Summary |
This book explains the development of a hybrid model. Takaful is intended to deal with three prohibited or haram practices under Islam: the payment of interest (Riba), the existence of uncertainty in a transaction (gharar), and gambling (maysir). The primary intent of this relatively recent entry to world insurance markets is to provide a core service to Muslim and others who have religious or ethical objections to conventional commercial insurance models. A secondary intent is to develop a model that deals with the capital challenges that have faced mutual insurers in the West and the subsequent decline of the mutual business model. Two realities - the uneven approaches to takaful and the economic potential that its availability is releasing - mean that it is especially important to facilitate debates that promote an understanding of takaful.
This book seeks to increase the understanding, appreciation, and discussion of the challenges and solutions needed for the active development and implementation of takaful.
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