Implementation of the law takaful

Dialogue Fatwa Committee of the National Council for Islamic Religious Affairs Malaysia 80 time sitting in 1 to 3 February 2008, has discussed the implementation of the Law of Takaful in Malaysia. Dialogue has been decided that the concept and implementation of takaful in Malaysia is in line with Islamic law.

Dialogue Fatwa Committee of the National Council for Islamic Religious Affairs Malaysia 89 sitting on 14 to 16 December 2009 have been discussing the Law Promoting Insurance Products Conventional According to the Shariah perspective. The Dialogue of the view that the takaful system syariah rapidly growing and needs the support of Muslims in an effort to uphold Islamic Muamalat system. Accordingly, Dialogue decided that Muslims are not allowed to promote a clear conventional insurance products based laptop system. However, income or commissions received in the process of transitioning from conventional to takaful system is inexcusable.

Takaful is the best

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The Mudharabah model (profit-sharing)

According to this principle the al-Mudharib (takaful operator) accepts payment of the takaful installments or takaful contributions (premiums, known as ra's-ul-mal) from investors or providers of capital or funds (takaful participants), acting as sahib-ul-mal. The contract specifies how the profits (or surplus) from the operations of the takaful is to be shared in accordance with the principle of al-mudharabah – between the participants (as providers of capital) and the takaful operator. The sharing of such profit may be in a ratio of 50:50, 60:40, 70:30 and so forth, as mutually agreed between the contracting parties.

In order to eliminate the element of uncertainty in the takaful contract, the concept of tabarru ("to donate, contribute, or give away") is incorporated. Relating to this concept, a participant agrees to relinquish (as tabarru) a certain proportion of his takaful installments (or contributions) that he agrees or undertakes to pay, should any of his fellow participants suffer a defined loss. This agreement enables him to fulfill his obligation of mutual help and joint guarantee.

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Growth of Takaful In Malaysia

According to Mohd. Sadad bin Mahmud (2012), in his study entitled 'The development of Takaful in Malaysia: A Study of Islamic Finance Law "has been examining and studying the changes in the law relating to Islamic finance to support the industry in Malaysia. He also saw the adoption of the law of Islamic finance to meet with Islamic law or civil law as well as to follow the law in civil court procedures and guidelines issued by Bank Negara Malaysia. Establishment of a special court for the muamalat the Kuala Lumpur High Court to open the space and opportunity for the development of Islamic law, particularly takaful muamalat more advanced. Ongoing support is required in order to generate a more drastic change and flexibility in the development of the legal infrastructure of Islamic finance in Malaysia, in line with the government's desire to promote Malaysia as an international Islamic financial center.

Mohd. Isa Mohd Deni (2009) in his thesis entitled Development of Takaful system in Malaysia: Caring for graduates have been studying takaful or Islamic insurance is part of the Islamic finance industry is rapidly growing. However, against the relatively slow response of the community often raises questions while every effort has been made ​​by the industry and government to develop this system.

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