Islamic Insurance Products: Exploring Takaful Principles, Instruments and Structures

Abstract

Intro -- Foreword -- Preface -- Acknowledgements -- Contents -- About the Author -- List of Figures -- List of Tables -- Introduction -- Part I: An Overview of Takaful and Re-takaful -- Chapter 1: An Overview of Takaful Products -- 1.1 Introduction -- 1.2 The Takaful Niche -- 1.3 Socio-economic Foundation of Takaful -- 1.3.1 Sincerity (Ikhlas) -- 1.3.2 Shari'ah Principles -- 1.3.3 Moral Attributes -- 1.3.4 Elements of a Takaful Contract -- 1.4 Rational Outlook -- 1.5 Argument for and Against Takaful/Insurance -- 1.6 Misconceptions -- 1.7 Response to the Misconceptions -- 1.8 Further Justifications -- 1.9 Conclusion -- Chapter 2: Re-takaful Products in a Nutshell -- 2.1 Introduction -- 2.2 Re-Takaful Product -- 2.3 Parties to Re-Takaful Contracts -- 2.4 Objectives of Re-Takaful Products -- 2.5 Shari'ah Requirements of Re-Takaful -- 2.6 Principles of Re-takaful -- 2.6.1 Principles of Contract ('Aqd) -- 2.6.2 Principles of Liability -- 2.6.3 Principles of Wakalah (Agencies) -- 2.6.4 Principles of Daman (Guarantee) -- 2.6.5 Principles of Mudharabah -- 2.6.6 Tabarru' -- 2.7 The Corporate Paradigm of Re-takaful -- 2.8 Operational Mechanisms -- 2.9 General Re-takaful Products -- 2.9.1 Fire and Property Re-Takaful -- 2.9.2 Accident Re-Takaful -- 2.9.3 Marine Re-Takaful -- 2.9.4 Automobile Re-Takaful -- 2.9.5 Engineering Re-Takaful -- 2.9.6 Special Risks Re-Takaful -- 2.10 Operational Mechanisms of General Re-takaful Protection -- 2.11 Basis of Operations -- 2.11.1 Mutually Agreed Participation -- 2.11.2 Tabarru' -- 2.12 Conclusion -- Chapter 3: Governing Principles of Takaful and Re-takaful Products -- 3.1 Introduction -- 3.2 Governing Principles of Takaful and Re-Takaful Products -- 3.2.1 General Principles -- 3.2.2 The Qur'an -- 3.2.3 The Sunnah -- 3.2.4 Ijtihad -- 3.2.5 Al-Masalehal-Mursalah -- 3.2.6 Al-'Urf -- 3.2.7 Al-Fiqh -- 3.2.8 Sincerity.