TAKAFUL: BASE OF ISLAMIC INSURANCE ON THE SHARI'AH FRAMEWORK
Keywords:
Takaful, Halal Sustainability, Maqasid Shari’ahAbstract
Takaful is growing fast day by days. Other than it can develop the industry of
Takaful itself, the main reason by introducing the takaful insurance is to offer
or provide an alternative to all Muslims’ needs in protection product. Thus,
similar to the conventional insurance, it is to provide the element of protection
and indemnity to both individual and corporate bodies against loss or hazards
to their selves or wealth but in line with the Maqasid Shari’ah Principles.
Hence, the objective of the study has been evaluated the family takaful product
which based on the Maqasid Shari’ah framework due to the five preservations
or protections (Protection of Religion, Protection of Life, Protection of
Intellect, Protection of Progeny and Protection of wealth). Most of the products
offered in takaful institutions are in line with the Maqasid Shari’ah perspective
as sustainable of financial planning which bring to the social well-being and
impartiality for the public interest (maslahah) by taking into consideration of
five preservation, namely the preservation of religion (al-ddin), the
preservation of life (al-nafs), the preservation of intellect (al-‟aql), the
preservation of progeny (al-nasl) and the preservation of wealth (al-mal).
Thefore, it is an important not only in developing takaful as a part of industry
growing but then beyond than that to fulfill the needs of Muslim as well for all
the others as well as enhancing halal sustainability through takaful products
development.
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