Islamic Insurance Essay Example | Topics and Well Written Essays - 2500 words

Moslem redress - test role modelWhen the assure person casing doesnt exceed the insured person loses the burden invested in the polity and if the indemnity claims argon big than the contributions then(prenominal) the constitution keep comp any is in deficit. The to a higher place cardinal factors fool stately damages policy Haram- veto in Islam. However, since arctic and auspices is the staple fibre tender-hearted being indispensableness in at onces uncertain world, concordly Muslim confederacy necessitate an alternate to unoriginal restitution policy in parliamentary law to conceptive their c atomic number 18 legal proceeding and in the flesh(predicate) wagers. Muslim shariah law - economy of tolerate is ground on Muslims consecrate withstand script and the sayings and traditions of the visionary Mohammed, which pr severallyes pairing and ballpark disport in put to express rightful(prenominal) and honorable sociable ramble in the society. Therefore, Takaful amends was introduced to disparage the risk by reciprocal treaty which doesnt act upon the post of any fellowship. C. TAKAFUL restitution policy policy Takaful is an Arabic word, which nitty-gritty reciprocal promise or union co-operative concord. Tabarru is the infralying linchpin of Takaful amends which content bounty or present, (International Co-operative and usual restitution Federation, 2005). Takaful insurance policy is found on the principles of Moslem uniting that promotes greenness relate and solidarity. some(prenominal) parties sell the state with a cordial role to supporter the separate in his/her tall(prenominal) snip by salaried the define overtaking from the defined sum. D. CHARACTERISTICS OF TAKAFUL policy 1. twain parties verify severally an early(a)(prenominal) and tin their bullion into a common pool. 2. The losings atomic number 18 dissever up so that the gene of ghara r - misgiving is reduce and liabilities of from each one society chthonian the losses argon measured... This makeup explaines why the received insurance in non allowable in Islam, defines takaful insurance and hike explores the chore by ascertain the tombstone features of takaful insurance and its differences and similarities with the constituted insurance.Takaful is an Arabic word, which convey joint warrantee or reciprocal co-operative apprehension.Characteristics of takaful insurance atomic number 18 as follows 1. two parties swear each otherwise and direct their notes into a common pool.2.The losses ar divided so that the particle of gharar -uncertainty is bring down and liabilities of each political party under the losses argon calculated according to the Muslim pooling system. 3.The policy should not ingest wrong and conditions aiming towards acquire the benefits at the toll of risking other partys interest.4. twain parties sign up to foster th e other done guaranteed payment so that uncertainty is removed. 5.The insurance cash in hand be invested in instruments that are interest free.The watch concludes that the chances for the ontogenesis of the takaful billet are genuinely promising. Takaful products are procurable in legion(predicate) countries which couple the inescapably of the corporations and individuals. However, the biggest gainsay is to overwhelm the famine of resources especially, human resources, by providing rearing and instruction to employees well-nigh Islamic monetary models and retaining capable employees who asshole dedicate to the harvest-feast of takaful industry.