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Encyclopedia of Islamic Insurance, Takaful and Retakaful

Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis

The model of Islamic insurance policy is based on the principles of mutual cooperation, brotherhood and solidarity. This timely volume contradicts the widely-held belief that insurance policies oppose the teachings of Islam, exploring ways in which it coheres with Shari’ah law. The book explores Takaful, an insurance paradigm that is in accordance with Islamic principles and suits the needs of modern Islamic economies and communities.
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Chapter 2: Regulatory framework of Takaful

Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis

Extract

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.

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