Retakaful (Islamic reinsurance) historical, shari’ah and operational perspectives
Risk cannot be separated from our daily life activities, including both personal and business activities. One of the ways to mitigate the risk is through insurance. However, insurance has the elements such as interest, uncertainty and gambling which are prohibited from the Islamic perspective. Thu...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English English |
| Published: |
IDOSI Publication
2014
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/36465/ http://irep.iium.edu.my/36465/ http://irep.iium.edu.my/36465/ http://irep.iium.edu.my/36465/1/retakaful.pdf http://irep.iium.edu.my/36465/4/36465_Retakaful%20%28Islamic%20reinsurance%29_scopus.pdf |
| Summary: | Risk cannot be separated from our daily life activities, including both personal and business
activities. One of the ways to mitigate the risk is through insurance. However, insurance has the elements such
as interest, uncertainty and gambling which are prohibited from the Islamic perspective. Thus, Muslim scholars
have introduced Takaful (Islamic insurance) and then, Retakaful (Islamic reinsurance) becomes the central role
for the Takaful operators since they cannot survive without Retakaful. Thus, the purpose of this research is
to elaborate on historical development of Retakaful and its Shari’ah and operational aspect in order for us to
appreciate the role of Retakaful to support the Takaful operators to whom we rely on to get the protection in
the case of misfortune. Library research is adopted in this paper since secondary data is used in this study. We
hope that this paper will enhance the body of knowledge in the area of Takaful and Retakaful. |
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