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Encyclopedia of Islamic Insurance, Takaful and Retakaful

Mohd Ma’Sum Billah, Professor of Finance and Insurance, Islamic Economics Institute, King Abdul Aziz University, Kingdom of Saudi Arabia, Ezzedine GhlamAllah, Entrepreneur and Founding President, SAAFI, France and Christos Alexakis, Associate Professor, Department of Finance and Accounting, ESC – Rennes School of Business, France
The model of Islamic insurance policy is based on the principles of mutual cooperation, brotherhood and solidarity. This timely volume contradicts the widely-held belief that insurance policies oppose the teachings of Islam, exploring ways in which it coheres with Shari’ah law. The book explores Takaful, an insurance paradigm that is in accordance with Islamic principles and suits the needs of modern Islamic economies and communities.
Extent: c 416 pp
Hardback Price: $210.00 Web: $189.00
Publication Date: October 2019
ISBN: 978 1 78811 582 7
Availability: Not yet published
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  • eISBN: 978 1 78811 583 4

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This timely Encyclopedia is a much-needed thorough reference on Islamic insurance policy and the ways in which this can be modelled to cohere with Shari’ah law. The authors explore the ways in which Islamic insurance can be halal, contradicting the widely held belief that insurance policies are not appropriate or moral, utilizing evidence from both the Qu’ran and top Islamic scholars to do so.

The book explores Takaful, an insurance paradigm that is in accordance with Islamic principles and suits the needs of modern Islamic economies and communities. It examines the practices, principles, framework and importance of the notion of Takaful, using evidence from the Qu’ran and Islamic teachings to support this. Chapters examine how Takaful is different to conventional insurance models that are not permissible under Shari’ah law, contradicting misconceptions about the possibility of an insurance policy that is achievable within Islamic communities. The book further explores the room for cooperation between Takaful services and Islamic banking, offering insight into how this can be improved in the future.

A valuable asset for Islamic insurance and Islamic economics scholars, this timely book offers a thorough analysis of Takaful, Retakaful and Islamic insurance in our modern world. It will also be a useful read for those practising Takaful to ensure that their advice coheres with Shari’ah law.
Contents: Preface Foreword Introduction Bibliography 1. A general introduction to Takaful 2. Understanding the pillars of Takaful 3. Regulatory framework of Takaful 4. Takaful and conventional insurance – A comparison 5. Practices of Takaful 6. Retakaful and its importance to Islamic Finance 7. Contemporary issues in Takaful implementation Index