Takaful Models and Nature in Ja’fari and Sunni Jurisprudence

Takaful is an instrument similar to and as an alternative of insurance and has been recognized in some Sunni countries such as Malaysia. In such contexts, it is believed that usury (Riba) exists in insurance contract. This article primarily explains all of Takaful models based on Ja’fari and Sunni jurisprudence and then proceeds with evaluating its correctness function in Ja’fari jurisprudence. It is suggested that (1) based on Ja’fari and some cults of Sunni Jurisprudence the two Takaful models (Mudharabah and Waqf) don’t match, but the others are correct; (2) Takaful contract is the combination of two contracts: one of them is among the participants with Tabarru’ intention of contribution to Takaful fund, and the other is between participants and operator, based on the agreed model, in order to empower the Takaful operator to implement insurance process and invest on the activities of Takaful fund in Islamic markets.