Salami Idris Olawale
Department of Religions and Peace Studies, College of Humanities Education, Lagos State University of Education, Oto/Ijanikin, Lagos State

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Developing A Reform-Oriented Medical Takaful (Islamic Insurance) Model for Nigeria’s Sustainable Development Rauf Adeola Lateef; Asamu Rasheed Adebimpe; Salami Idris Olawale
Demak Universal Journal of Islam and Sharia Vol. 3 No. 03 (2025): Demak Universal Journal of Islam and Sharia
Publisher : Walidem Institute and Publishing (WIP)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61455/deujis.v3i03.549

Abstract

Objective: This study aims to examine the potential of a reform-oriented Medical Takaful model as an alternative healthcare financing system in Nigeria by assessing public awareness, acceptability, and the development of a sustainable and Shariah-compliant healthcare model. Theoretical framework: The study is based on Islamic finance principles, particularly ta’awun (cooperation), risk-sharing, and maqasid al-shariah, alongside sustainable development theory focusing on equitable healthcare access and social welfare. Literature review: Previous studies show that Nigeria faces challenges such as low insurance coverage, high out-of-pocket healthcare costs, and weak healthcare financing systems. Research also indicates that Takaful has been effective in countries like Malaysia and Indonesia, although its implementation in Nigeria remains limited due to poor awareness and regulatory challenges. Methods: The study adopted a mixed-methods approach using questionnaires distributed to 300 respondents and interviews with Islamic scholars, healthcare professionals, and insurance experts. Data were analyzed using descriptive statistics and thematic analysis. Results: The findings revealed low medical insurance coverage but high interest in Islamic-compliant healthcare financing. Major challenges identified include poor awareness, lack of trust, and inadequate policy support. Most respondents expressed willingness to participate in a properly regulated Medical Takaful scheme. Implications: The study suggests that Medical Takaful can improve healthcare access, reduce out-of-pocket expenses, and support sustainable development goals through inclusive and ethical healthcare financing. Novelty: The study proposes a reform-oriented Medical Takaful model specifically designed for Nigeria’s socio-economic and religious context by combining Islamic principles with modern healthcare financing strategies.
Cryptocurrency in the Framework of Islamic Finance: Evaluating Halal and Haram Dimensions Rauf Adeola Lateef; Oyekolade Sodiq Oyesanya; Salami Idris Olawale
Demak Universal Journal of Islam and Sharia Vol. 4 No. 01 (2026): Demak Universal Journal of Islam and Sharia
Publisher : Walidem Institute and Publishing (WIP)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61455/deujis.v4i01.635

Abstract

Objective: The study examines the Sharia status of cryptocurrency by assessing its characteristics, functions, and transaction mechanisms based on fiqh al-muʿāmalāt, particularly its status as māl or thamaniyyah and its potential involvement in ribā, gharar, and maysir. Theoretical framework: The study is grounded in Islamic commercial jurisprudence, focusing on māl, thamaniyyah, ribā, gharar, maysir, and maqāṣid al-Sharīʿah as principles for evaluating cryptocurrency transactions. Literature review: The review discusses cryptocurrency, Islamic finance, contemporary fatwas, and scholarly debates concerning its classification, economic functions, potential benefits, and Sharia-related risks. Methods: The study employs a qualitative doctrinal approach based on Qur’anic principles, Sunnah, classical jurisprudence, contemporary fatwas, and recent academic literature on cryptocurrency and Islamic finance. Results: The analysis finds that cryptocurrency cannot be assigned a uniform halal or haram status solely on the basis of its technological form. Its Sharia status depends on the characteristics of the particular token, its economic function, transaction structure, and manner of use. Cryptocurrency may perform certain functions of money and facilitate lawful exchange, financial inclusion, remittances, and transparent transactions. However, high volatility, speculative trading, uncertain valuation, weak consumer protection, illicit uses, and interest-based products associated with some platforms raise substantial Sharia concerns. The findings therefore support a conditional, case-by-case approach to Sharia assessment. Implications: The findings highlight the need for case-by-case Sharia assessment and responsible governance that considers transparency, utility, transaction mechanisms, consumer protection, and the objectives of Sharia. Novelty: The study introduces a conditional approach to cryptocurrency assessment by shifting the focus from the technology itself toward token design, economic utility, transaction structure, and the presence or absence of prohibited Sharia elements.