.. HOMEShariah financial System has been more 30 years offering alternative products in global financial industry, starting from banking industry and growing rapidly in the United Kingdom, one of Europe's financial business centers. Now London has been being the world shariah financial business center. Then followed the development of Shariah insurance called Takaful Insurance founded in 1980s.
Takaful ( التكافل) is Islamic insurance concept which is grounded in Islamic banking, observing the rules and regulations of Islamic law. This concept has been practised in various forms for over 1400 years.[1] Muslim jurists acknowledge that the basis of shared responsibility in system of aquila as practised between Muslims of Mecca and Medina laid the foundation of mutual insurance.
Islamic Laws as Basics of Insurance Takaful Insurance
Takaful insurance has been born of the treasures of Islamic thought by scholars of fiqh Muamalat (Ahl-ul-fiqh fi Muamalat). The fundamentals are based on hadith of Muhammad SAW and Qur'anic verses. Islamic scholars had decided that there should be a concerted effort to implement the Takaful insurance concept as the best way to resolve these needs. Some of the examples are :
- Basis of Ta'awwun (Basis of Co-operation). The meaning is help one another in al-Birr and in al-Taqwa (virtue, righteousness and piety): but do not help one another in sin and transgression. (QS 5 Al-Maidah, Verse 2)[2]
- Allah will always help His servant for as long as he helps others. (Hadith Narrated by Imam Ahmad bin Hanbal and Imam Abu Daud)
- Basis of Social Responsibility The place of relationships and feelings of people with faith, between each other, is just like the body; when one of its parts is afflicted with pain, then the rest of the body will be affected. (Hadith Narrated by Imam al-Bukhari and Imam Muslim)
- One true Muslim (Mu’min) and another true Muslim (Mu’min) is just like a building whereby every part in it strengthens the other part. (Hadith Narrated by Imam al-Bukhari and Imam Muslim)
- Basis of Mutual Protection By my life, which is in Allah’s Power, nobody will enter Paradise if he does not protect his neighbour who is in distress. (Narrated by Imam Ahmad bin Hanbal). The basic fundamentals underlying the Takaful insurance concept are very similar to co-operative and mutual principles, to the extent that the co-operative and mutual model is one that is accepted under Islamic Law.
Pro and Contra in Takaful Insurance Concept
As usual in the treasury of Islamic thoughts, if there is something new that will be more polemic about its existence. Some Muslims believe that insurance is unnecessary, as society should help its victims. A part of Islamic scholars behave puritans and reject it with heresy arguments and forbid it as 'haram' in Islamic laws. Modern Islamic Financial institutions i.e. Takaful Insurance and Islamic Banking are forbidden.
Some others will adopt it and making modifications to keep stay within the corridor islamic laws. For example : how they behave to the existence of Islamic Banking and Takaful Insurance concept. As for the scholars who do not carelessly threw heretical argument that prohibited holding on rules of Islamic law (Fiqh or Islamic jurisprudence) that basically everything is allowed until there are hujjah (of Quran and Hadith of the prophet Muhammad SAW) which forbade it. They tolerate the existence of Islamic banks and takaful insurance with this rule.
Others believe that Muslims should not ignore the fact that they live, trade and communicate with open global systems, and the need for banking and insurance. They believe in creating Muslim-friendly banking systems and a workable insurance framework by which Muslims can compete with non-Muslims in business and have cover in daily life.
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