key: cord-0058063-6uwrwlaj
authors: Eldaia, Monther; Hanefah, Mustafa Mohd; Marzuki, Ainulashikin Binti; Shatnawi, Saddam Ali
title: Impact of COVID-19 on Malaysian Takaful Business
date: 2021-02-01
journal: The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in Developing Countries
DOI: 10.1007/978-3-030-69221-6_22
sha: 1e1d6baa804db7fff0ff9653d198e1f530ba33e4
doc_id: 58063
cord_uid: 6uwrwlaj

The COVID-19 Pandemic still surges persistently in 2020, affecting lives, all forms of businesses, individuals, and industries globally. The pandemic has a clear and strong effect on world economic development. The assessments so far show that the COVID-19 could slash global economic growth by 2.0% for each month when existing challenges persist. World commerce might also slash by 13% to 32%, subject to the penetration and level of a world economic depression. The aim of this study is to evaluate the effect of COVID-19 on Malaysian Takaful business and future effect of COVID-19 in Malaysia at 2020. By this time, it is obvious that the pandemic has intense detrimental effect on both the Malaysian macroeconomic and economic welfare of the people. Bank Negara Malaysia in 2020 has forecast that GDP growth will fall between 3.5% and 5.5%. Currently, unemployment is expected to rise to 5%. Islamic economy is also being affected by the virus incidence. The Malaysian Takaful industry is not excluded from the anticipated impact of the economic slowdown in 2020 amid the COVID-19 pandemic. Apart from considerably hampered growth in 2020, Takaful operators will also have to cope with the increased volatility and rising credit risks of their investments in 2021 and may be 2022. During the pandemic spread of COVID-19 the Malaysian government took financial actions to save the economic sector and to reduce the negative effects of MCO. Malaysian Takaful companies provide better service by using new technological tools; thus, to maintain the operations and social responsibility.

The COVID-19 pandemic has vigorously hit the globe. As the virus spread from place to place in the beginning of 2020 to impede the transmission, numerous households, businesses, and governments took action to save lives. The outbreak came as an unusual, bizarre incident and all governments throughout the world jostled with emergency programs such as social distancing, community awareness campaigns, examination and quarantine policies, and money support packages. These measures drastically slowed down the spread of the virus (Gollwitzer et al. 2020 ), but with a negative effect on the economy (Koren and Pető 2003) .

The spiteful COVID-19 has greatly affected global financial and insurance sectors with Malaysia being no exception. The COVID-19 pandemic has deeply affected economic conditions in Malaysia and around the world, with unprecedented shock on the economy and disrupted markets (Conefrey and Walsh 2020) . Different from the Asian economic crisis in 1997 and the global economic crisis in 2008, Malaysia's coronavirus crisis like other countries is both a public health catastrophe and a fiscal tragedy. Due to this, expert in economy largely reach agreement that fiscal policy ought to emphasis mostly on strengthening community health attempts in tackling the pandemic while safeguarding the wellbeing of the people and trades (Goodell 2020) . These societal and fiscal costs are probably bigger in developing nations, which usually have poorer health care, less fiscal capability, lower financial markets, bigger informal sectors, and poorer governance (Calvin 2020) . Policymakers carefully weigh the efficiency and socioeconomic costs of the virus control and migration policies, acting on epidemiological proof on how to control the virus and support the economy. Economic policy in the short-run concentrated on giving prompt assistance to susceptible people and impacted trades. Conversely, this comes at a cost of closures, which decrease economic action. It appears that both the private and public sectors are upset and muddle up because of this virus. It has also halt the supply chain of trades. The production and the producers are likely to be further weighed down since China is the key manufacturing hub for several businesses worldwide, which is also the origin of this virus. Hence, any interference in China's production output will simply have a consequential impact on other economies (Meyer 2020) . Currently, as the figure of coronavirus deaths falls globally, governments are making a move to enforce policies to re-open commerce in order to maintain the economy (Ozili and Arun 2020) .

