TAKAAFUL OPERATION: APPRAISAL OF THE EXISTING MODELS AND EXPLORATION OF A POSSIBLE ALTERNATIVE, THE WADI'AH MODEL.
الكلمات المفتاحية:
الاقتصاد الجديد، المخاطر، التنمية الاقتصادية، Takaful - Participants -Takaful Operators - Tabaru’- Wakalah – Mudaraba - Ju’alah- Wadeeahالملخص
Practice differs regarding the underlying Islamic financial contracts used in various takÉful operational models. However, the current takÉful operational models have been subject to several criticisms from both operational and Shariah compliance viewpoints. This paper examines the fundamental and modus operandi of the existing takaful models. It highlights area of strengths and weaknesses. The paper then explores takaful model based on wadÊÑah. It evaluates the extent to which the wadÊÑah yad ÌamÉnah contract can be used as an alternative for takÉful operational functions. The viability of takÉful companies implementing the wadÊÑah model is assessed. The aim of this paper is to have an in-depth understanding of the existing models and open horizons for possible alternative models.المراجع
Engku Ali, E.R and Odierno, H.S (2008). Essential Guide to Takaaful (Islamic Insurance). CERT Publication Wahab, A. R, Lewis, M.K. & K. & Hassan, M.K. (2007) Islamic Takaaful: Business Models, Shariah Concerns, and Proposed Solutions, Thunderbird International Business Review, Volume 49. Issue 3.
Frenz, T. Takaaful and Retakaaful, Principles and Practices. Munich RE Retakaaful, Sigma, (2008). Insurance in the Emerging Markets: Overview and Prospects for Islamic Insurance. Swiss Re.
Billah, M. M. Different Models of Takaaful in the Global Sound Market.
Al-Zuhayli, W. (2001). Financial Transactions in Islamic Jurisprudence. Damascus: Dar Al-Fikr.
Ernst and Young. (2009). The World Takaaful Report 2009, p. 39.
The World Takaful Report 2009, Ernst and Young, page 39.
Ernst and Young, The World Takaful Report 2009, p. 34.
Interview with Mr. Ismail Mahbob of MNRB Retakaful.
Swiss Re, Sigma No 5/2008 “Insurance in the Emerging Markets: Overview and Prospects for Islamic Insurance”, p.24 Abdul Rahim Abdul Wahab, Mervyn K. Lewis & M. Kabir Hassan, “Islamic Takaful: Business Models, Shariah Concerns, and Proposed Solutions”, Thunderbird International Business Review, Vol. 49, May-June 2007, pp.
371-396. Swiss Re, Sigma No 5/2008 “Insurance in the emerging markets: overview and prospects for Islamic insurance”, page Sigma page 24 Billah, M.M. “Different Models of Takaful in the Global Sound Market”. Retrieved from http://www.takaful.coop/doc_store/takaful/differentModels.pdf Ibn Aabidiin, 4:515.
Al-Khatib Al-Shirbini, vol.3 p.79. Hashyiat Al-Dusuqi, vol. 3, p.419.
Al-Nisa’, 58 Ibn Abidin, Rad Al-Muhtar ala Al-Dur Al-Mukhtar, vol.5, p.662, Darul Fikir, Beirut.
Al-Baqarah, 283 Al-Baihaqi, Sunan Al-Kubro, vol.6, p.472, Darul Kutub Ilmiyyah, Beirut.
Al-Baihaqi, Al-Sunan Al-Kubro, vol.6, p.467, 3 rd Edition, 2003, Dar Al-Kutub Al-Ilmiyyah, Beirut. Al-Nawawi, Riyaadu Al-Solihin, vol.1, p. 77, Dar Al-Rayyan.
Zuhayli. W, Fiqh Al-Islami wa Adillatuhu, p.4026 Al-Maqdisi, Al-Uddah Syarh Al-Umdah, vol.1, p.293, Darul Hadis, Al-Kaherah.
Al-Kasani, Badaai` al-Sanaai’, vol.8, p. 3899 Al-Buhuti, Kasyaf al-Qina’, vol.4, p. 1414 Frenz, T. Takaful and Retakaful, Principles and Practices, Munich RE Retakaful, p. 68. Engku Ali, E.R and Odierno, H.S (2008). Essential Guide to Takaful (Islamic Insurance) CERT Publication, p. 36
