Date of Award

2010

Thesis Type

Masters

Document Type

Dissertation

Divisions

Academy of Islamic Studies

Department

Department of Fiqh-Usul and Applied Sciences (formally known as Dept of Fiqh & Usul)

Institution

Universiti Malaya

Abstract

Takaful is one of the financial instruments that has its own importance. It is the fundamental to Islamic insurance and its existence is as an alternative to the present conventional insurance in the conventional world of banking and finance. Al-Takaful which is based on al-mudarabah, at-tabarru’ and al-wakalah is very supportive towards syara’ in facing the conventional insurance which contains the element of gharar, usury and gambling element. The existence of takaful has aroused various issues, among them is to what extend is the application of maqasid al-shari‘ah in all of the products offered either in Family Takaful or General Takaful. A question arises whether the takaful system supports the principles of Islamic takaful, namely mutual cooperation, support and responsibility between participants and the Islamic insurance operator’s company. This study intends to find out how far the Family Takaful products that are offered in Etiqa Takaful Berhad as one of the largest takaful companies in Malaysia holds the maqasid al-shari‘ah from the aspect of preservation of religion, soul, mind, descendents and property of the participants. The methods used in this study are library research, participation, interview, deductive, inductive and comparative method. Research result shows that the products that are offered inline with the concept of Islamic takaful in the aspect of principle, objective and its five major essential maslahah. The application of maqasid al-shari‘ah in Takaful Family product in Etiqa Takaful Berhad could be seen clearly through the benefit of participant’s contribution upon maturity and the benefit if there are any misfortunes like participant’s death or disability due to accident or critical illness. However there are a few visible holes in the concept of the coverage that is offered. The coverage will only be provided if the participants pay their contribution without any outstanding contribution for a certain period of time. It is advisable that, there should be a provision from the participant’s special account to complement the outstanding payment of the participant’s contribution so that death benefit that is promised could be given to the participant. In addition it is vital that the customer friendly attitude that is already present be upgraded and improved to ensure participants are well up-dated with new information.

Initial

khm

Additional Information

Dissertation (M.A.) – Academy of Islamic Studies, Universiti Malaya, 2010.

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