A Critical Study of Jubilee Family Takaful (Jft) Applications (Plans): An Analysis Between Shariah Law

Hafiz Muhammad Usman

Hafiz Muhammad Usman PhD Scholar, Department of Islamic Studies & Arabic, Gomal University, Dera Ismail Khan, Khyber Pakhtunkhwa, Pakistan.

Keywords: Takaful, Jubilee Family Takaful, Shariah compliance, Wakalah-Waqf model, Islamic finance, insurance, Waqf fund, mutual assistance, Tabarru, indemnity contract

Abstract

This study critically examines Jubilee Family Takaful (JFT) applications, focusing on their compliance with Shariah law. JFT offers various Takaful plans, including Individual Family Takaful and Banca Takaful, which are marketed as Shariah-compliant alternatives to conventional insurance. These plans are structured on the Wakalah-Waqf model, where participants contribute to a Waqf fund for mutual protection. The study analyzes specific plans, such as the Single Contribution Protection Plan and Retire Smart Takaful Plan, highlighting the benefits, eligibility criteria, and associated fees. While these plans are certified by Shariah advisors, the study identifies certain ambiguities and potential conflicts with Shariah principles, particularly regarding the distribution of benefits from the Waqf fund. The findings suggest that although JFT's offerings align with Islamic finance principles on a surface level, deeper scrutiny reveals areas where the implementation diverges from the traditional concept of Waqf, potentially compromising the plans' Shariah compliance. This study calls for a more rigorous examination of these Takaful applications to ensure they truly adhere to the ethical and religious standards they claim to uphold.