Managing takoful funds: a comprehensive approach in islamic finance

Аннотация

Takoful is an Islamic alternative to conventional insurance, rooted in mutual cooperation and compliance with Shariah principles. One of the critical aspects of Takoful operations is the management of the pooled funds contributed by participants. These funds, collectively referred to as the Takoful fund, must be managed in a way that aligns with Islamic financial ethics, while simultaneously providing financial security to the participants. This paper explores the fundamental principles and challenges of managing Takoful funds, focusing on models of fund management, investment strategies, risk sharing, surplus distribution, and regulatory requirements. By examining current practices, this study aims to provide insights into improving the efficiency, transparency, and sustainability of Takoful fund management in the modern financial system.