Transcript Document

Shariah Compliance Department
Pak -Qatar Family & General Takaful
Introduction
Introduction of Participants

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
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
Name
Department
Designation
Qualification
Experience
Takaful Course (if attended before)
Some Misconceptions
1. Intellectual need of Wahi (revelation)
2. Meaning of Shariah Compliant/Jaiz/Islamic
3. Shari Hukum will not be based on the results but
the process
4. Takaful Vs Tawakkul
5. Shari Hukum - based on Illat or Hikmat
6. Shariah principle of Conflict(Ta’aruz) in references
Definition of Takaful
• The word “Takaful” originates from the Arabic
language.
• Its root word is “kafala” which means “to look after”.
• Through inflection it changed to “takafala” which
means “to help each other”.
The Concept of Takaful
• It is based on the concept of brotherhood and
mutual solidarity.
• Takaful is a community-pooling system in which
participants contribute their savings into the
common fund to help those who need it most in
times of financial difficulty.
• Examples: The concept of Takaful is manifested in the
system of Bait-ul-Maal, cooperative societies and
joint family set-ups etc…
‫‪The Concept of Takaful‬‬
‫تکافل ایک کمیونٹی پولنگ سسٹم ےہ‬
‫جو کہ بھائی چارہ اور تعاون کے اصول پر مبنی ےہ‬
‫اس میں ممبران اپنا پیسہ ایک فنڈ میں اکٹھا کر تے ہیں‬
‫جس پیسہ سے ان ممبران کی مدد کی جاتی ےہ جنھیں مالی‬
‫مشکالت کا سامنا ہو‬
‫ً‬
‫عمال تکافل رسک کو کم کر نے کا طریقہ کار اور روایتی‬
‫انشورنس کا حالل متبادل ےہ‬
Risk Mitigation in Islam
Risk mitigation is not only permissible in Islam but is in fact encouraged
• Islamic history is replete with examples featuring activities involving risk
mitigation:
– Dhaman Khatr al-Tareeq: A person would undertake another person’s risks
without any consideration/fee in return
– Dhaman Al-d’ark: A person would influence a sale by promising to
compensate for the loss if the subject-matter proved faulty
– Aqila: A risk sharing mechanism in which community members pooled their
share of Diyat (blood money)
– Aqd-e-Muwalat etc. A person accepts Islam at the hand of another and
then pact an agreement with him that he will be the inheritor of his wealth
after his death, an all liabilities for his wrongs will upon him
• The theme in all these examples is the concept of brotherhood and mutual
solidarity
Risk Management and its Process
Generally, there are five ways of dealing with a risk:
1.
2.
3.
4.
5.
Risk Avoidance
Risk Control
Risk Retention
Risk Transfer
Risk Sharing
‫‪Risk Management in Quran & Hadith‬‬
‫ِ‬
‫ِ‬
‫ِ‬
‫َّهلُ َك ِة ‪] ---‬البقرۃ‪]۱۹۵ ،‬‬
‫الت‬
‫ى‬
‫ل‬
‫إ‬
‫م‬
‫ك‬
‫ي‬
‫د‬
‫َي‬
‫أ‬
‫َ‬
‫ُ‬
‫ْ‬
‫• َوََل تُ ْل ُقوا ب ْ ْ‬
‫• وأ ِ‬
‫ُّ‬
‫استَطَ ْعتُ ْم ِم ْن قُ َّوٍة ۔۔۔ [اَلنفال‪]٦۰ ،‬‬
‫ا‬
‫م‬
‫م‬
‫ه‬
‫ل‬
‫وا‬
‫د‬
‫َع‬
‫َ‬
‫ُْ َ ْ‬
‫َ‬
‫ك قُ ْرَآنًا َع َربِيا لِتُ ْن ِذ َر أ َُّم الْ ُق َرى َوَم ْن َح ْولَ َها َوتُ ْن ِذ َر يَ ْوَم‬
‫ك أ َْو َح ْي نَا إِلَْي َ‬
‫• َوَك َذلِ َ‬
‫ِ‬
‫ِ‬
‫ِ‬
‫ِ‬
‫ِ‬
‫ِ‬
‫ِ‬
‫الَّ ِعير‪[...‬شوری‪]۷-‬‬
‫ي‬
‫ف‬
‫ق‬
‫ي‬
‫ر‬
‫ف‬
‫و‬
‫َّة‬
‫ن‬
‫ْج‬
‫ل‬
‫ا‬
‫ي‬
‫ف‬
‫ق‬
‫ي‬
‫ر‬
‫ف‬
‫يه‬
‫بف‬
‫َ‬
‫َ‬
‫َّ‬
‫َ َ ٌ‬
‫ٌ‬
‫ال َ‬
‫ْج ْم ِع ََل َريْ َ‬
‫عذاب قبر‪ ،‬قیامت کی ہولناکی کا بیان‪ ،‬جہنم کے عذاب کی •‬
