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Malaysia is recognised as an emerging country with a large Muslim population, making the Malaysian Takaful industry the largest Takaful market in the Southeast Asia region and, notably, one of the fastest growing markets globally. Malaysia is also the first country globally to implement a risk-based capital framework for Takaful. Therefore, the purpose of this paper is to identify the factors that influence the efficiency level (cost efficiency and technical efficiency) of the Takaful industry and to examine the effects of Takaful insurance firms’ specific factors and corporate governance factors that influence the efficiency of Takaful insurance in Malaysia.

In this paper, the efficiency level of the Malaysian Takaful industry was examined between 2011 and 2015. The sample consisted of 11 family Takaful and 8 general Takaful operators. Two-stage Data Envelopment Analysis (DEA) was used by first, conducting non-parametric frontier data envelopment analysis to obtain a DEA score for each operator. This was followed by panel regression with the DEA scores as the dependent variable and the insurance firms’ specific factors and corporate governance factors as the independent variables.

The results of DEA indicate that Takaful operators in general have allocative inefficiency but family Takaful is more cost efficient than general Takaful. Results of panel data analysis reveal that corporate governance factors do influence the cost efficiency but find no evidence on the firm-specific factors towards the cost efficiency and technical efficiency on Takaful operators. Board size and the proportion of non-executive directors impose a negative and significant relationship with cost efficiency, while proportion of Muslim directors in the board is not significant.

This paper focused solely on Malaysia which uses strict regulations governing the Takaful insurance market. Due diligence was also performed to minimise any limitation in the paper. It is proposed that future studies should examine this issue in greater detail by incorporating more data from other Muslim countries.

The findings of this paper have significant implications for policymakers to understand the efficiency condition in the Takaful market. Takaful operators should maintain a small board size with a higher proportion of executive directors, given they could improve the level of effective decision-making to enhance the cost efficiency. As corporate governance factors are significant, Takaful operators in Malaysia should also undertake transparent disclosure practice and reporting such as providing adequate and relevant information related to Shariah compliance and principles to provide a robust foundation as the Takaful market leader regarding Takaful regulations globally.

The consumer is able to make a better decision when choosing Takaful insurance company to protect their interests.

No similar paper has been undertaken to the best of the researcher’s knowledge using similar research design and scope to investigate the efficiency of Takaful insurance as in this paper. Takaful insurance is a rapidly growing industry in Malaysia, setting a prime example to other countries globally. Malaysia was selected for this study, as it is the only nation that has implemented the most extreme regulation in the Takaful insurance market.

Keberkesanan penyampaian sesuatu maklumat memerlukan individu, alat mahupun saluran yang unggul dan bersesuaian. Usaha ini haruslah dirancang dan dipertimbangkan dengan teliti oleh pihak tertentu agar setiap apa yang ingin disampaikan dan dilaksanakan itu dapat diberigakan dengan mudah dan berkesan. Dari itu, penggunaan bahasa retorik dilihat sebagai batu loncatan yang memberikan keyakinan dan tahap keberkesanan yang tinggi bagi sesebuah wacana yang disampaikan tersebut. Kewibawaan retorik sebagai seni yang mempengaruhi bukan sahaja berperanan untuk memperkukuhkan kekuasaan mahupun mempengaruhi fikiran dan emosi orang lain namun sebaliknya mampu menstimulasikan keseimbangan hubungan sosial yang terbentuk melalui sistem pemerintahan sesebuah negara. Melalui penyelidikan ini, setiap ciri khas retorik dapat diketengahkan dengan menghuraikan peranan dan fungsi-fungsi yang dimainkan oleh jenis-jenis retorik dalam penulisan sesebuah wacana. Hal ini khusus bagi mengilustrasikan idea, gagasan mahupun suatu fakta terhadap sesuatu pendekatan dengan cara yang kreatif dan terbaik. Di samping itu, keutamaan bagi penerapan bahasa retorik dalam perutusan kerajaan seharusnya dapat diperkasakan sewajarnya dengan menjadikannya sebagai anjakan paradigma ke arah perpaduan dan nilai kesaksamaan dalam masyarakat. Justeru, kajian ini memanfaatkan Teori Retorik Moden oleh Enos dan Brown (1993) sebagai landasan utama dalam menganalisis sejumlah 20 perutusan rasmi berkaitan jangkitan covid-19 di Negara Brunei Darussalam. Berdasarkan pemerhatian dan penganalisisan yang dijalankan, hanya empat jenis retorik yang diaplikasikan dalam wacana tersebut. Kesimpulan statistik merangkumi 34% teknik pendedahan, 30% teknik penerangan, 33% teknik pemujukan dan hanya 3% bagi teknik penghujahan. Dapatan penyelidikan ini membuktikan bahawa penggunaan bahasa retorik dalam perutusan rasmi kerajaan adalah amat penting dalam memperkukuhkan sistem pemerintahan negara serta mampu melestarikan cara hidup yang relevan dan berkualiti.

The effectiveness of delivering information requiresindividuals, tools or channels that are superior and appropriate. This effort must be planned and considered carefully so that everything that is to be conveyed and implemented can be conveyed easily and effectively. Therefore, the use of rhetorical language is regarded as a stepping stone that provides confidence and a higher level of effectiveness. `Rhetoric as an influential art not only plays a role in strengthening power or influencing the thoughts and emotions of others but also stimulate sthe balance of social relations. Through this research, each rhetorical feature is highlighted to discuss its role and functions in the discourse. Using Enos and Brown’s Modern Rhetorical Theory (1993), a total of 20 official conferences on the latest developments of the spread of covid-19 infection were discussed. Findings have shown that there were four main types of rhetoric, i.e. Statistical conclusions which include 34% of expository techniques, 30% of descriptive, 33% of persuasion and only 3% for argumentation techniques. This also implies that rhetoric language is very important in ensuring the dissemination of knowledge among the institution and people is effective and and transparent.

This paper aims to investigate the causal nexus between foreign direct investment (FDI) and economic growth in SAARC countries.

Johansen's cointegration test was employed to examine the long‐run relationship between foreign direct investment and economic growth in SAARC countries. Besides, the vector error correction model (VECM) was employed to examine the causal nexus between foreign direct investment and economic growth in SAARC countries for the years 1970‐2007. Finally, the impulse response function (IRF) has been employed to investigate the time paths of log of foreign direct investment (LFDI) in response to one‐unit shock to the log of gross domestic product (LGDP) and vice versa.

The Johansen cointegration result establishes a long‐run relationship between foreign direct investment and gross domestic product (GDP) for the sample of SAARC nations, namely, Bangladesh, India, Maldives, Nepal, Pakistan and Sri Lanka. The empirical results of the vector error correction model exhibit a long‐run bidirectional causal link between GDP and FDI for the selected SAARC nations except India. The test results show that there is a one‐way long‐run causal link from GDP to FDI for India.

This paper employed annual data to examine the causal nexus between FDI and economic growth. Therefore, researchers are encouraged to test the FDI‐growth relationship further by using quarterly data.

The SAARC nations should adopt effective policy measures that would substantially enlarge and diversify their economic base, improve local skills and build up a stock of human capital recourses capabilities, enhance economic stability and liberalise their market in order to attract as well as benefit from long‐term FDI inflows.

This paper would be immensely helpful to the policy makers of SAARC countries to plan their FDI policies in a way that would enhance growth and development of their respective economies.