Preview of General Takaful

Abstract

Muslim jurists generally accept that the concept of Takaful does not contradict the Shari’ah, as the essence of insurance could be seen in the system of mutual help in relation to the custom of blood money under Arab tribal customs. The teaching of Islam encompasses the essence of peace, economic well-being and development of Muslims at all levels. The principle of compensation and group responsibility was accepted by Islam and the Holy Prophet. The practices of Takaful can be seen in the practices of al-Aqila, even before the rise of Islam. This practice was further developed after the rise of Islam to be in accordance with Shari’ah regulations.

It is acknowledged that the ideas in this chapter/product have been significantly contributed to by the practices/experiences/thoughts of Bank Negara, Takaful Malaysia, Takaful Ikhlas, Takaful Nasional, Etiqa Takaful, IBFIM, IIUM, MII and others (Malaysia).