‫خبرسب ایک خطرہ کا اعالن ےہ‪ ،‬جس سے تدارک کے لےی اسالم‬
‫کی دعوت دی جارہ ی ےہ۔‬
‫‪Risk Management in Quran & Hadith‬‬
‫ِ‬
‫• َعن أُسامةَ بْ ِن َش ِر ٍ‬
‫اد اللَّ ِه!‬
‫ول اللَّ ِه! أ َََل نَتَ َد َاوى؟ قَ َ‬
‫اب‪ :‬يَا َر ُس َ‬
‫يك قَ َ‬
‫ال‪ :‬قَالَ ْ‬
‫ال‪ :‬نَ َع ْم‪ ،‬يَا عبَ َ‬
‫ت ْاْلَ ْع َر ُ‬
‫ْ ََ‬
‫ِ‬
‫ِ‬
‫ال َد َو ً ِ‬
‫ول‬
‫اء أ َْو قَ َ‬
‫اء َواح ًدا‪ ،‬قَالُوا‪ :‬يَا َر ُس َ‬
‫تَ َد َاوْوا؛ فَِإ َّن اللَّهَ لَ ْم يَ َ‬
‫اء إََِّل َو َ‬
‫ض َع لَهُ ش َف ً‬
‫اء إ ََّل َد ً‬
‫ض ْع َد ً‬
‫ال‪ :‬ال َْه َرُم‪[ .‬الََّّن للترمذی]‬
‫اللَّ ِه! َوَما ُه َو؟ قَ َ‬
‫• َعن س ْع ٍد ر ِ‬
‫يض بِ َم َّكةَ‪،‬‬
‫ض َي اللَّهُ َع ْنهُ قَ َ‬
‫صلَّى اللَّهُ َعلَْي ِه َو َسلَّ َم يَ ُع ُ‬
‫ودنِي َوأَنَا َم ِر ٌ‬
‫ال‪َ :‬كا َن النَّبِ ُّي َ‬
‫ْ َ َ‬
‫ال أ ِ‬
‫ْت‪ :‬فَالثُّلُ ِ‬
‫ْت‪ :‬فَ َّ‬
‫ْت‪ :‬لِي َم ٌ‬
‫ال‪:‬‬
‫ث؟ قَ َ‬
‫الشطْر؟ قَ َ‬
‫ُوصي بِ َمالِي ُكلِّ ِه؟ قَ َ‬
‫ال‪ََ :‬ل‪ ،‬قُل ُ‬
‫ال‪ََ :‬ل‪ ،‬قُل ُ‬
‫فَ ُقل ُ‬
‫ك أَ ْغنِياء َخي ر ِ‬
‫ث َكثِ‬
‫َّ‬
‫َ‬
‫َ‬
‫َّاس فِي‬
‫ن‬
‫ال‬
‫ن‬
‫و‬
‫ف‬
‫ف‬
‫ك‬
‫ت‬
‫ي‬
‫ة‬
‫ل‬
‫ا‬
‫ع‬
‫م‬
‫ه‬
‫ع‬
‫د‬
‫ت‬
‫ن‬
‫أ‬
‫ن‬
‫م‬
‫ت‬
‫ث‬
‫ر‬
‫و‬
‫ع‬
‫د‬
‫ت‬
‫ن‬
‫أ‬
‫‪،‬‬
‫ير‬
‫َ‬
‫َ‬
‫ْ‬
‫ْ‬
‫ُ‬
‫َ‬
‫َ‬
‫ً‬
‫الثُّلُ ُ‬
‫َ‬
‫َ‬
‫َ‬
‫َ‬
‫َ‬
‫َ‬
‫َ‬
‫َ‬
‫َ‬
‫َ‬
‫ُ‬
‫ْ‬
‫َ‬
‫ََ ٌ ْ‬
‫ْ‬
‫ََ‬
‫ث َوالثُّلُ ُ ٌ‬
‫َ‬
‫أَيْ ِدي ِه ْم‪[ ...‬الصحيح للبخاری]‬
‫ال‪ :‬ا ْع ِقل َْها َوتَ َوَّك ْل‪[.‬الََّّن‬
‫ول اللَّ ِه! أَ ْع ِقلُ َها َوأَتَ َوَّك ُل أ َْو أُطْلِ ُق َها َوأَتَ َوَّك ُل؟ قَ َ‬
‫ال َر ُج ٌل‪ :‬يَا َر ُس َ‬
‫• قَ َ‬
‫للترمذی]‬
TAKAFUL
CONVENTIONAL INSURANCE
Conventional Insurance vs. Takaful
History of Insurance
•
•
•
It is generally agreed that the history of insurance began with marine insurance in
the fourteenth century. It was invented as a solution to the problem of sea piracy
and from the possibility of ship sinking in high waters. Both carried immense
financial risk. Insurance served to counter that financial risk.
Many believe that conventional insurance first got introduced in Islamic Fiqh in the
twentieth century, but this is not so. Research tells us that the first fatwa issued on
the subject was by a renowned Jurist from Syria by the name of Allama Ibn
Abideen Shami (may Allah be pleased with him) in his famous book titled “Radul
Mukhtar” (which is also known as Fatawa Shamia. This fatwa is regarded as an
authentic fatwa).
In fact, we find that insurance was very much a norm in the days of Allama Shami
(may Allah be pleased with him). Traders were accustomed to paying additional
amount over routine costs for the transportation of their goods overseas. This
additional amount was called “Sokara”. Sokara means insurance and security. The
insurers promised to compensate for any loss to their cargo while at sea against
these premiums. This was marine insurance in action. Allama Shami issued a
fatwa against the practice of this form of insurance with the word of “Sokrah”.
What is Insurance ?
• It is nothing but a promise of compensation
for specific potential future losses.
• In exchange of a consideration an insurer, or
insurance carrier, is a company selling the
insurance policy.
• The insured, or policyholder, is the person or
entity buying the insurance policy.
Shariah’s Stance on Conventional Insurance
concept of
Insurance?
?
practice of
Insurance?