Prior to the COVID-19 pandemic, the Islamic insurance business has saw significant and fast-tracked growth for more than 20 years (Arena 2008) . The growth of the Islamic insurance industry is recognized as an important catalyst for sustainable economic growth across the globe (Salman et al. 2018) . Less than a decade ago, particularly in 2012, the industry has expanded rapidly, it is documented that the sector continues to record fifteen percent yearly growth since 2007 . Malaysia and the Gulf Cooperation Council (GCC) countries are major actors in the global Takaful market due to the fact that they are productive arenas for the development of this important sectors (Abu-Hussin et al. 2014) . The Takaful sector has become more diversify globally whereas the quantity of Takaful insurers functioning also has increased significantly.

The risk posed by the coronavirus pandemic on public health is the worse respiratory infection as the 1918 Spanish flu pandemic. The World Health Organization (WHO) showed that viral diseases would continue to develop, which present a perilous problem to community health. Over the past two decades, many other pathological epidemics have developed, for instance, the severe acute respiratory syndrome coronavirus (SARS-CoV) in 2002 to 2003 , and H1N1 influenza in 2009 (Ferguson et al. 2020 ).

Based on current records, the pandemic with mysterious respiratory infections was first discovered in Wuhan, the prime urban region in China's Hubei domain, and was first recounted to the WHO Office in China, on December 31, 2019. Available literature can be track backing the commencement of individual symptoms back to December 2019. Since they were inept to recognize the causative agent, the first incidents were confidential as "pneumonia of unknown etiology." The Chinese Center for Disease Control and Prevention (CDC) and native CDCs structured an outbreak research platform. The etiology of this infection was ascribed to a new virus relevant to the coronavirus (CoV) family (Chen et al. 2020) .

The disease caused by the new CoV was officially labeled "COVID-19" on 11 February 2020 according to WHO Director-General, Dr. Tedros Adhanom Ghebreyesus, which was the acronym for "coronavirus disease 2019". Over the last two decades, other CoVs epidemics have emerged. SARS-CoV triggered a large-scale epidemic that occurred in China that affected 24 countries with around eight thousand cases and eight hundred deaths. Then the MERS-CoV that emerged in Saudi Arabia with around two thousand five hundred-naira cases and eight hundred deaths, which still treated as periodic cases. In comparison with COVID-19 cases of 15,526,057 with 633,656 death, as at 24 July 2020.

The COVID-19 infection first reached Malaysia shores on 25 January 2020, with a fortyone old man from Selangor who became the reference case Malaysian to be infested by the COVID-19 (Abdullah 2020) . Along with this, there are four established cases in kids who were diagnosed with the virus in Malaysia. The cases varied from infant and adult of age and all 4 cases were probable gotten from China. Out of these, only one was a Malaysian that spent holiday break in Wuhan to celebrate Chinese New Year been his a mother origin. The infection reached 22 positive cases in February. By middle March, the cases had swollen to 20-times with 428 cases.

The Malaysian government has significantly assessed the COVID-19 outbreak in Malaysia while the WHO set the protocol to abide by to inhibit the widespread of the virus. The Malaysian government has imposed Movement Control Order (MCO) to prevent further dissemination. The current "Visit Malaysia 2020" promotion has been halt and all the visitors who are presently waiting in Malaysia have been inform to keep on in their lodges through the MCO event (Karim et al. 2020) . Generally, reported cases in Malaysia, as at 22 June 2020 ( Fig. 1) , may be allocated into three surges (Syafiqah 2020 ). The first surge was effectively tackled by February 27, 2020, with all 22 earlier reported cases been treated and cleared from hospital. Most cases recorded in the first surge were introduced from China and their contacts (Abdullah 2020) .

The MCO started 18 March 2020 with seven hundred and seventy active cases recounted (Prime Minister's Office 2020). Aside from the restrictions on global tour, the MCO installed instant closure businesses and services considered as less necessary to be lockdown. Regional trips were restricted, open sporting, religious occasions, schools, campuses, spaces of devotion and gatherings were closed down. This was increasingly applied with the help of armed forces who monitored and restricted the movement of (Mohd et al. 2020) . Some of the notable impact of COVID-19 on takaful industry ranges from concern of survival of its valuable and the results driven employees during and after lock down as well as that of the committed investors and stakeholders. Looking at macro level of the impact, the closing of trades and services in conjunction with the journey and MCO have enormously influences routine takaful dealings and commercial security of the industry in Malaysia.

