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All Journal Jambe Law Journal
Mohiddin, Mas Nooraini
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Law, Crime, Criminology & Criminal Justice

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The Application of Maqasid Shariah in Takaful for The Protection of Unsecured Creditors Ossofo, Assane Buana; Abd Aziz, Hartinie; Abd Ghadas, Zuhairah Ariff; Remli, Norizan; Abdullah, Nurhidayah; Mohiddin, Mas Nooraini
Jambe Law Journal Vol. 8 No. 1 (2025)
Publisher : Faculty of Law, Jambi University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22437/home.v8i1.384

Abstract

This paper proposes expanding the concept of “Musibah” (calamity) and misfortune within the Takaful framework in Malaysia to encompass financial distress scenarios, such as compulsory winding up due to a court’s order. This expansion seeks to protect unsecured creditors, a group currently vulnerable to such events. In examining the current limitations of Takaful, the study identifies significant gaps in coverage that leave unsecured creditors exposed to financial risks. The current application of Takaful, primarily covering accidents and disasters, is scrutinized for potential extension to unforeseen financial calamities. By applying the principles of Maqasid Shariah, this study explores the transformative potential of Takaful as a mechanism for broader economic security and justice. Through qualitative methods and a critical review of existing Takaful practices, this research underscores the urgent need to reevaluate the operational frameworks to effectively protect unsecured creditors. This proposed expansion aligns with the core principle of mutual assistance and risk sharing in Shariah, thus enhancing the resilience and inclusivity of the Islamic financial system in Malaysia
Co-Authors Abd Aziz, Hartinie Abd Ghadas, Zuhairah Ariff Abdullah, Nurhidayah Ossofo, Assane Buana Remli, Norizan