Abstract
Insurance has become an important field to take practical steps in the light of theoretical debate generated by Muslim scholars for an alternative economic paradigm. Several Takāful companies are also operating all around the Muslim world. These companies have adopted diverse working models such as Mudārabah, Wakālah and Waqf-Wakālah – each having its strengths and shortcomings. Takāful however is an evolving field both in theory and practice; and the work is ongoing in both the dimensions. Maximum possible benefits with an all-important sense of satisfaction for the consumers, and sustainability and profitability for the company providing such services, need to be ensured through continuous research and development.
Highlights
The negative impacts of the prevailing global economic paradigm and its occasional failures have provided a sound basis for consideration of an alternative economic system
IIC was the first Takāful Company was founded under the title of the Islamic Insurance Company Sudan by Faisal Islamic Bank Sudan (FIBS), after a fatwa (Legal opinion) was issued by its Shari’ah board, urging the bank to establish an Islamic cooperative insurance company to handle transactions according to Shari’ah principles
This study shows that the concept and practice of Islamic insurance (Takāful) have passed through a process of evolution before reaching to present status
Summary
Abstract [Insurance has become an important field to take practical steps in the light of theoretical debate generated by Muslim scholars for an alternative economic paradigm. Several Takāful companies are operating all around the Muslim world. These companies have adopted diverse working models such as Muḍārabah, Wakālah and Waqf-Wakālah – each having its strengths and shortcomings. Takāful is an evolving field both in theory and practice; and the work is ongoing in both the dimensions. Maximum possible benefits with an all-important sense of satisfaction for the consumers, and sustainability and profitability for the company providing such services, need to be ensured through continuous research and development. Maximum possible benefits with an all-important sense of satisfaction for the consumers, and sustainability and profitability for the company providing such services, need to be ensured through continuous research and development. – Editors.]
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