Shariah has no objections as to the concept or
objectives of insurance ; it has reservations only
with the way it is being practiced…
‫‪References regarding Concept of Insurance‬‬
‫اْثْ ِم والْع ْدو ِ‬
‫• {وتَ َعاونُوا َعلَى الْبِ‬
‫ِ‬
‫ان}[المائدة‪]2 :‬‬
‫ى‬
‫ل‬
‫ع‬
‫وا‬
‫ن‬
‫او‬
‫ع‬
‫ت‬
‫َل‬
‫و‬
‫ى‬
‫و‬
‫ق‬
‫الت‬
‫و‬
‫ر‬
‫َّ‬
‫َ‬
‫ْ‬
‫ْ‬
‫َ‬
‫ِّ‬
‫ُ‬
‫َ‬
‫َ‬
‫ُ‬
‫َ‬
‫َ َ‬
‫َ‬
‫َ َ َ‬
‫َ َ‬
‫• {إِنَّ َما ال ُْم ْؤِمنُو َن إِ ْخ َوةٌ} [الحجرات‪]10 :‬‬
‫• عن عامر‪ ،‬قال‪ :‬سمعته يقول‪ :‬سمعت النعمان بن بشير‪ ،‬يقول‪ :‬قال رسول اهلل‬
‫صلى اهلل عليه وسلم‪« :‬ترى المؤمنين في تراحمهم وتوادهم وتعاطفهم‪ ،‬كمثل‬
‫الجَّد‪ ،‬إذا اشتكى عضوا تداعى له سائر جَّده بالَّهر والحمى»‬
‫• عن أبيه أبي موسى‪ ،‬عن النبي صلى اهلل عليه وسلم قال‪« :‬المؤمن للمؤمن‬
‫كالبنيان‪ ،‬يشد بعضه بعضا» ثم شبك بين أصابعه‪...‬‬
‫• عن ابن شهاب أن سالما‪ ،‬أخبره‪ :‬أن عبد اهلل بن عمر رضي اهلل عنهما‪ ،‬أخبره‪ :‬أن‬
‫رسول اهلل صلى اهلل عليه وسلم قال‪« :‬المَّلم أخو المَّلم‪َ ،‬ل يظلمه وَل‬
‫يَّلمه‪ ،‬ومن كان في حاجة أخيه كان اهلل في حاجته»(صحيح البخاري)‬
Insurer’s Business Model
Premiums
Claim Payment (upon Risk actualization)
Policyholders
--Insured--
Insurance Company
--Insurer-Premium
(Consideration)
Sum Insured
(Subject-Matter)
‫‪Types of Contracts‬‬
‫عقود المعاوضات‪ :‬وهي ما كان التمليك فيها (عين المال‪ ،‬او •‬
‫منفعته) بمقابل سواء كان المقابل ماَل او نحوه‪.‬‬
‫‪• Example: Selling Purchasing, Leasing‬‬
‫‪(Ijarah), Nikhah, Rahan etc.‬‬
‫• عقود التبرعات‪ :‬وهي ماكان التمليك فيها من غير مقابل مثل‬
‫الهبة والصدقة‪ ،‬والوصية والوقف واَلعارة‪.‬‬
‫‪• Example: Hibah (Gift), Sadqah, Loan,‬‬
‫‪Ariah, Wasiyyah, Waqf etc.‬‬
‫عقد معاوضہ‬
‫‪Commutative‬‬
‫‪Contract‬‬
‫عقد تبرع‬
‫‪Taburru‬‬
‫‪Contract‬‬
Shariah’s perspective/stance on Insurers’ Business
Model
• Insurer: The insurance company is selling “Sum Insured”
• Insured: The policyholder is buying Sum Insured by paying fixed
“Premiums”
• Nature of Contract:
• It is a sales purchase contract, bi-lateral, commutative i.e. Aqd-e-Muawaza
Shariah’s perspective/stance on Insurers’ Business Model
– Subject Matter: “Sum Insured” ; Consideration: “Premium”
• It is a Risk-Transfer Mechanism
– The insured (financially weaker party) is transferring its risk to the
insurer (financially stronger party)
– The insurer is charging a fee called “Premium” for accepting the
risk and promising to pay “Sum Insured” if a covered event takes
place
Riba, Qimar, Gharar
• The sales - purchase contract is Aqd Muawaza and
due to this some ills involves:
RIBA
Qimar/Maysir
Gharar
Riba, Qimar and Gharar are prohibited in Shariah.
Definition of Riba
• “Literal meaning of Riba is of “excess/markup” and in the verses of the
Quran it is used for all such markup/gains which are without any service
or effort.” (Abu-Bakar Al-Jassas (RA)
•
Riba-Al-Quran
•
•
A conditional or understood increase versus a loan is Riba
Riba-Al-Hadith
• ”‫"وهو القرض المشروط فيه اَلجل وزيادة مال علي المَّتقرض‬
• )‫الربا هو الفضل المَّتحق ْلحد المتعاقدين في المعاوضة الخالي عن عوض شرط فيه(الهداية‬
•
A conditional increase in commutative contract without consideration.
•
Prohibition of Riba is similar to the prohibition of pork)‫(خنزیر کا گوشت‬, liquor
)‫(شراب‬, gambling)‫ جوا‬، ‫ (قمار‬, adultery )‫(زنا‬etc., for which no specific definition was
given.
Arabs and all the previous societies had no confusion about its exact sense.
