The reality of Islamic Takaful Insurance in the light of the Algerian Insurance Law: Analytical reading of the excusive decree N˚09/13 -
Keywords:
Algerian Insurance Law, conventional insurance, Takaful insuranceAbstract
In this research paper, we attempt to address the most important differences between conventional insurance and Takaful (Islamic) insurance, highlight the most important points of difference between them, and to shed light on one of the most important decrees included in the Algerian insurance law, which establishes the creation of mutual insurance companies without discrimination between one sector and another. The observer of the content of their rules may worry whether they really seek to apply Islamic insurance. In the end we concluded that it is not possible to establish a system for Islamic companies’ insurance through the Algerian insurance law, as it differs in many points with the conditions set by the jurisprudence scholars for the establishment of Islamic Takaful insurance companies.
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Ibid., page 264.
Houtia Omar, Houtia Abdel Rahman, la réalité des services d'assurance islamiques en Algérie, une intervention présentée au premier forum international sur « l'économie islamique, la réalité et les paris futurs », p. 05.
Adhesion Contracts: A formula for concluding contracts that relies on the use of a standard form for the contract, which one of the parties to the contractual relationship prepares individually and presents it to the other party, who has no choice but to accept it as it is, or reject it without having the right to change the expressions contained therein or the terms and conditions that not to enter into a real dispute or bargaining over its terms with the party preparing this contract.
Houtia Omar, Houtia Abdel-Rahman, previously cited reference, p. 05
Ibid., page 05.
* Ibn Abidin presented the idea of the insurance contract in his research on Al-Mustamin (Sukra), and he said: (An important requirement in what merchants do in terms of paying what is called Sukra al-Harbi for what perishes in the boat, and what we have decided shows the answer to what has been asked about in our time: It is customary that merchants If they hire a boat, they pay him its rent, and they pay known money to a man of war residing in his country, and that money is called: Soukra, provided that no matter what money in the boat perishes by burning, drowning, looting, or otherwise, that man is a guarantor for him in return for what he takes from them, and he has an agent A trustee in our house resides in the lands of the Islamic coasts with the permission of the Sultan. He collects from the merchants the money of the sukrah, and tomorrow something of their money perishes at sea, and that trustee gives the merchants a full replacement.
Houtia Omar, Houtia Abdel Rahman, reference cited above, p ¬06
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Gharar: Every operation has unknown consequences
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Bahlouli Faisal, Khuwelid Afaf, Islamic takaful insurance as an alternative to traditional commercial insurance in Algeria, "Reality and prospects", an introduction to the seventh international conference - Chlef - on the insurance industry, reality practice and development perspectives - 2012, p. 05.
Imad Muhammad Fahim Al-Muzayen, Debt Insurance, "A Comparative Study Between Cooperative and Commercial Insurance", Thèse de maîtrise en économie du développement, Université islamique - Gaza - 2014, p. 55.
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