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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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Figures and tables

Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis

FIGURES

1.1 Prism of enterprise risks
1.2 Spectrum of enterprise risks
1.3 Risks of asset financing
2.1 Governing principles of Takaful
6.1 Top growing countries in Takaful assets (CAGR until 2015)
6A.1 Global Takaful assets and projected growth (US$ Bn)
6A.2 Takaful models used in the industry
6A.3 Percentage of Takaful GWC by key regions in 2015 (US$)
6A.4 Percentage of general Takaful GWC by key regions in 2015 (US$)
6A.5 Percentage of family Takaful GWC by key regions in 2015 (US$)
6A.6 Investment management preference
6A.7 Malaysian operators’ investment allocations
6A.8 Malaysia Takaful operator Sukuk allocation
6A.9 GCC operators’ investment allocations
8.1 Wakalah-based Takaful contract – family Takaful
8.2 Mudharabah-based Takaful contract – family Takaful
8.3 Wakalah-Mudharabah-based Takaful contract – family Takaful

TABLES

1.1 Top Takaful operators/Takaful windows globally by total assets
1.2 Takaful assets breakdown by fully fledged/window
1.3 Takaful response to the five key areas of risk
1.4 Performance of the general and family Takaful industries
2.1 Compensation in case of bodily injury or death resulting from negligence ruled under the institution of al-Diyah (as practiced by Takaful Malaysia)
3.1Comparison of the two insurance systems, Takaful and conventional
3.2 Comparison of characteristics of Takaful and conventional insurance
3.3 Legal capacity comparison in Malaysia, Australia and UK
3.4 Legal capacities to contract comparison between Takaful and conventional insurance
3.5 Comparison of mutual consent between Takaful and conventional insurance
3.6 Utmost good faith comparison between Takaful and conventional insurance
4.1 Al-Tabarru’ and al-Musahamah compared
4.2 Comparison between Ss. 166 and 167 of The Insurance Act 1996
6.1 Top 10 countries in Takaful assets (US$ Mn, FYE 2015)
6.2 Countries outlook
6.3 Takaful assets and number of institutions by region (FYE 2015)
6.4 Takaful players and windows ranking
6.5 Islamic financial industry organizations
6A.1 IFSB-8 Standard governance guidelines for Takaful enterprises