Shariah is an Islamic state of living, a form of direction lay down by Allah the Omnipotent for His servants to follow. Shariah is stemmed from 3 major sources: the Qur'an, Sunnah, and fiqh, the Qur'an and Sunnah are known as the 'descended' or principal sources and the fiqh a 'non-descended' or ancillary source. The obligation for Muslims to obey the Shariah is mentioned in the Holy Qur'an: 'To each among you, we have prescribed a law and a clear way.' (Qur'an, Al-Maida: 48). Takaful is a Semitic language of the Arabs that originated from the source-word 'kafala', which implies a cooperative security. In the perspective of protection, takaful is Shariah-compliant coverage (Sari 2020) . The insurance practice was initially established in the beginning second period of the Islamic age in Asia, through the period when Muslim Arabs initiated by expanding their commerce to India, the Malay Archipelago, and several Asian nations (Sadeghi 2010). Due to the lengthy travel concerned, the risks integral in the voyage, and the damages evolving from accidents and disasters, or thefts, the Muslim Arab merchants became collectively and conjointly contracted to donate certain wealth, which would be utilized to support any member in the gathering who bore damages (Abu-Hussin et al., 2014) . The values that make takaful Shariah-compliant including (1) tabaarru' (contribution), and (2) ta'aawun (conjoint collaboration). The tabaarru' from the members signifies gift to the conjoint endowment and ta'aawun when the assemblage uses the conjoint endowment to support affiliates in hardship, therefore; '… and collaborate you one another in virtue and devotion…' (Qur'an, Al-Maida: 2).

Consistent with this principle, Malaysia takaful trade propagated fundamentally in 2010 with aggregate assets less than seven million RM (Malaysian Takaful Association 2010). The aggregate assets in 2017 were documented in Annual Reports 2019 as US$42 billion by 2020 (Malaysian Takaful Association 2019; Husin 2019), which was projected to develop by eighteen percent in 2019 (Husin and Rahman 2019) . The majority of Muslims believe that conventional insurance is proscribed to them with regards to its lawfulness as a result of the presence of numerous forbids, which include Riba (usury), Mayssir (betting), and Ghaarar (uncertainty). Thus, the need for alternative protection that meets the requests and wants of Muslims doing financial businesses that are friendly with Islamic Shari'ah (El-Gamal, 2001; Akhter, 2010) . The life insurance was first proclaimed on 15 June 1972 followed the Malaysian Fatwa Committee of the National Council for Islamic Religious Affairs published a sacred verdict announcing that this nature of life coverage is haraam (prohibited) as it clashes with Islamic Shariah and laws. In 1975, this decree was asserted by a related ruling released by the Council of Islamic Fiqh Scholars that traditional insurance is proscribed and undesirable in accordance with Islamic rule. The key aim of instituting the Islamic insurance structure in Malaysia was to abide by Islamic rule and to revert from the three proscribed elements (Ribaa, Mayssir, and Gharaar). The main purpose was to grow and transform an Islamic substitute of traditional insurance, as desired by Malaysian Muslims .

Malaysia Takaful industry was first established in 1984, which was explicated according to the principal blueprint of the Malaysian Central Bank in 3 stages (Bank Negara Malaysia 2005). The initial stage (1982) (1983) (1984) (1985) (1986) (1987) (1988) (1989) (1990) (1991) (1992) involved the structure development of the takaful Malaysian sector. The next stage (1993) (1994) (1995) (1996) (1997) (1998) (1999) (2000) was when the provincial collaboration between the takaful operatives was strengthened. The final stage (2001 until present) financial Sector Principal blueprint to strengthen the authorized, Shariah, and governing framework and enhances the proficiency of the operators of Takaful. The Malaysian takaful sector has turn out as an important key epicenter in the economy of Malaysia as universal Islamic financial hub. The BNM Governor, who is also Director-General of Takaful clarified that the aim of creating the Malaysian takaful sector is to practice liberal excellent Takaful operation with capability to effectively lead and hence placing the Malaysian growth as the universal Islamic trade hub (Bank Negara Malaysia, 2005, p. 9). According to the objective of supporting this concept, rivalry in the takaful market has been amassed in the 10 years (Eldaia, et al. 2020a) .

