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Mian Muhammad Nazir Most of Islamic finance products and services, particularly financing transactions, necessitate procuring an insurance cover (Takaful). This is to mitigate certain inherent risks in underlying contracts or structures that cannot otherwise be excluded or mitigated in a Sharia compliant manner. The Takaful model for insurance is based on the principle of mutual cooperation and indemnification. Therefore, Takaful cover can easily be used to mitigate market and credit risks in many Sharia nominate financing contracts, without breaching the mandatory Sharia principles which prohibit exclusion or mitigation of certain risks in such contracts. In some commonly used structures for sukuk and investment products, the proceeds of Takaful cover are the only source of payment for the investors in the event of total loss of the underlying assets. Takaful has a critical role in the growth and success of the Islamic banking and finance industry. Therefore, it is very important that the Takaful industry is capable of satiating the increasing demand for Takaful products that are compatible with the profile of risks intended to be mitigated under various Sharia nominate contracts.

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