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Motor Takaful

In: Islamic Insurance Products

Author

Listed:
  • Mohd Ma’Sum Billah

    (King Abdulaziz University)

Abstract

Insurance practice is the most popular method to ensure one’s material security or that property is insured against risk. However, some Muslims are disinclined to accept insurance because they believe that it involves Riba. In response to this, the Islamic scholars have analysed the operation of insurance and eliminated the illegal elements in conventional insurance; they have then suggested the Takaful is the best insurance to substitute for the conventional approach. Takaful or Islamic insurance is policy of mutual co-operation, solidarity and brotherhood in which the participants share responsibility with the insurer against losses. They are expected to contribute to the fund (Tabarru’) with good intentions to help each other.

Suggested Citation

  • Mohd Ma’Sum Billah, 2019. "Motor Takaful," Springer Books, in: Islamic Insurance Products, chapter 0, pages 75-96, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-17681-5_5
    DOI: 10.1007/978-3-030-17681-5_5
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