ISLAMIC LIFE INSURANCE (FAMILY TAKAFUL)
IN THE 21st CENTURY'S GLOBAL ECONOMIC REALITY *

� Mohd. Ma�sum Billah (Ph.D.)**

E-mail: [email protected]

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Contemporary Muslim Ummah in general and many Islamic scholars in particular are confused whether the idea of life insurance has got any place in the Shari'ah teachings.� Certainly the model of life insurance practiced under the conventional economy does involve some elements like Riba(usury), compulsory nomination clause, etc. which are contrary to the Shari 'ah principles.� But this does not mean that, the central idea of life insurance contravenes the Shari'ah spirit.� Thus, an attempt is made in this work by coming up with an alternative Shari'ah� model of life insurance and, that is addressed here as 'Family Takaful (Islamic life insurance)', which may suit the contemporary global Islamic economic reality.� The work also aims at discovering a Divine justified paradigm towards assuring a necessary financial security against unexpected but defined risk befalls on the Ummah of today.

PRELIMINARY REMARKS

PRESENTATION OF THE ISSUE

CHIEF OBJECTIVES

ISLAMIC LIFE POLICY @ FAMILY TAKAFUL� &�
CONVENTIONAL LIFE INSURANCE: COMPARED

PRINCIPLES OF LIFE INSURANCE @ FAMILY TAKAFUL IN�
THE CONTEMPORARY GLOBAL ISLAMIC ECONOMY

MISCONCEPTION (S)

Opposing Views among the Ulama
Grounds for the Opposing� Views
Recent Fatwa By Shaikh Al-Azhar

RESPONSE TO MISCONCEPTIONS

Response to Opponents in General
Analyzing the Recent Fatwa of Sheikh Al-Azhar

FURTHER GROUNDS FOR JUSTIFYING AN ISLAMIC MODEL
OF LIFE INSURANCE POLICY @ FAMILY TAKAFUL

CONCLUDING REMARKS

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