Analysis of Two Endowment and Attorney Models of Takaful in Malaysia and Iranian Law

Abstract

Background and Aim: One of the most important tools with the function of insurance in the contemporary era is Takaful, which is based on Islamic jurisprudence (Sunni jurisprudence) and despite its short life, has gained a good position in the insurance market in Islamic countries. Since Islamic contracts are used in the structure of Takaful, a jurisprudential and legal study of the structure of Takaful and attention to the interests of participants as a guarantee for the stability of this institution in the insurance market is inevitable. Materials and Methods: This is a descriptive Study. Ethical Considerations: Honesty and confidentiality have been observed. Findings: In this article, two endowment and attorney models of Takaful based on jurisprudential and legal principles are discussed and the theories of Sunni and Imami'ah jurisprudence and Iranian and Malaysian law system regarding the doubts in Takaful are examined. Non-acceptance of endowment of money, non-acceptance of endowment by legal entities, incompatibility of endowment of company property with the nature of insurance commercial companies, problems in Imami jurisprudence and Iranian law are important impediment on the model of endowment. Conclusion Some Takaful contracts, such as the endowment institution, may not be in line with the rules of endowment in Iran, but the model of the attorney contract can be considered correct in both Imami'ah (Shiite) and Sunni jurisprudential views according to the principle of necessity and the principle of validity of contracts.