Footnote:
Contributors include: A. Abozaid, A.U.F. Ahmad, A. Akhtar, M. Al Bashir Al Amine, S.N. Ali, H. Allam, M. Ayub, A. Bhatty, I. Bin Mahbob, J.W. Bradford, S.E.B. Carmody, M.A. El-Gamal, M. Faisal, M.F. Haq, A. Nana, V. Nienhaus, S. Nisar, U.A. Oseni, M. Rahman, A. Rehman, M.A. Samad, B. Shafiq, H. Sultan, A.-R. Syed, T.A. Uddin
Includes bibliographical references and index
Description:
Introduction -- Part I: introduction to takaful: form, function and criticism -- 1. Takaful journey: the past and present and future / Ajmal Bhatty and Shariq Nisar -- 2. Solidarity, cooperation, and mutuality in takāful / Volker Nienhaus -- 3. Mutuality, reciprocity, and justice within the context of a unified theory of riba and ghara / Mahmoud A. El-Gamal -- 4. A proposed marriage between endowments, mutual insurance, and the institution of agency in Islamic law: an introduction to the waqf-wakalah model of takaful / Abdullah Nana -- 5. A critical shari'ah review of takaful structures: towards a better model / Abdulazeem Abozaid -- Part II: regulatory environment and legal aspects of takaful -- 6. New horizons: the potential for shari'ah-compliant cooperative and mutual financial services / Sara E. B. Carmody -- 7. Toward a watershed in takaful dispute resolution: from litigation to effective dispute management / Umar A. Oseni -- 8. Fatwā and its role in regulatory capture and arbitrage / Joe W. Bradford -- Part III: takaful product analysis -- 9. The nature of retakaful: risk sharing or transferring risks? / Abu Umar Faruq Ahmad; Ismail Bin Mahbob; and Muhammad Ayub -- 10. Commercial credit takaful / Muhammad Al Bashir Muhammad Al Amine -- 11. Shari'ah compliant high watermark protected lifetime annuity in family takaful? / Hiba Allam and Volker Nienhaus -- Part IV: takaful as social finance -- 12. Reimagining takaful: a new model for social banking / Hussam Sultan and Abdur-Rahman Syed -- 13. Islamic co-operatives: a route to poverty alleviation and economic development / Mian Farooq Haq and Bushra Shafiq -- 14. Scaling poverty reduction in indonesia: enhancing the institutional effectiveness of islamic microfinance institutions / Tanvir Ahmed Uddin and Muhammad Maaz Rahman -- 15. Micro-takaful in India: a path towards financial inclusion & sustainable development / Mohammad Faisal, Asif Akhtar, Asad Rehman and M. Abdul Samad.
Islamic finance distinguishes itself from conventional finance with its strong emphasis on the moral consequences of financial transactions; prohibiting interest, excessive uncertainty, and finance of harmful business. When it comes to risk mitigation, it is unique in its risk sharing approach. This authoritative book tracks the evolution of the takaful industry over the course of the last four decades and makes a major attempt to highlight the importance of risk sharing through a discussion of various models of cooperation and critical analysis of their performance, including illuminating case studies and a critical assessment of the Islamic insurance model and the role of alternate financing mechanisms. Its high-level discourse on shari'ah compliance and its nuances places emphasis on the importance of solidarity, cooperation, mutuality and reciprocity. Scholars and practitioners working in Islamic finance will appreciate the context and nuance of this important book, and it will be essential reading for anyone interested in alternative forms of shari'ah-compliant cooperative finance. The book is equally vital for academics and researchers interested in understanding various takaful models and their shari'ah considerations