Abstract

It was not until recently that, the doctrine of Insurable Interest has been unrefutedly adopted in the Insurance Industry as one of the prime aspects under Common Law Principle. But, a similar phenomenon has not been so far witnessed in Takaful (Islamic Insurance) Industry. There are some diversified views among the Islamic scholars on the recognition of Insurable Interest in Takaful (Islamic Insurance) Practices. Some are in favor of it, subject to one�s harmonization with the Shari�ah Principle. Meanwhile, some are objecting it, claiming that, there is no basis to justify the idea of Insurable Interest in the teaching of Shari�ah. In this paper however, an attempt is made to scrutinize the fact, whether the Common Law doctrine of Insurable Interest as practiced in Malaysia can be adopted in Takaful (Islamic Insurance) Industry. If not, what the Shari�ah alternative module could be suggested in Malaysian Takaful reality.�

Introduction

Existing Provision Laid Down under Section 152 of the Insurance Act 1996

Can the above Provision be Applied in Takaful Operation? An Analysis

Proposed Alternative for Takaful Operation: A Procedural Highlight

Justification(s)
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