Encyclopedia of Islamic Insurance, Takaful and Retakaful

The insurance industry, which technically embraces the Takaful industry, deals with the mitigation of risks. It is the main vehicle to mitigate risks by providing a wide spectrum of policies. Takaful is a relatively new industry compared to its conventional counterpart. However, its role cannot be underestimated for the Muslim community. The reasons for the need to develop Takaful lies in the fact that conventional insurance policies are infested with prohibitive elements such as riba (interest), gharar (excessive uncertainties) and maysir (gambling) which are prohibited in the Islamic perspective. Takaful is a viable alternative which has gained acceptance and momentum. However, there is a lack of awareness about this industry. The present book is a seminal work which covers a wide spectrum of topics that are helpful for novices as well as practitioners who are not exposed to its basic concepts. The book is made up of eight chapters. Chapter one draws an overall picture of the conceptual framework of Takaful, its epistemology and lexical meaning. There is nothing new in this chapter which is not found in the already existing literature, but it is beneficial for those unacquainted with the discipline.