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Chapter Seven Mutual Takaful Insurance Principles as a base for Takaful…
Chapter Seven Mutual Takaful Insurance Principles as a base for
Takaful Insurance
1.The Concept of Mutual Takaful Insurance
The negative impact of a specific incident is distributed among a group of persons instead of making the person who experienced the loss to bear its results
cooperative Society comprising a specific group of persons to avert risks resulting from a specific incident.
The Mutual Takaful Insurance When this type is managed by a specialized Company in its capacity as an agency (slamic Insurance Company)
Applicable Forms of Mutual Takaful Insurance
on participation
premiums have been paid in advance
History of Mutual Takaful Insurance
in 916 B.C. That regulation a result of jettisoning part
in China about 5000 years ago when some of the families who lived on floating houses
In old Rome, some societies helped the families of their military members
while transporting their goods by sea
Ibin Khaldoon During the winter and summer trips, members of caravans agreed among
Characteristics of Mutual Takaful Insurance
It is a consensual contract
The Insured's themselves manage Takaful Insurance
It is a contract of donation of a special kind
Premiums which the policyholders pay remain as their own property
The Scope of its application in practical life is little
Legitimacy of Cooperative "Takaful" Insurance
There is no disagreement among Moslem Shari'ah Scholars
Collective Insurance is one kind of contract of donations
Takaful Insurance does not include usury
Takaful Insurance does not include gambling, Gharar, and ignorance
All legal evidence permits Cooperative Insurance, as God says in the Holy Quran
The system of "Akila" in the prophetic tradition
The aims of Shari'ah studies are to meet the interests of he worshippers of God