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This study examines the potential of Takaful, a Shariah-compliant mutual insurance model, as a protective mechanism for unsecured creditors within Malaysia’s liquidation framework. Under the Companies Act 2016, unsecured creditors often recover minimal or no debt during compulsory winding-up proceedings, highlighting the need for alternative protection mechanisms. Drawing upon semi-structured interviews with stakeholders from Suruhanjaya Syarikat Malaysia (SSM), the Malaysia Department of Insolvency (MDI), and Takaful Ikhlas Sdn Bhd, this paper analyses the current challenges in creditor protection and assesses Takaful’s feasibility as a financial safety net. The findings suggest that Takaful offers a promising approach to collective risk-sharing, aligning with resilience and social capital theories to foster community support and stability. However, regulatory adjustments and awareness initiatives are essential for effective implementation. Integrating Takaful within Malaysia’s insolvency framework could foster a more resilient and equitable financial environment, protecting creditors and supporting broader economic stability.

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Proposing Takaful as a Sustainable Financial Safety Net for Unsecured Creditors During Business Liquidation

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  • 发表日期：

    2026年

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  • Hartinie Abd Aziz,
  • Zuhairah Ariff Abd Ghadas,
  • Norizan Remli,
  • Hazrai Afizi Che Haron Shafiee,
  • Nurhidayah Abdullah,
  • Mohd Asmadi Mohd Angsor

摘要

This study examines the potential of Takaful, a Shariah-compliant mutual insurance model, as a protective mechanism for unsecured creditors within Malaysia’s liquidation framework. Under the Companies Act 2016, unsecured creditors often recover minimal or no debt during compulsory winding-up proceedings, highlighting the need for alternative protection mechanisms. Drawing upon semi-structured interviews with stakeholders from Suruhanjaya Syarikat Malaysia (SSM), the Malaysia Department of Insolvency (MDI), and Takaful Ikhlas Sdn Bhd, this paper analyses the current challenges in creditor protection and assesses Takaful’s feasibility as a financial safety net. The findings suggest that Takaful offers a promising approach to collective risk-sharing, aligning with resilience and social capital theories to foster community support and stability. However, regulatory adjustments and awareness initiatives are essential for effective implementation. Integrating Takaful within Malaysia’s insolvency framework could foster a more resilient and equitable financial environment, protecting creditors and supporting broader economic stability.