There are about 11 takaful firms in the Malaysian market. In spite of the strong rivalry between the two forms of insurances, the takaful and conventional, the operation and success of the Malaysian takaful sector have strongly challenged the traditional insurance (Sherif and Shaairi 2013). Currently, the takaful industry in the Malaysia market encounters considerable opposition from the conventional insurance industry in several areas of endeavor. The lack of a ancillary market, managerial structure and research are key issues that hindered takaful product development. Some Islamic insurance firms also lack Islamic products that comply with Shari'ah. With the growing amount of firms in the takaful market, there is a need to generate several products to compete with others in the market, therefore the industry still requires further research to develop takaful products in Malaysia. Studies have recommended an increase in research to assess the operation of takaful firms utilizing financial ratios and compare with traditional insurance companies (Johnes et al. 2009; Abdou et al. 2014 ).

It is a clear fact that the COVID-19 had a momentous impact on the financial markets globally. The economic impact of the virus incidences on the takaful industry is regarded as severe but temporary, and the Islamic insurance market would slowly and steadily recover by year-end (Goodell 2020) . The COVID-19 upsurge is still persistent around the world, the downside risks remain, reflecting on the high level of uncertainty throughout the impetus of the spread of COVID-19 and its eventual global pinnacle (Calvin 2020) . The productivity and effectiveness of the takaful business, in general, are also anticipated to be tense in the hard economic environment, as the industry has seen thin net supporting boundaries, particularly in Malaysia (Conefrey and Walsh 2020). When the position of Malaysia takaful amid COVID-19 explores in terms of global available support, many International organizations have assumed a position to offer lends and other financial assistance to nations in need to help alleviate the shock due to the new virus pandemic. These and other engagements have been considered as "unprecedented," a term that has been applied often to designate a COVID-19 and strategy reactions. The International Monetary Fund (IMF) projected that government expenses and incomes event to maintain economic interest amid COVID-19 implemented through mid-April 2020. The support amounted to $3.3 trillion with loans, equity infusions, and assurances were pegged at $4.5 trillion as additional support. Consequently, the IMF approximates that the surge in appropriating by governments internationally will raised from nearly 4% of global GDP in 2019 to nearly 10% in 2020 (Fig. 3) . Amongst established markets, the economic balance to GDP ratio is expected to raise from 3.0% in 2019 to nearly 11% in 2020. For developing economies, such as Malaysia the economic balance to GDP proportion is anticipated to raise from nearly 5% to 9.8%.

After a strong performance in 2019 explicated by higher-than-expected Sukuk issuance, it is believed that Islamic finance industry growth will slow in 2020-2021 because of lockdown measures and subsequent recessions in Islamic finance core countries including Malaysia ( Fig. 2 and 3) . The Islamic economy is expected in 2020 to slowdown prompted largely by measures applied by numerous governments to control the COVID-19 pandemic. This slowdown will be slightly counterbalanced by resilient liquidity infusions from many central banks to support their banking and insurance systems including takaful traverse the hard pandemic environment. Conversely, this, along with difficulty and lower financier appetite, will add to a takaful market slowdown in 2020 in Malaysia, Iran, GCC, and Turkey. Generally, the takaful industry is anticipated to continue growing at mid-single to high-digit rates, whereas the finance industry might witness certain negative impacts from market volatility. In general, low-to-mid singledigit growth is anticipated for the entire industry, which is a fair postulation in the next few years. Nevertheless, in the current perspective, COVID-19 provides a chance for more unified and multi-dimensional growth with greater standardization, robust focus on the takaful industry's social function, position, and grander use of financial technology (Calvin 2020) . This might be attained via greater harmonization between the industry's diverse investors and stakeholders. As example of Takaful companies share price in market it is clear in (Fig. 4) the share price decrease dramatically at the peak period of COVID-19 spread, drop from around RM6 at January, to around RM 3 at March, 50% loss of share price. To further support these perspectives, it is clear that COVID-19 will have powerful negative impacts on both the macroeconomic and on the fiscal wellbeing of the Malaysians. The key sources of financial impairment in Malaysia can be viewed in terms of two segments: the first is the blow-on effect from the effects of the coronavirus out of the country and the second is generated internally because of the recently enforced movement control measures.

