Chapter 2: Regulatory framework of Takaful
An insurance practice under Islamic Law and teachings possesses certain fundamental characteristics upon which an insurance contract is to be held valid. A Takaful insurance policy aims at achieving the pleasure of Allah (swt) through the concept of mutual help and cooperation with the goal of providing material assistance against an unexpected future damage, loss or peril. An insurance policy remains valid if none of its aspects contradicts with the Shari’ah principles. The sources of the Islamic insurance contract can mainly be divided into two categories, general sources and specific sources. The general sources of Islamic Law begin with the Holy Qur’an and the Sunnah or the Tradition of the Holy Prophet (saw). These are regarded as the principal sources of Islamic Law. Other secondary sources of Islamic Law should strictly be based on these two primary sources.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.