Ma‘ayir al-Ada’ al-Shar‘iyyah fi Sharikat al-Ta’min al-Ta‘awuni [Sharia Performance Standards in co-insurance companies]

Abstract

In general, insurance faces contemporary challenges in the scope of modern financial transactions that have been brought by modern economic and technological development with its various problems, and given the traditional insurance’s obscene ambiguity and the risk of money, the Islamic alternative is cooperative insurance that must be set by Shariah standards, and respects the mechanisms for choosing the Fatwa Authority And legal supervision in order to meet these challenges. Accordingly, this research aims to explain the reality of cooperative insurance, and the challenges facing cooperative insurance companies, and the research also aims to clarify the Sharia performance standards for cooperative insurance companies, mechanisms for selecting a Fatwa and Sharia Supervision Board, and Sharia standards for the relationship of the Fatwa and Sharia Supervision Company to the company, and Sharia standards The relationship of cooperators with cooperative insurance companies. To reach the previous goals, this research goes on the method of description and analysis. In the description method, scientific material is gathered from its aspects and classified according to the research requirement. In the analytical method, the research analyzed the scientific material and discussed it in a way that suits the place, and the research reached several results, including: that the reality of cooperative insurance is evident In the participation of a group of individuals, each with a certain percentage on the aspect of donation, without stipulating equal proportions regardless of the value of the donation, and that one of the biggest challenges facing cooperative insurance is outrageous fraud and scams, and the research found that the legal performance criteria for the companies The cooperative trustee is the legal reference, rationalization in investment, permissible investment, and the equitable distribution of surplus among collaborators, and that the mechanisms for selecting the Fatwa and Sharia Supervision Board are to verify the eligibility of members of the two bodies ethically and scientifically, and that the relationship of the Fatwa and Sharia Supervision of the company to the Mufti’s relationship with the respondent, and that the relationship The Sharia Supervisory Board of the company may be an agency or leasing relationship, and the research also indicates that the relationship of the company’s collaborators is either an agency or speculative relationship.