Pak-Qatar Takaful in collaboration with IBA, Centre for Excellence in Islamic Finance, (IBA CEIF) conducted a two-part webinar session on “Understanding Takaful for Ulama & Shari’ah Scholars”. The topic was delivered by Mufti Muhammad Hassaan Kaleem, who is the Chairman of Shari’ah Board for Pak-Qatar Takaful. The session was moderated by Mr. Ahmed Ali Siddiqui, Director IBA CEIF and SEVP & Group Head Shariah Compliance, Meezan Bank Ltd.
In this session Mufti Muhammad Hassaan Kaleem mentioned the Shari’ah related issues pertaining to Insurance due to which Insurance is considered as prohibited in Islam.
Mufti Hassaan Kaleem while explaining about the theory of Takaful stated, “The concept of mutual insurance is close to Islamic concepts and can be adopted after making certain modifications. Takaful or Islamic alternative of Insurance is done on basis of Modaraba, Wakala or Waqf Wakala.”
He further added, “In Pakistan Waqf Wakala model has been adopted as the concept of Waqf which has the legal status of a legal person and is a perpetual entity.
Both General Takaful Companies as well as Life Takaful companies (known as Family Takaful companies in Pakistan) use the Waqf Wakala Model.”
A detailed Q&A session took place as a part of the second session whereby the queries of the participants were answered.