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Index 7Ps 301–2 agency 319 marketing mix for Takaful 303–4 Wakalah 47–8, 64, 304 agents 3, 15, 21, 23, 75 Abduh, Muhammad 7, 59, 194 licensing to market Takaful products absolute beneficiary versus trustee 15, 179–80 24–5, 75, 211–19, 237–8, 251, payments in life insurance 238, 251 252 regulatory framework 76–8 absolute power of Allah 317 alcohol, sanction against 317 Abu Ishaq, blessing of 31 Ali, M.M. 37, 40 acceptance Allah conventional insurance 152–3 absolute power of 317 Qabul 143, 145, 147–8 attributes of 319 accidental death, see quantum of death determined by 68, 317–18 damages putting trust in 68, 71, 241, 245, 251, accountability 299, 320–21 317, 324 accounting 338 will of 69, 240 issues for Takaful institutions allies (Hilf) 28 307–10 of al-Ahlaf 28 treatment for recognition of income of al-Fidul 29 and expenses for operators of al-Mutaibin 28 200–201 Allis-Chakners Co. v. Fidelity and Accounting and Auditing Organization Deposite Co. of Maryland 153 for Islamic Financial Institutions Amanah (trust) 18, 45, 215 (AAOIFI) 39, 263–5, 270–71, 291, ambiguity 345 297, 308 Amtul Habeeb vs. Musarrat Parveen accounts 338 218, 237 accrual basis accounting 200–201, ancient Arab tribes 4–5, 136 203–4 annulment of a policy 109, 167–8 Acts of Parliament 61 anti-selection 39 advisory Shari’ah task force, suggested ‘Aqd (principles of contract) 1, 20, 26, 277 42, 48, 62–3 Africa 262, 285 ‘Aqd Ta’min Muaqqat (issuance of age cover note) 145, 148–9 of a contract 20 ‘Aqilah (kinsmen or payees of blood impediment to taking out a policy money) 5–6, 29–30, 60, 70–71, 17, 88–90 136, 140, 248, 368 legal capacity 63, 157–60 Arab tribes 116 of majority 157–8, 160 ancient 4–5, 136 Rushd 20, 88, 89, 189–90 Arabesque Asset Management 313 of maturity 319 Asia 262, 285 of puberty 20, 88, 89, 189–90, 319 Southeast 262, 275, 285 403 Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis - 9781788115834 Downloaded from Elgar Online at 10/01/2021 02:31:45PM via free access BILLAH PRINT.indd 403 26/09/2019 16:12 404 Encyclopedia of Islamic insurance, Takaful and Retakaful Asia Insurance Co. Ltd v. American benefits available for bodily injury or International Assurance Co. Ltd death 117–19 162 conceptual framework 112–14 asset financing 10–14 contemporary application 116–17 risks of 10, 11 payees of (‘Aqilah) 5–6, 29–30, 60, Takaful responses to financing risks 70–71, 136, 140, 248, 368 12–14 right beneficiaries 117–19 asset–liability management 293 scheme combining Dhaman assets 308 (compensation) with 121–8 adequate 86–7 underlying principles 114–16 valuation of 225–8 Board of Directors 291, 298, 300 asylum (Istijarah) 28 bodily injury 115 Australia 157, 158, 159 quantum of damages 112–28 authenticity of the Qur’an 316 bonds 203–4, 227 al-Azhar, Sheikh, Fatwa of 68, 239, bonus 338 241–2, 246–7 Booms, B.H. 302 Borhanuddin bin Haji Jautara & Anor babies 89 v. The American International Bahrain 260 Association Co. Ltd 154 Code of Contract Law 96 bottomry contract 136 bailment (Kafala Bijua’l) 33 Boulif, M. 41 Baitul mal (House of Finance) 257 bounty, seeking 321 Bank Aljazira 12–14 branding strategies 305–7 bankrupcty (Iflas) 90–91 breach of good faith, legal Banque Keyser Ullman S.a. v. S.Kandia consequences for 108–9 (UK) Insurance Co. Ltd and Ors breach of trust 319 171 brokers 21, 23, 75 Barakat Abu Ishaq (blessing of Abu licensing to market Takaful products Ishaq) 31 179–80 Bay’ (sale) 44 regulatory framework 76–7, 78–9 Bay’ Bithaman Ajil (BBA) (sale by Brunei 37 deferred payment) 43 Budd, E. 40 beneficial rights of illegitimate children business drivers 284 196–9 beneficiaries cancellation of a policy 108–9, 167 blood money 117–19 Canning v. Hoare 153 in Takaful 1, 20, 75, 137, 193–6 capacity, legal, see legal capacity nominees as absolute beneficiaries captivity 91 or trustees 15, 24–5, 75, Carter v. Boehm 168 211–19, 237–8, 251, 252 cash basis accounting 200–201, benefits 338 203–4 distribution of 2–3, 17, 196, 362–3 Cathe’s v. Commissioner of Stamp benevolent loans 210–11 Duties 211 betting 240, 244, 344–5 caveat emptor 169 binding promises 72–3, 250 Central Bank limitation to binding contract 324–5 expenses 224 in the School of Maliki 33–4 transfer of business 221–3, 225 blessing of Abu Ishaq 31 Chakroun, R. 298 blood money (Diyah) 5–6, 26–7, charitable trust, see Waqf (charitable 112–19, 121–8, 136, 369 trust) Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis - 9781788115834 Downloaded from Elgar Online at 10/01/2021 02:31:45PM via free access BILLAH PRINT.indd 404 26/09/2019 16:12 Index 405 charity 44–5, 322 marketing strategies 300–305 Salaqah 185–6, 191–2 perspectives of Takaful in Europe charity fund, see Tabarru’ fund 310–14 cheating 328 contract Najsh 92–3, 