•
‫‪Riba in Quran‬‬
‫•‬
‫{ َوَما آتَ ْيتُ ْم ِم ْن ِربًا لِيَ ْربُ َو فِي أ َْم َو ِال الن ِ‬
‫ض ِع ُفو َن }‬
‫ك ُه ُم ال ُْم ْ‬
‫َّاس فَ َل يَ ْربُو ِع ْن َد اللَّ ِه َوَما آتَ ْيتُ ْم ِم ْن َزَكاةٍ تُ ِري ُدو َن َو ْجهَ اللَّ ِه فَأُولَئِ َ‬
‫[الروم‪]39 :‬‬
‫•‬
‫ٍ ِ‬
‫ت لَهم وبِصد ِ‬
‫ِ ِ َّ ِ‬
‫ِّه ْم َع ْن َسبِ ِ‬
‫الربَا َوقَ ْد نُ ُهوا‬
‫يل اللَّ ِه َكثِ ًيرا (‪َ )160‬وأَ ْخ ِذ ِه ُم ِّ‬
‫ين َه ُ‬
‫ادوا َح َّرْمنَا َعلَْي ِه ْم طَيِّبَات أُحلَّ ْ ُ ْ َ َ‬
‫{فَبظُل ٍْم م َن الذ َ‬
‫اط ِل وأَ ْعت ْدنَا لِ ْل َكافِ ِر ِ‬
‫ِ‬
‫ِ‬
‫ال الن ِ‬
‫يما } [النَّاء‪]161 ،160 :‬‬
‫َع ْنهُ َوأَ ْكلِ ِه ْم أ َْم َو َ‬
‫َّاس بِالْبَ َ َ‬
‫ين م ْن ُه ْم َع َذابًا أَل ً‬
‫َ‬
‫َّ ِ‬
‫اع َفةً َواتَّ ُقوا اللَّهَ لَ َعلَّ ُك ْم تُ ْفلِ ُحو َن} [آل عمران‪]130 :‬‬
‫آمنُوا ََل تَأْ ُكلُوا ِّ‬
‫الربَا أَ ْ‬
‫ض َعافًا ُم َ‬
‫ضَ‬
‫ين َ‬
‫{يَا أَيُّ َها الذ َ‬
‫•‬
‫وم الَّ ِذي يَتَ َخبَّطُهُ َّ‬
‫الربَا‬
‫الربَا ََل يَ ُق‬
‫{الَّ ِذ‬
‫ك بِأَنَّ ُه ْم قَالُوا إِنَّ َما الْبَ ْي ُع ِمثْ ُل ِّ‬
‫ين يَأْ ُكلُو َن ِّ‬
‫س ذَلِ َ‬
‫الش ْيطَا ُن ِم َن ال َْم ِّ‬
‫ومو َن إََِّل َك َما يَ ُق ُ‬
‫ُ‬
‫َ‬
‫اب النَّا ِر‬
‫َح َّل اللَّهُ الْبَ ْي َع َو َح َّرَم ِّ‬
‫الربَا فَ َم ْن َجاءَهُ َم ْو ِعظَةٌ ِم ْن َربِِّه فَانْ تَ َهى فَ لَهُ َما َسلَ َ‬
‫اد فَأُولَئِ َ‬
‫ف َوأ َْم ُرهُ إِلَى اللَّ ِه َوَم ْن َع َ‬
‫كأ ْ‬
‫َص َح ُ‬
‫َوأ َ‬
‫ِ‬
‫الص َدقَ ِ‬
‫ب ُك َّل َك َّفا ٍر أَثِ ٍ‬
‫آمنُوا َو َع ِملُوا‬
‫يم (‪ )276‬إِ َّن الَّ ِذ‬
‫الربَا َويُ ْربِي َّ‬
‫ات َواللَّهُ ََل يُ ِح ُّ‬
‫يها َخالِ ُدو َن (‪ )275‬يَ ْم َح ُق اللَّهُ ِّ‬
‫ُه ْم ف َ‬
‫ين َ‬
‫َ‬
‫َّ ِ‬
‫الصالِح ِ‬
‫الص َل َة َوآتَ ُوا َّ‬
‫ين‬
‫ف َعلَْي ِه ْم َوََل ُه ْم يَ ْح َزنُو َن (‬
‫َج ُرُه ْم ِع ْن َد َربِّ ِه ْم َوََل َخ ْو ٌ‬
‫ات َوأَقَ ُاموا َّ‬
‫الزَكا َة لَ ُه ْم أ ْ‬
‫َّ َ‬
‫‪ )277‬يَاِ ِأَيُّ َها الذ َ‬
‫ِ‬
‫ِ‬
‫ِ‬
‫ِ‬
‫ِ‬
‫ِ‬
‫ين (‪ )278‬فَِإ ْن لَ ْم تَ ْف َعلُوا فَأْ َذنُوا بِ َح ْر ٍ‬
‫ب م َن اللَّه َوَر ُسوله َوإِ ْن تُ ْبتُ ْم‬
‫الربَا إِ ْن ُك ْنتُ ْم ُم ْؤمن‬
‫آمنُوا اتَّ ُقوا اللَّهَ َو َذ ُروا َما بَق َي م َن ِّ‬
‫َ‬
‫َ‬
‫ٍ‬
‫ِ‬
‫ٍ‬
‫ِ‬
‫ِ‬
‫ِ‬
‫ِ‬
‫ِ‬
‫َّ‬
‫صدقُوا َخ ْي ٌر لَ ُك ْم إ ْن‬
‫َّ َرة َوأَ ْن تَ َ‬
‫فَ لَ ُك ْم ُرءُ ُ‬
‫وس أ َْم َوال ُك ْم ََل تَظْل ُمو َن َوََل تُظْلَ ُمو َن (‪َ )279‬وإ ْن َكا َن ذُو عُ َّْ َرة فَنَظ َرةٌ إلَى َم ْي َ‬
‫ُك ْنتُ ْم تَ ْعلَ ُمو َن} [البقرة‪]280 - 275 :‬‬
‫ِ ٍ ِ َّ ِ‬
‫ِِ ِ‬
‫ِ‬
‫وس أ َْم َوالِ ُك ْم ََل تَظْلِ ُمو َن َوََل تُظْلَ ُمو َن (‪)279‬‬
‫فَإ ْن لَ ْم تَ ْف َعلُوا فَأْذَنُوا ب َح ْرب م َن الله َوَر ُسوله َوإ ْن تُ ْبتُ ْم فَ لَ ُك ْم ُرءُ ُ‬
‫•‬
‫•‬
‫‪Riba in Hadith‬‬
‫•‬
‫•‬
‫•‬
‫•‬
‫ول اللَّ ِ‬
‫ود‪َ ،‬عن أَبِ ِ‬
‫َعب ِد اللَّ ِه ب ِن مَّع ٍ‬
‫س‬
‫ر‬
‫ن‬
‫ع‬
‫ل‬
‫الربَا‪،‬‬
‫ه‬
‫‪:‬‬
‫ال‬
‫ق‬
‫‪،‬‬
‫يه‬
‫ُ‬
‫َ‬
‫َ‬
‫َ‬
‫صلَّى اهللُ َعلَْي ِه َو َسلَّ َم آكِ َل ِّ‬
‫َ‬
‫ََ َُ‬
‫ْ ِ ْ َِ ُْ ِ ْ‬
‫َوُمؤْكلَهُ َو َشاه َدهُ َوَكاتبَه‪.‬‬
