Islamic Insurance: A Modern Approach to Islamic Banking

By Aly Khorshid | Go to book overview

Appendix 1

MUDARABA FOR INVESTMENT AND SAVINGS AND TAKAFUL AMONG MUSLIMS (SHAHAB EL-DIN 1990)

Islamic Mudaraba
This contract is a Mudaraba or qirad contract constituted pursuant to the rulings of Islamic Shari'a among subscribers to Mudaraba certificates as beneficial owners of Mudaraba assets (as Rabb Al Maal) ('Participant') on the one hand, and Islamic Takaful Company (I.T.C.) Société anonyme (Luxembourg) (as mudarib) (the 'Manager') on the other.
Section I Objectives and Legal Form
1 The objectives of this Mudaraba are:
a the collective investment of private savings over the participation period specified on the face of Mudaraba certificate in accordance with the rulings of Islamic Shari' a;
b systematic saving throughout the participation period with investment of the savings in accordance with the rulings of Islamic Shari' a;
c Islamic solidarity among participants in case of death of any participant prior to the end of his participation period as specified in the following conditions.
2 The annual instalment appearing on the face of the Mudaraba certificate of each participant is divided into the following two portions:
a an amount allocated for the purchase of investment units in the managed fund for the account of the participant. No Takaful benefits are deducted from this amount or the profits generated therefrom;
b an amount specified in the contract is paid for the purpose of investment in the Takaful Fund. Each participant has accepted in good faith and consents to relinquish a portion or all of his profits on this amount for payment of Takaful benefits to its recipients in a similar type of Takaful The participant also has to donate, if such profits are insufficient, part or all of the amount specified in this paragraph to the

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Islamic Insurance: A Modern Approach to Islamic Banking
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Tables ix
  • Introduction xi
  • Acknowledgements xiv
  • 1 - The Meaning of Insurance in Islam 1
  • 2 - Riba (Usury) and Gharar (Risk) 31
  • 3 - Pre-Modern and Modern Jurists' Standing on Insurance 44
  • 4 - The Development of Mutual Insurance in the West 97
  • 5 - The Development of Islamic Banking and Insurance in Malaysia 113
  • 6 - The Development of Islamic Banking and Insurance in Saudi Arabia 132
  • 7 - Basic Principles for an Insurance Scheme Acceptable to the Islamic Faith 155
  • 8 - Conclusions 166
  • Appendix 1 173
  • Appendix 2 180
  • Appendix 3 183
  • Appendix 4 206
  • Notes 208
  • Bibliography 216
  • Index 223
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