Improving Takaful Sector in Islamic countries

Modern insurance had attracted the attention of Muslim scholars and economists, since the 19th century, when many Muslim countries were subjected to colonisation and therefore to illiteracy, ignorance, suppression and division by western colonisers resulting in the loss of their civilizational lead. In the early Islamic societies, every member of the community was naturally insured by his relatives, neighbours and by the Islamic state against any misfortune that may
happen to him. That is why some of the contemporary Muslim scholars, like Abdullah Al-Qalqeeli (1961), Shawkat Al-Ulayyan (1981), Suleyman Al-Thenayan (1993) and others think that there is no need for commercial or even Takaful insurance companies to exist. However, given the complexity of life and the need for organised insurance, contemporary Muslim scholars agree that solidarity and cooperation among the people are not only recognised but encouraged in any form possible, including organised insurance (Chachi, 2017).