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Fulfillment of Maqasid al-Shariah via Takaful

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  • Abdul Aziz, Ahmad Faizal
  • Mohamad, Shaifulfazlee
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    Abstract

    Protection 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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    File URL: http://mpra.ub.uni-muenchen.de/47776/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 47776.

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    Date of creation: May 2013
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    Handle: RePEc:pra:mprapa:47776

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    Related research

    Keywords: Islamic Insurance; Takaful; Maqasid al-Shariah; Wealth Protection.;

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