KARACHI:Pak-Qatar Takaful in collaboration with IBA, Centre for Excellence in Islamic Finance, (IBA CEIF) conducted a two-part webinar session on “Understanding Takaful for Ulama and Shari’ah Scholars”.
The topic was delivered by Mufti Muhammad Hassaan Kaleem, who is the Chairman of Shari’ah Board for Pak-Qatar Takaful.
The session was moderated by Ahmed Ali Siddiqui, Director IBA CEIF, SEVP and Group Head Shariah Compliance, Meezan Bank Limited, said press release here on Monday.
In this session, Mufti Muhammad Hassaan Kaleem mentioned the Shari’ah related issues pertaining to Insurance due to which Insurance is considered as prohibited in Islam.
Mufti Hassaan Kaleem while explaining about the theory of Takaful said the concept of mutual insurance was close to Islamic concepts and could be adopted after making certain modifications.
Takaful or Islamic alternative of Insurance was done on basis of Modaraba, Wakala or Waqf Wakala.
In Pakistan, Waqf Wakala model had been adopted as the concept of Waqf which had the legal status of a legal person and was a perpetual entity.
Both General Takaful Companies as well as Life Takaful companies (known as Family Takaful companies in Pakistan) used the Waqf Wakala Model.
A detailed Q&A session took place as a part of the second session whereby the queries of the participants were answered.