| Takaful Business Models: A Review, a Comparison |
| Keywords: Bank Aljazira (BAJ) Takaful model (Ta’awun model); Mudarabah; Tabarru; Wakala Model; Wakala-Waqf model. |
| Ahmad Tisman Pasha and Mher Mushtaq Hussain |
| As an alternate to the general insurance, the Islamic insurance (Takaful) system is based on some rules and regulation. These rules and regulations define the criteria to collect the funds from the participants and invest these funds into investment avenues permissible under Shariah. Presently, several Takaful models have been evolved over time to satisfy the Shariah compliant and needs of the customers. The present article is basically a review article that explains and reviews different Takaful business models, after exploring the available literature. The article focuses on four Takaful business models and they are the Mudaraba, Wakala, Ta'awun and Wakal-Waqf models. Moreover, a brief comparison of these models has also been provided. |
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