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The concept of takaful, or Islamic insurance, where resources are pooled to help the needy does not contradict Shariah (Islamic Law). The concept is in line with the principles of compensation and shared responsibilities among the community. It is not a new concept, in fact it had been practiced by the Muhajrin of Mecca and the Ansar of Medina following the hijra (migration) of the Prophet over 1400 years ago. It is generally accepted by Muslim Jurists that the operation of conventional insurance does not conform to the rules and requirements of Shariah.
Conventional insurance involves the elements of uncertainty
(Al-gharar) in the contract of insurance, gambling (Al-maisir) as the consequences of the presence of uncertainty and interest
(Al-riba) in the investment activities of the conventional insurance companies which contravene the rules of Shariah. Takaful is an alternative form of cover which a Muslim can avail himself against the risk of loss due to misfortunes.
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Islamic Investment Products In the UK
New Horizon, March 2001, 3-5
Rodney Wilson
Introduction Read More |
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Comparative Study of Insurance and Takafol (Islamic Insurance)
- By Muhammad Anwar
The Pakistan Development Review, Vol: 33, Issue:4, Yr. Winter 1994, Pg. 1315-1328
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An Overview of the Takaful Industry
- By Mohd Fadzli Yusof- Chief Executive Officer, Sharikat Takaful, Malaysia
New Horizon, No. 107, March 2001, pg. 9-11
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Islamic Investment Products In the UK
- By Rodney Wilson
New Horizon, March 2001, 3-5
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The Concept and Operational System of Takaful Business
- By Mohammed Fadzli Yusof
New Horizon, No.5, MAY-JUNE, 1996, 10-13, 12-14
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Takaful (Islamic Insurance) Premium: A Suggested Regulatory Framework
- By Dr. Mohd. Ma’sum Billah
Journal of Islamic Banking and Finance, 19, No.3, July-Sept 2002, 52-64
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