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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 4: Practices of Takaful

Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis

Extract

Here we present the practices of Takaful. The issue regarding whether a licensed insurance agent or a broker can also be licensed to market Takaful products is analyzed based on different Shari’ah alternatives. Also, the general Takaful contract and the premium in Takaful are discussed. The beneficiaries of Takaful are explained, focusing on special cases like children. Accounting and management issues are also examined in addition to valuation of assets and liabilities.

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