‫َعن أنس بن مالِ‬
‫الربَا وعظّم‬
‫فذكر‬
‫وسلم‬
‫عليه‬
‫اهلل‬
‫صلى‬
‫اهلل‬
‫رسول‬
‫خطبنا‬
‫‪:‬‬
‫ال‬
‫ق‬
‫ك‬
‫َ‬
‫َ‬
‫َ‬
‫ْ‬
‫ٍّ‬
‫ِ‬
‫ِ‬
‫ِ‬
‫أعظم َع ْن َد اهلل في الخطيئة م ْن ست َوثلثين‬
‫الربَا‬
‫الرج َل‬
‫شأنه فَ َق َ‬
‫ال‪:‬إ ّن ُ‬
‫يصيب م ْن ّ‬
‫ُ‬
‫ُ‬
‫الرجل‪َّ ،‬‬
‫الرج ِل المَّلم‪.‬‬
‫الربَا ُ‬
‫عرض ُ‬
‫َزنْية يزنيها ُ‬
‫وإن أربى ّ‬
‫الربَا اثنان وسبعون‬
‫طلحة عن البراء بن عازب عن النبي صلى اهلل عليه وسلم قَ َ‬
‫ال‪ّ :‬‬
‫الرجل في عرض أخيه‪.‬‬
‫الربَا استطالة ُ‬
‫بابا‪ ،‬أدناها مثل إتيان ُ‬
‫الرجل أمه وأربا ّ‬
‫الرجل‬
‫َع ْن عبداهلل بن َسلَم‪َ ،‬ع ْن رسول اهلل صلى اهلل عليه وسلم قَ َ‬
‫رهم يُصيبهُ ُ‬
‫ال‪ :‬ال ّد ُ‬
‫من الربا أعظم ِع ْن َد ِ‬
‫اهلل من ثلثة وثلثين َزنْية يزنيها في اْسلم‪ .‬وعن رسول اهلل‬
‫َّ‬
‫ُ‬
‫الربَا اثنان وسبعون حوباً‪ ،‬أدناه كالذي يأتي أمه‬
‫ال‪:‬إ ّن‬
‫صلى اهلل عليه وسلم قَ َ‬
‫َ‬
‫أبواب ّ‬
‫في اْسلم‬
‫‪Riba in Hadith‬‬
‫•‬
‫•‬
‫•‬
‫•‬
‫ول اللَّ ِ‬
‫ود‪َ ،‬عن أَبِ ِ‬
‫َعب ِد اللَّ ِه ب ِن مَّع ٍ‬
‫س‬
‫ر‬
‫ن‬
‫ع‬
‫ل‬
‫الربَا‪،‬‬
‫ه‬
‫‪:‬‬
‫ال‬
‫ق‬
‫‪،‬‬
‫يه‬
‫ُ‬
‫َ‬
‫َ‬
‫َ‬
‫صلَّى اهللُ َعلَْي ِه َو َسلَّ َم آكِ َل ِّ‬
‫َ‬
‫ََ َُ‬
‫ْ ِ ْ َِ ُْ ِ ْ‬
‫َوُمؤْكلَهُ َو َشاه َدهُ َوَكاتبَه‪.‬‬
‫َعن أنس بن مالِ‬
‫الربَا وعظّم‬
‫فذكر‬
‫وسلم‬
‫عليه‬
‫اهلل‬
‫صلى‬
‫اهلل‬
‫رسول‬
‫خطبنا‬
‫‪:‬‬
‫ال‬
‫ق‬
‫ك‬
‫َ‬
‫َ‬
‫َ‬
‫ْ‬
‫ٍّ‬
‫ِ‬
‫ِ‬
‫ِ‬
‫أعظم َع ْن َد اهلل في الخطيئة م ْن ست َوثلثين‬
‫الربَا‬
‫الرج َل‬
‫شأنه فَ َق َ‬
‫ال‪:‬إ ّن ُ‬
‫يصيب م ْن ّ‬
‫ُ‬
‫ُ‬
‫الرجل‪َّ ،‬‬
‫الرج ِل المَّلم‪.‬‬
‫الربَا ُ‬
‫عرض ُ‬
‫َزنْية يزنيها ُ‬
‫وإن أربى ّ‬
‫الربَا اثنان وسبعون‬
‫طلحة عن البراء بن عازب عن النبي صلى اهلل عليه وسلم قَ َ‬
‫ال‪ّ :‬‬
‫الرجل في عرض أخيه‪.‬‬
‫الربَا استطالة ُ‬
‫بابا‪ ،‬أدناها مثل إتيان ُ‬
‫الرجل أمه وأربا ّ‬
‫الرجل‬
‫َع ْن عبداهلل بن َسلَم‪َ ،‬ع ْن رسول اهلل صلى اهلل عليه وسلم قَ َ‬
‫رهم يُصيبهُ ُ‬
‫ال‪ :‬ال ّد ُ‬
‫من الربا أعظم ِع ْن َد ِ‬
‫اهلل من ثلثة وثلثين َزنْية يزنيها في اْسلم‪ .‬وعن رسول اهلل‬
‫َّ‬
‫ُ‬
‫الربَا اثنان وسبعون حوباً‪ ،‬أدناه كالذي يأتي أمه‬
‫ال‪:‬إ ّن‬
‫صلى اهلل عليه وسلم قَ َ‬
‫َ‬
‫أبواب ّ‬
‫في اْسلم‬
Qimar/Maysir
• The word ‘maisir’ literally means ‘getting something too
easily’ or ‘getting a profit without working for it’
• It means that both parties stake their money in such a way
that one party draws total profit and the other party incurs a
total loss
• Four elements in Qimar;
1. Commutative Contract between two.
2. Everyone puts his money at risk.
3. Uncertainty in conclusion of event.
4. One draws total profit and the other 100% total loss.
‫‪Qimar/Maysir in Quran‬‬
‫يا أَيُّها الَّ ِذين آمنُوا إِنَّما الْ َخمر والْمي ِ‬
‫الش ْيطَ ِ‬
‫ِ‬
‫س ِم ْن َع َم ِل َّ‬
‫َ‬
‫َ‬
‫ان‬
‫ج‬
‫ر‬
‫م‬
‫َل‬
‫ز‬
‫اْل‬
‫و‬
‫اب‬
‫ص‬
‫ن‬
‫اْل‬
‫و‬
‫ر‬
‫َّ‬
‫ْ‬
‫ْ‬
‫َ‬
‫ْ‬
‫ْ‬
‫َ َ‬
‫ْ‬
‫َ َ َ‬
‫ْ ُ َ َْ ُ َ َ ُ َ ُ ٌ‬
‫اجتَنِبُوهُ لَ َعلَّ ُك ْم تُ ْفلِ ُحو َن [المائدة‪]90 :‬‬
‫فَ ْ‬
