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Model Formation of Using Gold As A Takaful Contract PDF Print E-mail

Presented at the 9th Regional Symposium Of Malay Archipelago 2012, 11-12 December 2012, Perak, Malaysia. Abstract : Takaful contract in the whole world including Malaysia normally based on the mudharabah and wakalah model or the combination of both. The Islamic muamalat has listed out various kinds of other contracts since the period of the Prophet Muhammad SAW which has been designed by the Islamic scholar in their fiqh books and literature. Among the contracts that can be implemented in the contemporary market are the contracts that concern the usage of gold. This is in line with the price of gold which has been rising from 20 to 30 percent each year although the value of ringgit has decreased due to the rising of inflation between three to five percent in our country. This has given a huge impact in a long run to the depositor in the finance organization. The objective of this study is to demonstrate a new model based on using gold that can be applied in the takaful industry. The propose model will eventually solve the problem of depreciation of the participant contribution and also at the same time assisting the takaful company in facing the instrument constrain of the syariah investment. This paper is a qualitative descriptive study which includes data compiled through the method of documentation, histories and observation towards the previous work, studies and the existing takaful operation system and later it will be analyzed through the ‘content analysis’. This paper will discuss about contracts concerning takaful during the early Islamic era, contemporary contract, the gold fiqh and the proposal of developing the new takaful model. This study is not only assisting the takaful company, rather suggesting idea to the other finance institution including Employees Provident Fund (EPF), Lembaga Tabung Haji (LTH), Permodalan Nasional Berhad (PNB), the academics and everybody else in finding the mechanism of using gold as the alternative to their savings and investments.

Keywords: contract, islamic economic, muamalat, takaful, gold

 

 

“Islam adalah suatu sistem universal yang lengkap dan mencakup seluruh aspek hidup dan kehidupan. Islam adalah negara dan tanah air, pemerintahan dan rakyat, akhlak dan kekuatan, kasih sayang dan keadilan, peradaban dan undang-undang, ilmu dan peradilan, material dan sumber daya alam, usaha dan kekayaan, jihad dan dakwah, tentera dan pemikiran, sebagaimana Islam adalah aqidah yang lurus dan ibadah yang benar, tidak kurang dan tidak lebih”. - Hasan al-Banna

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