Introduction to Takaful Theory and Practice
This book provides a comprehensive account of the theory and practice of takaful, which is an Islamic alternative to insurance. The concepts are explained using real-life case studies, calculations, and exhibits to aid in reader learning and reflection. T
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Adnan Malik Karim Ullah
Introduction to Takaful
Adnan Malik • Karim Ullah
Introduction to Takaful Theory and Practice
Adnan Malik Centre for Excellence in Islamic Finance Institute of Management Sciences Peshawar, Pakistan
Karim Ullah Centre for Excellence in Islamic Finance Institute of Management Sciences Peshawar, Pakistan
ISBN 978-981-32-9015-0 ISBN 978-981-32-9016-7 (eBook) https://doi.org/10.1007/978-981-32-9016-7 © The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Singapore Pte Ltd. 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover pattern © Melisa Hasan Cover design: eStudio Calamar This Palgrave Pivot imprint is published by the registered company Springer Nature Singapore Pte Ltd. The registered company address is: 152 Beach Road, #21-01/04 Gateway East, Singapore 189721, Singapore
Preface
Globally, insurance and its Islamic alternative called takaful are integral parts of contemporary economic, business and personal activities and provide a risk transform framework for various levels of transactions. Metaphorically, insurance and takaful resemble the financial shock- absorbers that protect entities, including individuals, businesses and even global economies, against risks that are realised, for which the entities do not have any financial plans or any financial capacity to deal with. Unfortunate events that can lead to such situations include death, fire, road accidents, muggings, among many others. While working in insurance and takaful companies and in the associated education sectors, we have always felt that there is a need to increase awareness of insurance, placing more emphasis on takaful, which is considered to be compliant with the Muslims’ beliefs. One way to increase and sustain awareness is to educate students about takaful by including it in acad
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