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Fulfillment of Maqasid al-Shariah via Takaful

Author

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  • Abdul Aziz, Ahmad Faizal
  • Mohamad, Shaifulfazlee

Abstract

Protection is as important as other basic needs as it ensures the continuity of the fulfillment of the needs. The fulfillment from Islamic point of view can be categorised into five major areas as prescribed under the Maqasid al-Shariah. Protection can be achieved via Insurance, but it is not acceptable by Islam because of the element of riba, gharar, and maysir in it. Therefore, Takaful or Islamic Insurance is taken as alternative to achieve the same objective but with a different contract and via Shariah-compliant investment mechanism. This paper tries to connect Takaful and its features as a tool to fulfill the Maqasid al-Shariah.

Suggested Citation

  • Abdul Aziz, Ahmad Faizal & Mohamad, Shaifulfazlee, 2013. "Fulfillment of Maqasid al-Shariah via Takaful," MPRA Paper 47776, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:47776
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    File URL: https://mpra.ub.uni-muenchen.de/47776/1/MPRA_paper_47776.pdf
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    References listed on IDEAS

    as
    1. Asyraf Wajdi Dusuki & Abdulazeem Abozaid, 2007. "A Critical Appraisal On The Challenges Of Realizing Maqasid Al-Shariaah In Islamic Banking And Finance," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 15(2), pages 999-1000, December.
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    Cited by:

    1. Khairil Faizal Khairi & Mohamad Subini Abdul Samat & Nur Hidayah Laili & Hisham Sabri & Mohd Yazis Ali Basah & Asmaddy Haris & Azrul Azlan Iskandar Mirza, 2020. "Takaful Protection for Mental Health Illness From the Perspective of Maqasid Shariah," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(3), pages 168-175, June.

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    More about this item

    Keywords

    Islamic Insurance; Takaful; Maqasid al-Shariah; Wealth Protection.;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • I00 - Health, Education, and Welfare - - General - - - General

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