An Analysis of Issues in Takaful (Islamic Insurance)

Abstract

Takaful has become the alternative method of providing insurance services that is deemed acceptable for Muslims. This paper looks at the different views of Islamic scholars on conventional insurance and the legal and practical aspects of takaful insurance. It also looks at the different models used by takaful operators and analyses several issues which may still riddle takaful practice. It concludes by proffering suggestions and recommendations that may resolve issues that have been noticed.

Keywords: Takaful, Islamic insurance, takaful models, issues in takaful.