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Vol 21 No 10 Oct/Nov 2016

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Takaful and Islamic Cooperative Finance: Challenges and Opportunities

Edited by: S. Nazim Ali, Shariq Nisar

ISBN13: 9781785363351
Published: July 2016
Publisher: Edward Elgar Publishing Limited
Country of Publication: UK
Format: Hardback
Price: £95.00



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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 Sharia 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 Sharia compliant cooperative finance. The book is equally vital for academics and researchers interested in understanding various Takaful Models and their Sharia considerations.

Subjects:
Islamic Law
Contents:
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 Takaful
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. Fatw? 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

Index