• Journal of the Society of Disaster Information
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• v.11 no.1
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• pp.121-133
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• 2015

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.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.69
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• pp.453-472
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• 2016

As globalization is widely expanded in Islamic world as well as huge capital like oil-money is looking for new investment areas, our government should keep eyes on the current situation of Muslim market. This study will focus on the research of operation model of Islamic insurance. It will analysis on the institutional aspects of Islamic insurance(Takaful) system, which is a step further on the basis of these previous researches about Islamic finance. Takaful is conducted with various machanism such as Wakala, Mudarabah, Waqf. The mechanism can also be intermingled with one another to form other diverse contracts. However most of them are focused on basic conceptual elements of Islamic insurance system. As public interests in Islamic insurance are increasing these days, many Islam related literatures are issued accordingly. But most of them were focused on basic aspect of Islamic financial system or on the study of business management structure. The conceptual approach to evaluate the Islamic insurance market shall become the foundation of operation in conventional business law and regulation penetrate to the Islamic business environment. Therefore, the research of the operation model in Islamic insurance system as well as the search of trade engineering basis.