Interpretational Risk In Takaful Insurance Products
by Charles A. Yuen on July 19, 2012
Spurred by petroleum-related and other revenues, Takaful insurance and reinsurance (“ReTakaful”) markets are emerging. Contracts from these markets may soon represent a typical source of additional capacity for an international corporate policyholder. Takaful contracts are intended to comply with Islamic religious – Sharia – law, however.
Therefore, policyholders should carefully consider how – and under what law – their
claims may be handled. Sharia legal principles, generally speaking, are based on the Quran and the teachings of Islamic scholars. Business transactions under Sharia must adhere to general Islamic precepts, such as avoiding usury, promoting equity and encouraging fairness...
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