TAKĀFUL FROM A MAQĀṢID AL-SHARĪʿAH PERSPECTIVE

The takāful sector has grown significantly over the past three decades. It represents an ethical alternative to conventional insurance and conforms to the maqāṣid al-Sharīʿah (objectives of Islamic law). Takāful helps to reduce fear and worry of the participants by providing an avenue for getting general and family protection and by indemnifying loss and damage against certain risks according to the injunctions of the Sharīʿah. Indeed, takāful plays an important role in society, and its ethical underpinnings enable the sector to position itself as the financial sector that truly promotes the maqāṣid al-Sharīʿah.