The understanding of Takaful (Islamic insurance) and modern insurance will be greatly enhanced by a reading of Dr Ma’sum Billah’s Applied Takaful and Modern Insurance: Law and Practice.

This book makes available in clear and succinct language a comparative treatment of the principles and practices of Takaful and modern insurance. The comparison of the regulatory and practical considerations in the two systems brings up the differences between and coincidence of both systems to facilitate the better appreciation of the systems which run in parallel to cover the various risks faced in life today.

• Topics covered include subject matter at risk, insurable interest, good faith, insurance contracts, risk management, insurance intermediaries, nomination, beneficiaries, claims, distribution and legal formalities
• The contemporary experience in Takaful operation is discussed
• Recommendations are given for the future development of the industry in the contemporary world economy
• Practical comparison of modern (conventional) and Islamic insurance
• Valuable guide to further develop Takaful framework in countries which adopt Islamic trade practices
• Regular citation of Qur’anic verses and prophetic traditions, with English translations, sets out the religious foundation underlying the applicable Islamic insurance law