<Research Notes>Typology of Takaful (Islamic Insurance) Studies

Abstract

This study reviews the reasons for the controversy over the acceptability of conventional insurance in the Islamic world based on two positions: the Islamic modernist view and the Islamic revival view. The Islamic modernist view, which emphasizes practice, accepts conventional insurance, whereas the Islamic revival view, which regards ideology as more important, asserts that conventional insurance is not in accordance with Islam. For this reason, the Islamic revival view began to recommend takaful, which is also known as Islamic insurance. Against this background, this study categorizes previous research conducted by Islamic economists, jurists, and finance practitioners. This will help us understand the subsequent development of takaful