Comparative Study and Analysis of Takaful Model Based on Imamiyya Jurisprudence

Abstract

By considering the competitive advantages of takaful over conventional insurances, such as sharing the underwriting profit (surplus) and return of investment, an investigation into and providing the takaful Model based on Shiite Jurisprudence is necessary and unavoidable. Accordingly, with a survey of the legal structure of conventional takaful and identification of its problems according to imamiyya jurisprudence, some corrective methods within the framework of Advocacy contract are proposed. On this basis, by using mouawad hiba instead of tabarru intention in payment of contributions and using replacement of compulsory contract on wakalah which is revocable, problems and conflicts of conventional takaful with imamiyya jurisprudence will be solved. Based on this, takaful fund & takaful operator sign the mosharakah contract together. Within a mosharakah contract, based on condition of corollary, takaful operator company becomes attorney of takaful fund.Furthermore, within the mosharakah contract takaful fund & takaful operator will deprive themselves of the right of revocation. Risk sharing in takaful structure, not the transaction of risk to commercial insurers, and considering insurers as attorneys of participants will result in economy and reduction of risk coverage costs.

Keywords

• advocacy
• takaful imamiyya jurisprudence
• mouawad hiba