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This timely Encyclopaedia is a much-needed thorough reference on Islamic insurance policy, and the ways in which this can be modelled to cohere with Shari’ah law. The authors explore the ways in which Islamic insurance can be halal, contradicting the widely-held belief that insurance policies are not appropriate or moral, utilising evidence from both the Qu’ran and top Islamic scholars to do so.
The book explores Takaful, an insurance paradigm that is in accordance with Islamic principles and suits the needs of modern Islamic economies and communities. It examines the practices, principles, framework and importance of the notion of Takaful, using evidence from the Quran and Islamic teachings to support this. Chapters examine how Takaful is different to conventional insurance models that are not permissible under Shari’ah law, contradicting misconceptions against the possibility of an insurance policy that is achievable within Islamic communities. The book further explores the room for cooperation between Takaful services and Islamic banking, offering insight into how this can be improved in the future.
A valuable asset for Islamic insurance and Islamic economics scholars, this timely book offers a thorough analysis of Takaful, re-Takaful and Islamic insurance in our modern world. It would also be a useful read for those practicing Takaful to ensure that their advice coheres with Shari’ah law.