‫اے ایمان والو! شراب ‪ ،‬جوا ‪،‬بتوں کے تھان اور جوے کے تیر ‪ ،‬یہ سب ناپاک‬
‫شیطانی کام ہیں ‪ ،‬لہذا ان سے بچو‪ ،‬تا کہ تمہیں فالح حاصل ہو۔‬
Qimar/Maysir in Conventional Insurance
General
Insurance
Life
Insurance
• In General Insurance, if the
risk is not actualized, the
policyholder loses all the
premiums paid to the
insurer
• In some policies of Life
Insurance where
investments are not
available the policyholder
loses all the premiums paid
to the insurer
Gharar (Uncertainty)
• Literal meaning of Gharar is: To Cheat, Deceive, Lure, Entice,
Risk, Danger, Hazard. ‫ اور خطرہ‬،‫ غلط امید دالنا‬،‫دھوکہ دہ ی‬
• In the Fiqh, Gharar is the element of uncertainty in the basic
parts of commutative contract. I.e. Subject Metter, Price,
period, Delivery etc.
•
1.
2.
3.
4.
Basic conditions of effectiveness of Gharar;
Should be found in Commutative contract.
Should be major.
Shouldn't found in contracts which are exempt.
Should be found as in the basic contract. (isalatan)
‫‪Prohibition of Gharar in Hadith‬‬
‫ِ‬
‫ال‪« :‬نَ َهى رس ُ ِ‬
‫َّ‬
‫ص ِاة‪،‬‬
‫ْح‬
‫ل‬
‫ا‬
‫ع‬
‫ي‬
‫ب‬
‫ن‬
‫ع‬
‫م‬
‫ل‬
‫س‬
‫و‬
‫ه‬
‫• َع ْن أَبِي ُه َريْ َرَة‪ ،‬قَ َ‬
‫ِ‬
‫صلَّى اهللُ َعلَْي َ َ َ َ ْ َ ْ َ َ‬
‫ول اهلل َ‬
‫َُ‬
‫َو َع ْن بَ ْي ِع الْغَ َرِر»(صحيح مَّلم)‬
‫آنحضرت ﷺ نے کنکر کی بیع اور غرر کی بیع سے منع فرمایا ےہ۔‬
Gharar in Conventional Insurance
Gharar in
Conventional
Insurance contract is
that of the Excessive
Nature
• This is due to the nature of the contract
i.e. Aqd-e-Muawaza
The conventional
insurance contract
gives rise to Gharar as
the Subject Matter is
not clear with regards
to:
• whether or not the insured will get the
compensation which has been promised
• how much the insured can get ;
• when the compensation can be paid
Fatwas Against Conventional Insurance
•
•
•
The majority of scholars is of the opinion that the conventional insurance practiced
today is not Shariah compliant
A fatwa issued by a committee comprising of leading scholars for the Saudi Arabia
Government
– “Our observation that the modern form of insurance companies and their
current practices are objectionable Islamically does not mean that Islam is
against the concept of Insurance itself ; not in the least – it only opposes the
means and methods. If other insurance practices are employed which do not
conflict with Islamic forms of business transaction ; Islam would welcome
them”
“The Lawful & the Prohibited in Islam” (pg. 276)
The National Fatwa Committee Malaysia deliberated on the question of life
insurance (15th. June 1972) and below is a translation of an extract from the
minutes recorded
– “Life insurance as presently practiced by insurance companies is a fasid
transaction as it is contrary to the Shariah principles of contract because it
contains the following elements : Riba, Gharar, Maisir.
