confidence due to the global financial crisis (Australian Food and Grocery Council 2014, p. 9). Consistent with this, the two issues below must first be considered to determine Giant’s opportunities in the market. Household Debt As a result of the simultaneous decline in interest rates and increase in property prices, Australia’s reliance on debt has enhanced. Trading Economics (2016) has forecast this trend is set to increase exponentially from its household debt of 123.10% of GDP in 2015. This trend is set to intensify the pressure on many average Australians as the income growth rate of 1.3% slowly trails behind, negatively influencing customer spending patterns (Phillips and Taylor 2015, p. 3). Unemployment Rates On the contrary, the Australian Bureau of Statistics (2016) have indicated unemployment rates have now fallen to their lowest point in over one and a half years, reporting at 5.8% in February this year. With the Australian economy growing...
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...getting their awareness on GST and its implementation. The findings indicate that IIUM students are aware of GST and its imminent implementation and conflicting views on whether or not they approve of its implementation. Perhaps with a little scrutiny and education it might be possible to increase awareness on GST, and may change people perceptions and reception of it, be it positive or negative. 1.0 Introduction In general, Goods and Services Tax (GST) is a consumption tax which is imposed on the sale of goods and services, and it is divided into two categories indirect taxes and direct taxes and is administered by the Royal Malaysian Custom (RMC). The Malaysian government has announced that the new system which will be implemented starting 1st April 2015 at the rate of 6% (Robinson, 2014). The GST (goods and services tax) system will be replacing the present SST (sales and services tax). In the current tax regime, the 10% Sales Tax and 6% Service Tax is collected by one party (usually the seller) and passed on to the tax authorities. For instance, in the previous 6% Service Tax regime, when you buy a cup of coffee from Starbucks that says RM15 on the menu, you pay RM15.90 (including the current Service Tax of 6%). Starbucks will keep RM15 and pass on RM0.90 to the tax authorities similarly when Starbucks buys the coffee beans from the wholesaler to make your cup of coffee for RM10 (RM10+ 4%...
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...segment………………………………………………………………8 5.8 Target Market…………………………………………………………………...8 5.9 Proposed Positioning Strategies………………………………………………...9 5.0 Marketing Mix Strategies 6.10 Product………………………………………………………………………….10 6.11 Price……………………………………………………………………………..10 6.12 Place……………………………………………………………………………..10 6.13 Promotion………………………………………………………………………..10 6.0 Conclusion………………………………………………………………………………12 7.0 References…………………………………………………………………………….....13 1.0 EXECUTIVE SUMMARY The following marketing plan forms the basis for introduction of new product and new brand to Malaysian market. The product is Missha Snail Cream from Missha Cosmetic, A South Korea Cosmetic Company. Missha Snail Cream is a skincare product that is effective in healing, soothing and regenerating the skin. The analysis allows us to select the best strategies for this product. Out main aim is penetrating the Malaysian market and become the top brand of cosmetic in this country. Success will be reflected by the number of sales, of course and loyal customer of the brand. 2.0 INTRODUCTION/OVERVIEW The beauty of a woman is not in a facial mode but the true beauty in a woman is reflected in her soul. It is the caring that she lovingly gives the passion that she shows. The beauty of a woman grows with the passing years....
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...contained in the annual reports for year 2002/2003. This research uses content analysis as method to measure the extent CSR. Findings – Based on regression analysis, the study evidences on the impact of government influence. However, the impact of foreign affiliation variables is not evident. Institutionalisation of the government’s aspirations and commitment to CSR is perhaps the most appropriate description for Malaysian CSR practice. Research limitations/implications – There are two main limitations of this study. Firstly, this study examines the annual reports for one year. Secondly, this study is annual reports centric. It does not examine any other stand alone reports that the respondents might have produced on the subject of society and the environment. Practical implications – This study provides justification for government’s role in promoting CSR practice. The impact is evidenced although there are no direct concerted efforts at that time by the government in respect of CSR policy implementation. The significant role is attributed to the unique Malaysian socio economic structure....
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...Environmental sustainability is gaining much focus in the recent years as people are beginning to strive for a balance between economic growth and sustainability. In fact, many developed countries such as UK, Japan have implemented strict environmental policies to enhance the quality on the environment and to preserve the sustainability of its resources. It is viewed that Malaysia’s effort has been marginal in achieving effective management of resources, pollution control and prevention of environmental degradation. Tax Incentives ENERGY Energy sector is one of the target sectors of Green Technology under the National Green Technology Policy. Various attractive incentives are given to businesses to encourage the generation of renewable energy (RE) such as biomass, biogas, hydropower and solar power, and the efficient use of energy (EE). Conservation of energy is a promoted activity under the Promotion of Investments Act of 1986, companies providing EE services or companies that incur capital expenditure for conserving energy for own consumption can be considered for the Pioneer Status or the Investment Tax Allowance. Besides, for companies who intend to implement Power Quality Improvement Projects can apply for Accelerated Capital Allowance (ACA). On top of these, income received from the sale of certified emission reduction would be exempt from income tax. Incentives Available to Companies Adopting RE/EE Initiatives: a) Pioneer Status: Exempt from income tax on 100%...
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...Peter Yacob Faculty of Business & Finance, UTAR Email: petery@utar.edu.my Abstract The issue of foreign workers has received increase media and national attention. However, to date there has been limited research on the nature and consequences of employment of foreign workers in Malaysia. Introduction of significant changes in recruitment phenomenon has ended in painful and traumatic atmosphere which barely acceptable by local workforce in Malaysia. This conceptual paper can be derived from the field of industrial relations which play a significant role in employment of foreign workers. The article reports on the preliminary findings on employment status of local workforce and trade union rights affected by employment of foreign workers. In addition, the research makes a number of recommendations, including the need for further development on reducing the employment of foreign workers and more refined targeting of vulnerable foreign workers linked with labor legislations. Keywords: Malaysia, foreign workers, trade union rights, local workers and employability Introduction For over the past decade, Malaysia has over dependence on the foreign workers the number of foreign workers has increase gradually in Malaysia. According to the Economic Report 2010/2011 by the Finance Ministry, there were 1.8 million registered foreign workers in Malaysia, 38.2% were employed in the manufacturing sector, 16% in...
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