165, 373 ‘Aqd principles 1, 20, 26, 42, 48, 62–3 in trade 92–3, 165, 328 Takaful justified by the Qur’an 316, prohibition of 326 322 children and young people 89, 189–90 contracts 136–43 age of majority 20, 88, 89, 157–8, characteristics of 143–55 160, 189–90 conventional insurance 144, age of maturity 319 152–5, 156 age of puberty 20, 88, 89, 189–90, Takaful 143–52, 156 319 of clientage 29, 46–7 legal capacity 63, 157–60 essence of good faith in 163–72 Chop Eng Thye Co. v. Malaysian conventional insurance 168–72 National Insurance Sdn Bhd 154 Takaful 163–8, 172 Civil Codes 336 legal capacity of a Takaful contract claims 338 82–91 clientage, contracts of 29, 46–7 nature of an Islamic insurance Code of Islamic Civil Law 140–41 contract 16–18 Code of Muslim Personal Law (1980) necessary elements of an insurance 335–6 contract 54–7 commercial activities 57, 92–3 principles of contract affecting good faith in, see good faith conventional insurance 142 moral background and 100–101 Takaful 137–41 prohibited 324 rules governing conventional commercial insurance 348–51 insurance contracts 141–3, 144 commission 205–7, 339 Takaful compared with conventional for reinsurance 359–60, 360–61 insurance 339 common law 143 contributions 1–2, 3, 21, 24, 145, communication 290 149–52 branding and merchandising annulled policies 109, 168 strategies 305–7 deduction of management expenses compensation and commission 205–6 Dhaman, see Dhaman delayed 150–51, 183–4 life insurance as 249 forfeiture 151–2, 155, 184–5, 340 compliance 288 labelled as Musahamah 186–9, 191–3 compliance risks 13 medical history and 105–6 compromise, in compensation 124–7 suggested regulatory framework compulsory insurance 354–9 182–93 concealment 97–9 conventional financial institution consensus ad idem 162, 163 governance 296 consumptions, prohibited 317, 320 conventional insurance contemporary issues 286–314 agency 179–80 accounting issues 307–10 characteristics of contracts 144, branding and merchandising 152–5, 156 strategies 305–7 companies licensed for Takaful 81–2 corporate governance 296–300 comparison with Takaful 338–43 implementing conditions for Takaful essence of good faith 168–72 institutions 286–96 legal issues 156–60 Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis - 9781788115834 Downloaded from Elgar Online at 10/01/2021 02:31:45PM via free access BILLAH PRINT.indd 405 26/09/2019 16:12 406 Encyclopedia of Islamic insurance, Takaful and Retakaful life insurance compared with the debt 322, 328–30 Islamic approach 237–8 settlement of 150–51, 183–4, 193–4, mutual consent 162, 163 196, 328 rules governing contracts 141–3, 144 deception 148–9, 344 sources of contract law 142–3 concealment of material facts why activities are regarded as illegal 97–9 344–5 in trade 330 cooperation 315 delayed contributions 150–51, 183–4 limitation to 317 dependents 80 mutual, see mutual cooperation material security for 56–7, 73–4, 80, cooperative companies 38, 41–2 235–6, 242–3, 244, 246–7, 251 cooperative insurance quantum of damages for bodily under Shari’ah rules and dealing in injury or accidental death 124, insurance business generally 125 347–8 deposit when it becomes an Islamic operator’s security fund 87 insurance 345–6 valuation of deposits 227 corporate governance 296–300 Wadiyah 45, 71–2, 248 for conventional and Islamic destruction financial institutions 296–8 in the Earth 322 for Takaful institutions 265, 266, sanction against 318 278, 290–91, 299–300 in the society 321–2 corporate securities 226–7 Dhaman (compensation, liability or corporate social responsibility (CSR) guarantee) 47–8, 64, 112, 120–28 313 central idea 120–21 Court of Appeal Castellain v. Preston combined with blood money as and Ors 141 alternative to quantum of Court confirmation for transfer of damages 121–8 business 221, 222–4 forms of 32–5 cover note, issuance of, see issuance of Dhaman ‘AlaKhatar al-Tariq (surety for cover note hazards on the highway) 34–5 creation of mankind 321, 330 Dhamin, see operators crime 3, 234–5; see also homicide; dichotomous analysis 136–78 quantum of damages characteristics of contracts 143–55 culpable homicide 114 conventional insurance 144, custom 143 152–5, 156 ‘Urf 60, 72, 140, 248 Takaful 143–52, 156 customer satisfaction 304–5 essence of good faith 163–72 in contracts 168–72 damages 339 in Takaful 163–8, 172 quantum of, see quantum of legal issues 155–60 damages under conventional insurance Darib 42–3 practices 156–60 Dawud (Prophet) 120 mutual consent 160–63 day of grace 155 principles of contract affecting death Takaful 137–41 belief in the certainty of 244 rules governing insurance contracts determined by Allah 68, 317–18 141–3, 144 due to a criminal act 3, 234–5 digitalization 305 quantum of damages 112–28 disaster risks 261 Mohd M.