تکافل کا وکالۃوقف ماڈل: مفہوم، اطلاق اور اختلافی فقہی جہات کا تجزیاتی مطالعہ

The Waqf-Wakalah Takaful Model: (A Critical Analysis of Its Concept, Application, and Juristic Differences)

Abstract

Takaful practices. By combining the principles of waqf (endowment) and wakalah (agency), it offers a cooperative risk-sharing alternative to conventional insurance while aiming to avoid prohibited elements such as riba, gharar, and qimar.

This paper explores the conceptual framework, operational mechanisms, and the jurisprudential debates surrounding this model. It focuses on key issues including the legal nature of the waqf fund, the status of participants as beneficiaries (mauqūf ʿalayhim), the role of the Takaful operator as an agent, and the rules governing surplus distribution.

The study also highlights areas of scholarly disagreement, such as the validity of corporate waqf, the Shariah characterization of contributions and claims, and the implications of applying classical waqf rules in a modern financial context.

While the model presents a promising alternative, the paper concludes that further scholarly refinement, standardization, and ijtihād are needed to address unresolved juristic concerns and enhance regulatory confidence in Takaful frameworks globally.