Takaful insurance Malaysia application

In Islamic insurance, which is often referred to as takaful, different application models are applied which combine classical contracts with modern insurance practice. The aim of the thesis is to analyze the takaful experience and application of Malaysia, which is one of the world's leading countries in takaful, and to indicate if there could be examples for Turkey to take. In the thesis, firstly conventional insurance is mentioned due to the similarities in practice. While providing basic knowledge about takaful insurance, elements like interest and gharar were also examined. Fiqh discussions on takaful practices in Malaysia are presented. It is a well-known fact that the Malaysian legal system is based on modern law and hence on British law. In Malaysia, where the conventional and Islamic dual banking system is applied, it is observed that there are differences in the legislation even though there are similarities in implementation due to the fact that the financial system is dependent on the Central Bank. The legal system in Turkey is mixed in nature and do not offer Islamic law as an alternative. Due to the reasons like the references in applications and decisions are not derived from the Islamic law but from various conventional legal systems in the world, it seems it is scarcely possible to transfer the takaful experience of Malaysia to Turkey. In Malaysia, however, the law and provisions take references from Islamic law and offer the Sharia court as an alternative. In the area of takaful, it is concluded that it would be more beneficial for Turkey to develop her own model derived from the available models and have her own application experience. In this context, the study is concluded with a further study recommendation of wadia model as an alternative to the available models, which was also mentioned in the thesis, that it could be applied in Turkey with certain amendments.