Fulfillment of Maqasid al-Shariah via Takaful
AbstractProtection is as important as other basic needs as it ensures the continuity of the fulfillment of the needs. The fulfillment from Islamic point of view can be categorised into five major areas as prescribed under the Maqasid al-Shariah. Protection can be achieved via Insurance, but it is not acceptable by Islam because of the element of riba, gharar, and maysir in it. Therefore, Takaful or Islamic Insurance is taken as alternative to achieve the same objective but with a different contract and via Shariah-compliant investment mechanism. This paper tries to connect Takaful and its features as a tool to fulfill the Maqasid al-Shariah.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 47776.
Date of creation: May 2013
Date of revision:
Islamic Insurance; Takaful; Maqasid al-Shariah; Wealth Protection.;
Find related papers by JEL classification:
- G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
- I00 - Health, Education, and Welfare - - General - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-06-30 (All new papers)
- NEP-ARA-2013-06-30 (MENA - Middle East & North Africa)
- NEP-IAS-2013-06-30 (Insurance Economics)
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