As such from the
Shariah point of view, insurance is haram”.
Definition of Takaful
Takaful is a community-pooling system,
based on the principles of brotherhood and mutual help,
wherein participants contribute in a fund,
to help those who need it most in times of financial difficulties.
EXAMPLES: The concept of Takaful exists in cooperative societies and joint-family systems etc
In practice, Takaful can serve as a risk-mitigation tool and an alternative to conventional insurance.
Three Operational Models
Pure
Mudarbah
Practiced in earlier eras, this model
is not in vogue anymore.
Pure Wakalah
This model in not widely practiced.
Hybrid –
Wakalah +
Mudarbah
This is the most prevalent model.
Hybrid –
Wakalah+
Mudarbah+
Waqf
This model was suggested by
Shariah Scholars in Pakistan.
Definition of Waqf
• Transferring the corpus (Ain) of a physical thing to Allah.
‫ا اپنی ملکیت سے نکال کر ہللا کی راہ‬
• That is for the usufruct (Manfa’at)‫دینا‬
of ‫میں‬
people.
‫قف کے منافع ہللا کے بندوں کے لئے ہو تے ہیں‬
‫کی خریدو فروخت اور ھبہ نہیں ہوسکتا‬
• Waqf item (asset) can’t be sold
• Waqf item (asset) can’t be distributed in inheritance
(meerath)
‫فہ شے میراث میں بھی تقسیم نہیں ہوسکتی‬
• By using that thing, it should not be diminished/
consumed.
‫ کنواں کا وقف ہوسکتا ےہ‬،‫ ٰلہذا پانی کا وقف جائز نہیں‬،‫وری ےہ‬
(Like; well, water cooler, school, Masjid, hospital etc.)
How does it Function? Waqf Pool
Surplus
Participant
Wakalah Fee, Claims, Re-Takaful
(MUDHARABAH)
Takaful
Operator
Participant
Waqf Pool
Wakalah
Wakalah
Wakalah
Wakalah
Wakalah
Wakalah
Risk sharing
Between
Participants
Participant
Investment
Participant
How does it Function? Family Takaful
1
Participant
Contributions
Participant’s
Investment
Account (PIA)
Profits from Investment
5
4
Wakalee Fee(s) for
Investment
Management
Contributions for
Takaful Benefit
3
2
Payment of Claims
6
7
Surplus Distribution
(if any)
Waqf Fund
Wakala Fee for
Operating Waqf
Fund
Operator / Wakeel
Key Points on Takaful Process
• Contributions are paid on the basis of
Taburru. In Shariah such a contract is
called Aqd Taburru
• Contributions are credited to the Waqf
Fund; Operator acts as Wakeel
• The Waqf Fund pays the claims
• Contributions are invested only in
Shari’ah Compliant investment avenues
• An independent Shariah Board supervises
business activities for Shariah compliance
WAQF
Takaful from Customer’s Perspective
• Takaful resonates with the beliefs and value system of
people from different cultures:
Shariah
Compliant
Ethical
Transparent
and Full
Disclosure
Shariah and
Socially
Responsible
Investments
Surplus
Sharing
Participant Takaful Fund (PTF) - Income
The income of PTF consists of the following:
• Contributions received from participants (other than the
portion transferred to PIA under Family Takaful Policies)
• Claims, surplus and commissions from Re-Takaful operators
• Investment profit attributable to participants in the PTF
• Salvage/Recoveries
• Qard-e-Hasana by the shareholder fund in case of a deficit
• Any donation made by shareholders, etc.
Participant Takaful Fund (PTF) - Outgo
The outgo of PTF consists of the following:
• Settlement of losses and expenses occurred therein
• Contribution of Re-Takaful
• Takaful Operator’s fee – Wakala fee
• Share of investment profits of PTF as Mudarib
• Surplus distributed to participants
• Return of Qard-e-Hasana to the shareholder’s fund
Differences between Conventional Insurance and
Takaful
• Point # 1: The fundamental difference between conventional
insurance and Takaful is the “Change of nature of contract” from
Aqd-e-Muawaza to Aqd-e-Taburru
– This has eliminated Riba; and
– Rendered Gharar and Qimar/Maysir Ineffective
• Point # 2: Contributions go into the Waqf Fund & Waqf Fund
belongs to Allah (SWT)
• Point # 3: The Waqf Fund pays the claims
• Point # 4: Contributions are invested only in Shari’ah Compliant
business avenues
• Point # 5: An independent Shariah Board supervises business
activity for Shariah compliance
Shariah Guidelines
Names of Shariah Guidelines
Halal & Haram Business Venues
 Screening Criteria for Investment
Co-Takaful Guidelines
Surplus Distribution Guidelines
Charity Guidelines
Re-Takaful Guidelines
Advertisement Guidelines
Shariah Guidelines Regarding Halal & Haram Business
Venues
• Section 1: Impermissible Businesses according Shariah
–
–
–
–
–
–
–
Conventional Banks
Conventional Insurance companies
Conventional Mutual Funds
Conventional Asset Management companies
Cinema Houses
Alcohol Manufacturers
Any other company whose main line of business is non-Shariah
compliant, for example companies who deal in impermissible
pictures and photographs, if this would be their only source of
income.
