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Fulfillment of Maqasid al-Shariah via Takaful

Author

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  • Abdul Aziz, Ahmad Faizal
  • Mohamad, Shaifulfazlee

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.

Suggested Citation

  • Abdul Aziz, Ahmad Faizal & Mohamad, Shaifulfazlee, 2013. "Fulfillment of Maqasid al-Shariah via Takaful," MPRA Paper 47776, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:47776
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    File URL: https://mpra.ub.uni-muenchen.de/47776/1/MPRA_paper_47776.pdf
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    More about this item

    Keywords

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

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • I00 - Health, Education, and Welfare - - General - - - General

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