IDEAS home Printed from https://ideas.repec.org/h/elg/eechap/18149_1.html
   My bibliography  Save this book chapter

Understanding the pillars of Takaful

In: Encyclopedia of Islamic Insurance, Takaful and Retakaful

Author

Listed:
  • .

Abstract

The word Takaful stands for shared responsibility, shared guarantee, collective assurance and mutual undertakings. In Takaful, there are usually four parties involved: the participant, the operator, the insured and the beneficiary. The nature of Takaful is that in a society, anybody who has legal capacity may contribute an amount of money to a mutual cooperative fund. Thus, those who contribute to the mutual fund are known as participants, while those who are among the participants who face a risk and are assisted by the fund are known as the insured. Those who actually benefit from the fund are known as the beneficiaries of a cooperative fund. The monetary contribution made by the participants to the fund is known as the mutual contribution. The fund is managed by a registered or licensed entity as a corporation known as a Takaful operator. The operator binds himself bilaterally to manage the fund according to Shari’ah principles, and also to provide reasonable financial security against loss or damage as a result of a well-defined risk.

Suggested Citation

  • ., 2019. "Understanding the pillars of Takaful," Chapters, in: Encyclopedia of Islamic Insurance, Takaful and Retakaful, chapter 1, pages 1-51, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18149_1
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/9781788115827/chapter01.xhtml
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tushar, Wayes & Saha, Tapan Kumar & Yuen, Chau & Azim, M. Imran & Morstyn, Thomas & Poor, H. Vincent & Niyato, Dustin & Bean, Richard, 2020. "A coalition formation game framework for peer-to-peer energy trading," Applied Energy, Elsevier, vol. 261(C).
    2. Zhang, Wei & Valencia, Andrea & Gu, Lixing & Zheng, Qipeng P. & Chang, Ni-Bin, 2020. "Integrating emerging and existing renewable energy technologies into a community-scale microgrid in an energy-water nexus for resilience improvement," Applied Energy, Elsevier, vol. 279(C).
    3. Anne O'Brien & Susan Liddy, 2021. "The price of motherhood in the Irish film and television industries," Gender, Work and Organization, Wiley Blackwell, vol. 28(6), pages 1997-2009, November.
    4. Franken, Jonas & Reinhold, Thomas & Reichert, Lilian & Reuter, Christian, 2022. "The digital divide in state vulnerability to submarine communications cable failure," International Journal of Critical Infrastructure Protection, Elsevier, vol. 38(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:eechap:18149_1. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Darrel McCalla (email available below). General contact details of provider: http://www.e-elgar.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.