Shariah Guidelines Regarding Halal & Haram Business
Venues
Section 2: Group Takaful Coverage for companies of
impermissible business nature
• The Shariah Board doesn’t allow providing any kind of group
coverage to employees of companies mentioned in section
one other than a simple death coverage for the employees as
the real beneficiary is the family of the deceased.
• Personal Accident Takaful Policy
Shariah Guidelines Regarding Halal & Haram Business
Venues
Section 3: Providing coverage to assets of companies of
impermissible business nature
• Assets that are owned by a company, as mentioned in
section one, may they be fixed or not, cannot be covered
by the Takaful Company under any circumstances.
• The collateral of any conventional bank can be covered
through Takaful as it is not the property of that bank.
• Takaful coverage can be issued to assets which are
mortgaged with conventional banks against its loan, if the
borrower (mortgagor) considered as a participant of PTF in
our policy, though the contribution paid by the bank.
Shariah Guidelines Regarding Halal & Haram Business
Venues
Section 3:
• Assets of any Non-Shariah Compliant business such as
cars etc. That is a part of any employee’s salary package
can be covered under a Takaful plan as long as they are
owned by the employee and not directly used for the
company’s operation
• Takaful coverage can be issued to the leased assets of
any conventional bank or conventional leasing
companies.
• The assets financed be conventional banks or companies
can be covered under a Takaful plan
Screening Criteria for Investment and Shares
• This activity is supervised by the Shariah Advisory
Board for Shariah compliance.
• The nature of the investee company’s business and
its existence
• Debt to total Asset ratio should not exceed 33%
• Illiquid assets should be at least 20% of the total
assets
• Investment in non-Shariah compliant activities and
income from non Shariah- Compliant investments
Areas of Investment
•
•
•
•
Shari’ah compliant Government Securities
Immoveable property
Joint Stock Companies
Redeemable Capital
–
–
–
–
Mutual Funds
Musharika Certificates
Term Finance Certificates
Participation Term Certificates
• Placement of excess funds with
Islamic Banks and Islamic financial institutions
Shariah Guideline regarding Co-Takaful
• It is permissible for the Takaful company to be a leader as
well as follower in a Co-Takaful setup;
• Allocation of the coverage share must be by the prospect,
not from any Insurance company
• Explicit wordings of ‘offer’ and ‘acceptance’ should be
incorporated into the policy document
• The contribution cheque received from the participant for
the coverage share should be issued in the name of the
Takaful company, whether the Takaful company is the
leader or the follower
• All minor claims of one third (1/3) of sum-covered
amount may be recovered from follower co-insurance
companies.
Surplus Distribution in Takaful
• To create various sub funds under the main Waqf Fund is permissible
• The loan shall be repaid from the future surpluses generated in the PTF
without any excess on the actual amount given to the PTF.
• The actual distribution of surplus may be made only to those
Participants leaving the pool during the year by way of withdrawal,
death or maturity of the membership.
• No surplus shall be distributed if any claim(s) has been lodged by the
participant during the period of Takaful coverage and the Operator has
entertained that claim.
• The Takaful Operator may distribute surplus either in cash or adjust
against future Contributions
• At least 1% of Surplus would be made for the charitable purpose
Charity Guidelines
• The source of Charity Fund would be as follows;
Impure income generated by the non
Shariah Compliance transactions
A portion of the Surplus from PFT (if any)
General donations
• Disbursement shall be the same which is defined by the
Shari’ah for “Zakat
• it is also permitted to disburse/dispose the charity
amount in socio-economic welfare activities,
• Disbursement within one year of its transfer.
Charity Guidelines
• Cannot be used for sponsorships or any such
activities result in direct / indirect promotion or
marketing or advertising of the Company
• Should avoid from cash payment to avoid from miss
utilization of funds
• Contributions credited to the Charity Fund shall be
recorded as Liability in the company’s book of
accounts.
• Separate accounts will be maintained for the Fund.
Re-Takaful Guidelines
• Re-Takaful Operator should have a separate
Takaful Pool
• Should own dedicated Shariah board/ or under
the governance of another once
• Wakala Fee/Mudarib share should be clearly
agreed upon
• The surplus , As well as commissions received
from Re-Takaful operator should be considered
as a part of PTF
Advertisement Guidelines
•
All text, voice recordings, scripts, storyboards etc., meant to
communicate a message through any medium in any language
will have to be submitted to the Shariah Advisory Board for
approval.
• Music cannot be employed in any advertisement through any
medium.
• Advertisements in electronic media cannot have women
appearing on screen.
• Advertisements in print media can neither have pictures of
living beings nor depictions violating limits set by the Shariah.
Recommended Readings and Websites
• An Introduction to Takaful by Dr. Mufti Ismatullah Sahib
(in English and Urdu Booklets)
• An Introduction to Islamic finance by Mufti Taqi Usmani
Sahib
• Takaful – A way of Islamic Insurance by Mufti Dr. Ijaz
Ahmad Samdani
• http://www.pakqatar.com.pk
Jazaak Allah
Khairan
Questions?