Issues and Challenges

Despite the takaful industry expanding at an exponential rate, and with a few models developed reflecting its versatility, there are still some fiqh issues which some Muslim jurists have raised. The fact that takaful operation differentiates itself on the premise of tabarru’ rather than premium, this raises some fiqh discussions. The nature of donations has been viewed with scepticism by some Muslim scholars as it is supposed to be a unilateral rather than bilateral contract, unlike the conventional insurance contract. For further details see: Islamic Financial System; Principles and Operations.





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