The evolution of takaful products
Date
2015
Authors
Lewis, M.K.
Editors
Mahlknecht, M.
Hassan, K.
Hassan, K.
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Book chapter
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Source details - Title: Islamic capital markets: products and strategies, 2015 / Mahlknecht, M., Hassan, K. (ed./s), Ch.9, pp.185-199
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Abstract
If Islamic insurance is viewed as an integral part of the Islamic economic and financial system, its goals become apparent. In general terms the aims of an Islamic economic system are to implement the commands of the Creator and His Apostle and provide an environment where it becomes convenient for individual Muslims to follow Islamic injunctions in commercial and financial transactions. Different views of Islamic insurance leads to the development of takaful (cooperative) insurance which operates in accordance with the Islamic financial principles. Takaful is based on the concept of shared responsibility, joint indemnity, and mutual protection, whereby a group of participants mutually guarantee each other against losses or damages. It builds on the twin principles of mutual assistance (ta'awun) and voluntary contribution (tabarru) by which the risk is shared collectively and voluntarily by a group of participants
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Copyright 2011 John Wiley and Sons