Nomination Under Life Insurance and Family Takaful: With Special Reference to Maqasid Shariah (Purposes of Shariah)

Product Details

In an insurance or takaful contract, the nominee is the designated individual entitled to receive benefits upon the death of the policyholder. However, the legal capacity in which they receive these funds—whether as an absolute beneficiary or merely a trustee/executor—remains a subject of significant scholarly debate within Islamic jurisprudence.
This comprehensive study examines the status of nominees under Malaysian and Brunei law, including the Takaful Act 1984 and the Islamic Financial Services Act 2013. It provides a critical analysis of the two primary juristic views: the nominee as a trustee (al-mīrāth) versus the nominee as a beneficiary (al-hibah). With special reference to Maqasid Shariah (the purposes of Shariah), this book serves as an essential guide for students, practitioners, and scholars in Islamic estate planning and financial law.

Title: Nomination Under Life Insurance and Family Takaful: With Special Reference to Maqasid Shariah (Purposes of Shariah)
Authors: Dr. Yusuf Sani Abubakar, Dr. Sulaiman Dorloh, & Rajali Haji Aji
Publisher: UNISSA Press (Universiti Islam Sultan Sharif Ali)
Edition: First Edition
Language: English
ISBN: 978-99917-81-21-6

Key Features
Comparative Analysis: Contrasts English common law principles of nomination with Shariah perspectives.
Statutory Guidance: Details the implications of the Islamic Financial Services Act 2013 regarding "conditional hibah."
Scholarly Depth: Explores the debate between considering a nominee as an executor versus a sole beneficiary.
Maqasid Shariah Framework: Evaluates legal provisions against the higher objectives of Islamic law to ensure fairness in wealth distribution.

Benefits
Clarity for Practitioners: Helps insurance and takaful operators standardize nomination forms to avoid legal disputes among heirs.
Expert Insights: Authored by senior lecturers and professors specializing in Islamic Banking, Finance, and Shariah Law.
Essential for Estate Planning: A vital resource for individuals looking to understand how their insurance benefits will be distributed under Fara'id (Islamic inheritance law).
Academic Resource: Provides a solid foundation for law and Shariah students researching Islamic financial regulation.