Firstly, prior to slight lockdown processes in Malaysia, the pandemic of the new COVID-19 in China had produced broad demand and supply shocks that have resonated throughout the globe. Product exporters in the globe are confronted with poorer prices as Chinese demand failed, whereas global producers are challenged with production reduction as Chinese industries are closed down. The effects of China shocks may be harsh in Malaysia since the Malaysian economy is amongst the most vastly exposed markets to Chinese supply and demand in the region. China is Malaysia's first exchange collaborator, a huge source of external investments, and its top tourist source external of ASEAN. Moreover, Malaysian firms have become among the most extremely incorporated in the worldwide production networks over the last decade. This is complex by the fact that regional supply chains have become progressively China based. In fact, over a quarter of Malaysia-China commerce (US$19.8 billion in 2018) comprises transitional constituents precisely the type of goods affected when international supply chains are disturbed. Likewise, the market in Malaysia also relies on the China goods, which greatly influences the Malaysian economy. Additionally, the MCO has also blocked the import and export services in Malaysia, which may rise the price of the goods in the upcoming prospects after becoming free (Hasanat et al. 2020) . Secondly, the MCO measures have overwhelming economic costs, despite the fact that they are completely important in hampering the plague of this virus in Malaysia. On a macro level, the closing of trades and services together with the MCO will have massive influences on reserved ingestion and trade investment. Its hostile impacts on individual businesses and works will be even more spiteful. Entities and trades affected by the provisional closings can be at great risk of confronting with instant cash flow restrictions as to their earnings decline. Significantly, SME and susceptible groups for instance lowerincome persons, and job-sharing and jobless individuals have excessively felt this cash flow grip. This has blown-on impacts on the overall economy, leaving trades bankrupt, individuals penniless, and the financial structure burdened with non-performing lends (Calvin 2020) .

Furthermore, takaful operators remain dedicated by ensuring that all parts of takaful insurance protection to policyholders/certificate holders are not significantly affected by the COVID-19 in Malaysia. Takaful operators will continue to issue agreement letters, process rights, and renew policies during the MCO period. Policyholders/certificate holders and the public are strongly urged to communicate with the takaful operators through digital platforms such as email, customer hotline, customer portal, Facebook, direct distribution channels and utilize e-payment channels for payment of premiums to minimize face-to-face interaction during this period. Therefore, the insurance sector assures policyholders/certificate holders that takaful operators in Malaysia remain dedicated to safeguarding all essential services to policyholders/certificate are accessible during this period.

Takaful operators in Malaysia take practical measures to assist safe people's lives and keep the economy stable. One of takaful action is a contribution by the RM8 million coronavirus Test Fund (CTF) assured by the insurance and takaful in assisting of the Ministry of Health's (MoH) efforts to conduct more coronavirus tests for Malaysians. Malaysian Takaful Association (MTA), and Life Insurance Association of Malaysia (LIAM), and Persatuan Insurance Am Malaysia (PIAM) donated this (Persatuan Insurans Am Malaysia 2020).

