Abstract
Attaining training effectiveness will be beneficial for General Insurance Agents in performing their daily activities. The training expenditure for General Insurance Agents, which is accounted in the company’s book under the Agency Related Expenses (ARE), applies to all the practitioners in the general insurance agency force with effect from 1st January 2005 where the training hours and related requirements stipulated in the guidelines set by the Central Bank of Malaysia (BNM) must be complied with. The Financial Mediation Bureau (FMB), now known as Ombudsman for Financial Services (OFS), a unit under the Central Bank of Malaysia, had recorded 609 customers complaints in 2015, 660 in 2014 and 742 in 2013 for General Insurance products. This report shows that the people who introduces the insurance products to the public are not well versed with the products thus the knowledge imparted were different from what it is all about. In the insurance industry, the people who plays the role as link between insurance companies and customers are widely known as agents. This research was conducted in two training session where agents were evaluated to find the best way to improve their basic understanding of product knowledge thus connection to the higher-level knowledge is possible. Results indicate that agents are more comfortable, open-minded and less stressful while learning with their peers compares to instructors. The approach using learning style was developed and had resulted a more relax and conducive learning environment and the training effectiveness achieved served as evidence of improved agents’ performance.
Highlights
The banking system in Islamic finance is based on the concept of profit or loss sharing
Its implementation is expected to promote the development of Islamic banking in Indonesia and to support its optimal performance
Some studies found that based on the theory of economy, the establishment of spinoff does not help much in improving the effectiveness of Islamic bank
Summary
The banking system in Islamic finance is based on the concept of profit or loss sharing. Bank will share its loss if they want the return of capital. The development of Islamic banking in Indonesia grows significantly after the enactment of the Law No 21/2008 on Islamic banking. The Article 68 of the law stipulates that the separation of the UUS as one of the efforts to support the development of Islamic banking institution in Indonesia. In the event that a Conventional Commercial Bank having UUS, of which its assets value has reached at least 50% (fifty percent) of the total asset value of its Parent Bank or after 15 (fifteen) years since the enactment of this Law, the Conventional Commercial Bank must conduct an UUS Splitting (spin off) to turn it into an Islamic Commercial Bank Article 68 states that: 1. In the event that a Conventional Commercial Bank having UUS, of which its assets value has reached at least 50% (fifty percent) of the total asset value of its Parent Bank or after 15 (fifteen) years since the enactment of this Law, the Conventional Commercial Bank must conduct an UUS Splitting (spin off) to turn it into an Islamic Commercial Bank
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