Abstract
A Takaful business will not be valid in the eyes of Islamic discipline should any aspect of it contravene Shari’ah principles. The Takaful Act (Malaysia) 1984 rules that Shari’ah-based insurance is enforceable if a business’s “aims and operations do not involve any element which is not approved by the Shari’ah.” Therefore, it is a prerequisite for the validity of an insurance contract that no aspect should be in contravention of Shari’ah sanctions. It should also be clarified here that Islam is the only system of life recommended by Allah (swt) and, therefore, it is of course logical for any transaction (including that of insurance) to conform with the Divine rules and regulations. Any transaction that fails to be in line with such Divine will is therefore invalid.
It is acknowledged that the idea for this chapter has been shared with the author’s other related research works, for the common benefit of academia, regulators, researchers as well as industries.
This is a preview of subscription content, log in via an institution to check access.
Notes
- 1.
For the text, see Sahih al-Muslim (Tahqiq) Mohd. Nasiruddin al-Albani, Laznatu Ihya al-Sunnah, Ashare, Arabi, Asyuf (n.d.), Kitab Tahreem al-Dimaa’ wa Zitnil Qisas al al-Diyyat, No. 1032, at 274. Also see Sahih al-Bukhari, Kitab al-Diyyat, Bab Janeen al-Marat, No. 6395. For a translation see Sahih al Muslim (translation English), Siddiqi, A. Hamid, Darul arabia, Lebanon, 1978, Vol. 3, No. 4:68, at 905.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2019 The Author(s)
About this chapter
Cite this chapter
Billah, M.M. (2019). An Overview of Takaful Products. In: Islamic Insurance Products. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-17681-5_1
Download citation
DOI: https://doi.org/10.1007/978-3-030-17681-5_1
Published:
Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-030-17680-8
Online ISBN: 978-3-030-17681-5
eBook Packages: Economics and FinanceEconomics and Finance (R0)