The challenge for legislators is remained in place, as the legislators are shoulder with the responsibility of applying targeted guidelines to address what is to be expected to form short-term COVID-19 crisis issues without making alterations in economies that can last for long after the effect of the COVID-19 itself. Conversely, legislators are being devastated by the rapidly varying characteristics of the universal health crisis with a great impact on international trade and economic crisis (Goodell 2020) . As the economic effect of the coronavirus continues, the legislators are considering strategies that address the direct economic effects at the expense of longer-term concerns, including debt accumulation. Originally, several legislators felt reserved in their capability to respond to the crisis because of restricted suppleness for financial and economic support within traditional values given the broad-based go-slow in universal economic development, particularly in industrial and trade that had established before the COVID-19 pandemic. Likewise, these policies have a direct impact of takaful operations in Malaysia, since they affect individuals who the main human resources of the takaful industry and the market operations. Because Takaful contract long-term the real effect of COVID-19 will appear and measured after October and December 2020. This will be a challenge that has to be dealt with in the future, following persistent of the COVID-19 pandemic.

In this study, the impacts of COVID-19 on Malaysia/Islamic economic and takaful business are expounded. Coronavirus 2019 has appeared as one of the pandemic health menaces. In this, the impact of government actions is elucidated on how societal distancing events, community awareness campaign, testing and quarantine guidelines, and economic funding packs, during the coronavirus pandemic impact the Malaysia economic and takaful industry. An MCO was imposed as hard and necessary decisions made by the administration to sternly and completely break the chain of coronavirus spread within Malaysia and other communities. This hard-hitting decision has clearly affected all sectors, particularly the economy, from individual business income to the prime international businesses. The productivity and effectiveness of the takaful business, in general, are also anticipated to be tense in the hard-economic environment, as the industry has seen thin net supporting boundaries in Malaysia. In that effect, all Malaysians displayed their complete support for MCO implementation to lessen the burden of COVID-19 by reducing the number of cases each day. To further lessen the impacts of the MCO, the Malaysian administration has approved a gigantic financial plan to numerous sectors to slacken the effect of the pandemic, pledge Malaysian-based economic growth. The PRIHATIN Package is the most beneficial initiatives declared by the government and then far-reaching measures of a 6-month delay provided by BNM to lower the financial effect.

Some of the notable impact of coronavirus pandemic on takaful industry ranges from concern of survival of its valuable and the results driven employees during and after lock down as well as that of the committed investors and stakeholders. Looking at macro level of the impact, the closure of businesses and services in conjunction with the travel and MCO have tremendously impacts routine takaful dealings and trade investment of the industry in Malaysia. In addition, it is understandable that coronavirus pandemic has strong negative impacts on takaful the macroeconomic and economic wellbeing of the Malaysians. Thus, the impact of the COVID-19 pandemic on the takaful industry is regarded as moderately harsh but provisional and the takaful market would slowly recover by the end of the year. Most view currently raises the value of the need for the takaful industry to strategize properly in order to avoid these issues of the lesson learned.

To cushion up the COVID-19 impacts, the takaful industry has acted in a number of ways; takaful operators ensure that all parts of takaful insurance protection to policyholders/certificate holders are not significantly affected by the COVID-19 in Malaysia. They continue to issue agreement letters, process rights, and renew policies during the MCO period. Policyholders/certificate holders and the public are strongly urged to communicate with the takaful operators through digital platforms such as email, customer hotline, customer portal, Facebook, direct distribution channels and utilize e-payment channels for payment of premiums to minimize face-to-face interaction during this period. Takaful operators in Malaysia take practical measures to assist safe people's lives and keep the economy stable. One of takaful action is a contribution by the RM8 million Coronavirus Test Fund (CTF) assured by the insurance and takaful to help the Ministry of Health's (MoH) events to add further on its coronavirus tests for Malaysians.

This prompts that every individual has a diverse task as financiers, shareholders, creditors, workers, and customers to bear a collective task safeguarding Malaysia and the global economy. It is suggested that researchers should actively offer impactful studies on COVID-19 with every possible outcome, particularly the precise impact of coronavirus on Malaysian takaful industry. Most outstandingly, the studies will be very valuable to the financial sector and support investors and decision-makers in the governments to take appropriate decision on the short-and long-term impact on Malaysia takaful industry. This will assist to enhance the trading condition between Malaysia and neighboring nations.

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