لخّصلي

The word takEful is derived from the Arabic verb kafala, which means to guarantee; takEful means joint guarantee.Besides the AAOIFI standard, Bank Negara Malaysia (BNM) has issued the Guidelines on TakEful Operational Framework (TOF), outlining the fundamental obligations of takEful operators in Malaysia towards participants in terms of conformity to SharENah principles, the undertaking of fiduciary duties, and the meeting of prudential standards (BNM, 2012).This customary practice was then ratified in Islam through the verdict of the Prophet (Engku Ali, 2008).

The word takÉful is derived from the Arabic verb kafala, which means to guarantee; takÉful means joint guarantee. The takÉful model is based on the divine concept of taÑÉwun, which means mutual assistance. The concept of taÑÉwun is recommended in the Qur’Én (5:2): “Help (taÑÉwun) one another to do what is right (birr) and good (taqwÉ); do not help one another towards sin and hostility. Be mindful of Allah, for His punishment is severe.”
The historical/SharÊÑah precedent for takÉful can be found in the concepts of mutual protection and shared responsibility in the pre- Islamic Arab tribal practice of ÑÉqilah. When blood money (diyyah) had to be paid, the relatives of the responsible party were expected to help pay the required amount until the loss was indemnified. This customary practice was then ratified in Islam through the verdict of the Prophet (Engku Ali, 2008).
The Malaysia TakÉful Act 1984, Section 2, defines takÉful as a scheme based on brotherhood, solidarity and mutual assistance. On

the other hand, the Accounting, Auditing and Governance Standards for Islamic Financial Institutions (AAOIFI, 2007) states:
“Islamic insurance is a system through which the participants donate part of or all of their contributions, which are used to pay claims for damages suffered by some of the participants. The company’s role is restricted to managing the insurance operations and investing the insurance contributions.”
Besides the AAOIFI standard, Bank Negara Malaysia (BNM) has issued the Guidelines on TakÉful Operational Framework (TOF), outlining the fundamental obligations of takÉful operators in Malaysia towards participants in terms of conformity to SharÊÑah principles, the undertaking of fiduciary duties, and the meeting of prudential standards (BNM, 2012).