Modharba Model of Takaful, Introduction and Solution in Practical Concerns of Present Implementations.
Keywords:Takaful, companies, Modharba model, assistance, Cooperation
Humanity is not immortal and suffers from accidents and disaster. These dangers may exist in the present or future and humans are compelled to face all kinds of dangers. So human beings have always been taking measures to overcome the dangers. Islam also allows for adopting different methods to overcome and indemnify all expected disasters but that methods should be in sharia limitations. Takaful is that kind of method that is practised in Muslim world. Takaful companies are offering takaful policies on the basis of Wakala, Waqf, Modharba and Hybrid models. This article makes awareness about a model of takaful, “Modharba model”. It explains the takaful Modharba model in the parameters of actual Introduction conditions and sharia bases of modharbat. It is resulted that this model has great contradiction with the concept of actual sharia modharbat. Many sharia concerns are found in this model that’s why this model is not suitable for Takaful. Takaful should be on the basis of pure Tabarrou. In which people help one another on the basis of mutual assistance and cooperation not because of just their own benefits.