Islamic Life Insurance

Islamic Law

Islamic Life Insurance

By Mohd Ma'sum Billah
Sweet & Maxwell Malaysia November 2013

Specifications

ISBN-13
9789670498690
Publisher
Sweet & Maxwell Malaysia
Publication
November 2013
Format
Hardback , 420 pages
Jurisdiction
Malaysia ? Countri(es) for reference only

Details

The book presents an alternative Shariah-compliant life insurance scheme. It takes a comparative look at the elements involved in both the conventional system and the proposed scheme, and suggests a proper model which is both competitive and Shariah-compliant.

 
KEY FEATURES
  •  Comparative discussion on conventional vs Islamic scheme
  •  Authorities from Quran and Hadith to support suggested insurance model
  •  Tables and charts for easy reference
 
KEY BENEFITS
  •  Explains the basic principles of insurance (both conventional and Islamic model)
  •  Analysis of the suggested model and its proposed adaptation
  •  Practical solutions to the life insurance policy issues faced by Muslims in the contemporary society

Table of Contents

Part I: Concept & Development of Islamic Life Insurance
• Concept and Development of Islamic Insurance (Takaful) (570AD - 21st Century) • Islamic Life Insurance (Family Takaful)
• Islamic Life Insurance (Family Takaful) Scheme in Modern Reality • Takaful Modern vs Insurance • Life Insurance? Islamic vs. Modern • Models of Takaful (Islamic Insurance) as Practised around the Globe
 
Part II: Principles of Islamic Life Insurance
• Shariah Rulings Governing Takaful Business • The Shariah Supervisory Board Governing Islamic Life Insurance Industries • Shariah Requirements for the Establishment of an Islamic Life Insurance Company • Licensing in Islamic Banking & Life Insurance Businesses • Diyah & Daman: A Model of Quantum of Damages (Third Party Claim) in Islamic Life Insurance (Family Takaful)
 
Part III: Practices of Islamic Life Insurance
• Underwriting in Islamic Life Insurance • Insurable Interest or Beneficial Interest • Agency (al-Wakalah) in Islamic Life Insurance • Fund Management in Islamic Life Insurance • Actuarial (Pricing) Standard in Islamic Life Insurance • Islamic Life Insurance and its Accounting Treatment • Claim Procedures and Distribution of Benefits in Islamic Life Insurance • Group Islamic Life Insurance (Family Takaful) Plan (Credit) • Islamic Endowment Insurance (Takaful Ma’asyi) Plan • Term Islamic Life (Family Takaful) Rider (an example of Takaful Ikhlas Sdn. Bhd.) • Online Islamic Life Insurance Business • Islamic Life Re-Insurance (Re-Takaful)

About the Author

Prof Dr Mohd Ma’sum Billah is the Group Chairman of Middle Eastern Business World (MBW) Group of Companies
  •  Author of more than 35 books, 200 articles
  •  Member of editorial board of various international journals and proceedings
  •  Advisor to several governments on investment, financial and corporate issues
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