تکافل کا وکالۃ ماڈل: فقہی آراء کا تقابلی مطالعہ

WAKALAH MODEL OF TAKAFUL: COMPARATIVE STUDY OF JURIDICAL JUDGEMENTS

Abstract

In the present age of technology where the humans have overcome most of the things at the same time these modern inventions have rendered people prone to dangers of life and wealth thereby increasing the danger of accidents manifolds. Consicovencly every individual seems to be concerned for protection of life and wealth. Thus, in order to overcome these life and wealth threats several procedures have been in practice and among these Insurance is the one adopted as a procedure for financial compensation. Whereas due to its evident need throughout the community the renowned Muslim Scholars of the world consented to formulate a Shariah compliant alternative during the decade from 1960 to 1970. This alternative would fetch the same results as of the conventional insurance would without any Shariah complication/deficiency. Hence, in view of achieving this objective various seminars and discussions were held. After intensive and careful contemplation at last the Muslim Scholars came up with the admissible form of insurance called, “Takaful” as a permitted alternate for the Muslim World. As a result of the efforts of these Muslim Scholars more than 300 “Takaful Companies” under different takaful models are operating.