Browse > Article
http://dx.doi.org/10.15683/kosdi.2015.11.1.121

The Study on Takaful in Islamic Countries  

Kim, Jongwon (Dept. of Finance and Insurance, Seowon University)
Publication Information
Journal of the Society of Disaster Information / v.11, no.1, 2015 , pp. 121-133 More about this Journal
Abstract
A classical commercial insurance, which is used widely as the risk management methods for risk transferring and risk financing, includes the factors of interests, gambling and uncertainty, In 1985 Islamic Fiqc Academy declared that the classical commercial insurance violates the Islamic fundamental principles and beliefs, alteratively recommending a mutual insurance and takaful. A basic principle of takaful is the mutual aid in the Islamic community. On the basis of mutual aid, takaful participants (insurance policyholder) establishes the takaful fund, which is cooperation fund by participant contribution. Takaful fund is separated from shareholders' fund, and the profit and loss of takaful fund are responsible for takaful policyholder. Ownership and operation right of takaful belong to the takaful participants. In takaful, takaful company takes a role of agent or management operator. Comparing to the classical insurance, takaful has the rights of profit dividend, voting of executives, access to accounting books etc. which are additional favors for business company or individuals as takaful participants. Business companies and individuals should consider to use takaful to transfer risk and to enjoy takaful's additional advantages.
Keywords
Islam; mutual insurance; takaful; insurance; risk management;
Citations & Related Records
연도 인용수 순위
  • Reference
1 Choi. W. G.(2010). "The present condition of Islamic finance ", Hana Financial Information (2010.4), pp1-17.
2 Choi, Y. G. (2012), the story of my experiences of Islam, Paju, Hangilsa.
3 General Insurance Association of Korea(2009), "Study on Takaful Insurance", Monthly Non-Insurance, pp57-74.
4 Kim, S. J.(2011), " The rapid growth of Takaful insurance and the Legal challenge for the entry of Korea Insurance industry", Adminstration and Law, Vol. 21, No. 1, pp511-562.
5 Kim, Y. B.(2011), "Study on the research of actual condition of Islam Insurance: focused on the operating structure of Takaful", Master thesis of Kyung Hee School of Management in Kyung Hee University.
6 Kong, I. J.(2006), Understanding Islamic Civilization, Seoul, Jeyoung Communication Co.
7 Lee, H. S.(2009), Islamic culture, Paju, Salimbooks.
8 Shon, S. H.(2011), "The present condition and How to make use of Islamic finance", EXIM OVERSEAS ECONOMIC REVIEW(2011.10), pp4-22.
9 Sohn, T.W., Kim, B.T., Park, H.T., "Study on Islamic Project Finance" Chonbuk Law Review Vol. 41 May 2014. pp. 217-245
10 Sohn, T.W., Kim, B.T., Jeong, T. W., "Study on Domestic Implementation about Islamic Insurance(Takaful)", Law journal. Vol. 46, May 2014, pp.315-348
11 Yusuf Al-Qardawi(2011), Halal & haram in Islam, Choi, Y.G.(translation), Seoul, Sechang Pub.
12 Boubyan Takaful Insurance Co. (Kuwait). (2012.5). Home Takaful Plan. http://www.boubyantakaful.com
13 Choi. Y. G.(Korean translation), Quran, http://www.quran.or.kr/Korean%20Quran.pdf
14 Gulf Takaful Insurance Co. (Kuwait).(2007). PERSONAL ACCIDENT INSURANCE POLICY. http://www.globalinv.net
15 ICMIF, http://www.icmif.org
16 Institute of Islamic Banking and Insurance, http://www.islamic-banking.com
17 Wikipedia, http://en.wikipedia.org
18 Takaful Brunei Keluarga Sdn Bhd. (2012.8). Takaful Group Term Life Certificate. http://www.takafulbrunei.com.bn.