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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 3: Takaful and conventional insurance: dichotomy

Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis

Extract

Both insurance under common law and Takaful under Islamic Law share the common goal to provide reasonable financial security against unpredicted risks affecting one’s life or property. This common goal can be achieved only by a mutual contractual relationship upon which both the insurer or the Takaful operator and the insured or the Takaful contributor are bound to perform their respective obligations. Although both conventional insurance and Takaful strive for a common aim based on contractual principles, there are some aspects in which both systems stand on their own platforms. We seek to analyze the principles of contracts affecting both conventional insurance and Takaful using a comparative approach.

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