Takaful and Islamic Cooperative Finance

Edited by S. Nazim Ali, Research Professor and Director, Center for Islamic Economics and Finance, Hamad Bin Khalifa University, Qatar and Shariq Nisar, Professor, Rizvi Institute of Management Studies and Research (RIMSR), India

• Contents:Introduction PART I: INTRODUCTION TO TAKAFUL: FORM, FUNCTION AND CRITICISM1. Takaful Journey: the Past and Present and Future Ajmal Bhatty and Shariq Nisar 2. Solidarity, Cooperation, and Mutuality in Takāful Volker Nienhaus3. Mutuality, Reciprocity, and Justice within the Context of a Unified Theory of Riba and Ghara Mahmoud A. El-Gamal4. A Proposed Marriage between Endowments, Mutual Insurance, and the Institution of Agency in Islamic Law—An Introduction to the Waqf-Wakalah Model of TakafulAbdullah Nana5. A Critical Shari’ah Review of Takaful Structures: Towards a Better ModelAbdulazeem AbozaidPART II: REGULATORY ENVIRONMENT AND LEGAL ASPECTS OF TAKAFUL6. New Horizons: The Potential for Shari’ah-compliant Cooperative and Mutual Financial ServicesSara E.B. Carmody7. Toward a Watershed in Takaful Dispute Resolution: From Litigation to Effective Dispute ManagementUmar A. Oseni8. Fatwā and its Role in Regulatory Capture and ArbitrageJoe W. BradfordPART III: TAKAFUL PRODUCT ANALYSIS9. The Nature of Retakaful: Risk Sharing or Transferring Risks? Abu Umar Faruq Ahmad, Ismail Bin Mahbob and Muhammad Ayub10. Commercial Credit TakafulMuhammad Al Bashir Muhammad Al Amine11. Shari’ah Compliant High Watermark Protected Lifetime Annuity in Family Takaful?Hiba Allam and Volker NienhausPART IV: TAKAFUL AS SOCIAL FINANCE12. Reimagining takaful: A New Model for Social BankingHussam Sultan and Abdur-Rahman Syed13. Islamic Co-operatives: A Route to Poverty Alleviation and Economic Development Mian Farooq Haq and Bushra Shafiq14. Scaling Poverty Reduction in Indonesia: Enhancing the Institutional Effectiveness of Islamic Microfinance Institutions Tanvir Ahmed Uddin and Muhammad Maaz Rahman15. Micro-takaful in India: A Path Towards Financial Inclusion and Sustainable DevelopmentMohammad Faisal, Asif Akhtar, Asad Rehman and M. Abdul SamadIndex

'This volume is probably the first of its kind in which the topic of takaful - often neglected by literature - is dealt with in a comprehensive fashion by leading academics and practitioners. The strength of the volume stems from its discussion of the ideas of mutuality and cooperatives, legal and regulatory frameworks, and the potential for takaful in social finance with a view towards sustainable development. Professors Ali and Nisar deserve congratulations for making this important and significant contribution to the literature on takaful.'