Insurance plays a positive role in economic development, but some
of its traditional products are inhibiting in some cultural
settings. 'Takaful and Mutual Insurance: Alternative Approaches to
Managing Risks' explains the development of a hybrid model. Takaful
(which means 'cooperative') is intended to deal with three
prohibited or haram practices under Islam: the payment of interest
(riba), the existence of uncertainty in a transaction (gharar), and
gambling (maysir). The primary intent of this relatively recent
entry to world insurance markets is to provide a core service to
Muslims and others who have religious or ethical objections to
conventional commercial insurance models. A secondary intent is to
develop a model that deals with the capital challenges that have
faced mutual insurers in the West and the subsequent decline of the
mutual business model. Two realities-the uneven approaches to
takaful and the economic potential that its availability is
releasing-mean that it is especially important to facilitate
debates that promote an understanding of takaful. This book-while
not attempting to take on a role belonging to sharia lawyers and
regulators in Islamic countries-provides a comprehensive overview
of mutual insurance structures, including Christian and Jewish
examples as well as other hybrid models, to provide a broad
overview of the universe of operating models and to present ideas
for moving forward. It also explores avenues for further
opportunities, including the application of takaful to
microinsurance markets in emerging countries with large Muslim
populations. Takaful and Mutual Insurance: Alternative Approaches
to Managing Risks seeks to increase the understanding,
appreciation, and discussion of the challenges and solutions needed
for the active development and implementation of takaful.
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