木材防腐剂,大明天子的清穿之旅,河南地震网
简要
根据沙迦的原则，风险管理是至关重要的，它为伊斯兰教和回教保险提供了一种方法来管理风险业务。他的研究论文试图识别各种类型的风险，回教保险在全球范围内的运营和投资影响十分大，他能有效地管理这些风险。然而，运营商在市场和信贷风险管理经常面临困难，因为沙迦的兼容性和回教保险合同的性质不允许回教保险公司应对利率和金融衍生品，这也被斯兰法学伊家一致认为是令人反感的做法。此次研究确定了伊斯兰金融工具套头交易合作和双边共同调整，旨在为双方提供共同利益风险分担的方式,可以用来取代传统的衍生品。本次研究论文试图提供一个框架来提高回教保险运营商之间的风险管理文化。它还探讨了未来遇到的挑战,需要加强并成为风险管理实践运营商之一。
介绍
“许多穆斯林误解了命运的概念。对一些穆斯林教徒来说，他们认为未来是在真主的手,他们正面临着宿命论的心态来看待自己的命运,是富人还是穷人,是否快乐或悲伤,它是由真主命中注定的。”
Risk management is of vital importance in islam and takaful
ABSTRACT
Risk management is of vital importance in Islam and Takaful provides a way to manage risks in business according to Sharī'ah principles. This research paper attempts to identify various types of risks involved in Takaful business that affect operational and investment functions of Takaful operators across the globe and finds the ways to manage those risks effectively. However, takaful operators often face difficulty in managing market and credit risks as Sharī'ah compliant nature of Takaful contract does not allow Takaful companies to deal with interest rate and financial derivatives that have been unanimously considered repugnant to Sharī'ah by Islamic jurists. This research identifies Islamic financial instruments like cooperative hedging and bi-lateral mutual adjustment that aim at providing mutual gains to both parties by the way of risk sharing and can be used as an alternative to conventional derivatives. The research paper attempts to provide a framework to enhance risk management culture among Takaful operators. It also discusses the challenges that need to be encountered to enhance risk management practices among Takaful operators.
INTRODUCTION
“Many Muslims misunderstand the concept of fate. For some Muslims believe that the future is in the hand of Allah, where they are facing with fatalistic mentality by putting themselves in the doctrine, whether one is rich or poor, happy or sad, it is fated by Allah. It is a good dealing with luck. In fact, efforts and prayers should precede this kind of belief” (Iqtisad Al-islamy, 2003). For a long time, same misconceptions have been associated with insurance. Muslim scholars and Islamic jurists have treated insurance illegal, haram and repugnant to Sharī'ahwithout providing an alternative solution to Muslim Ummah. As a result of these prevalent misconceptions, any effort or risk management strategy to insure the assets or life has been considered against the fate and will of Allah.
In Islamic financial planning, Takaful is a way to reduce the financial risk of loss due to accident and misfortunes (Iqtisad Al-islamy, 2003). As a matter of fact, Takaful plan is an alternative to the insurance in the conventional financial planning. In Takaful plan, the participant would pay particular amount of money as contribution (known as the premium) partly to risk fund (the participants' special account) using the concept of tabbaru' (donation) and partly to another party (known as Takaful company) with a mutual agreement that, the kafiil (Takaful company) is under a legal responsibility to provide for the participant a financial protection against unexpected loss, should it happen within the agreed period.
The focus of this research paper is to identify various types of risks associated with Takaful business and devise criteria for managing risks and enhancing risk management culture among Takaful companies. It also discusses challenges to risk management in Takaful.
RISK MANAGEMENT
“Risk is the chance of happening of something that will have an impact upon our objectives. It is measured in terms of likelihood and consequences” (GOWA, 2002). Traditionally, concept of risk has been associated with uncertainty of events in future. Higher the uncertainty of events, higher is the risk. In insurance, risk is the amount of loss associated with property or life. Risk to property can be a loss or damage to car, building, house, etc. Risk to life can be described as poor health, premature death, bodily injuries as a result of accident etc. (Rejda, 2006; p.23).
Risk management is a process that identifies loss exposures faced by an organization and selects the most appropriate techniques for treating such exposures(Rejda, 2006; p. 63). According to New Zealand standard of Risk Management, “It is the culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects”. In fact, risk management is an ongoing process that encompasses all aspects of our life.
RISK MANAGEMENT UNDER SHARI'AH
Risk traditionally means possibility of meeting danger or suffering, harm or loss (Iqtisad Al-islamy, 2003). Risk is an element of life in this world for being ignorant of the future. It is also factor of investing that one should take time to understand prior to selecting any specific investment instruments or any new adventures. Muslims are asked to work hard in order to be able to change their conditions as obvious in the verse of Holy Quran, "… Verily never will Allah change the condition of a people until they change it themselves (with their own souls)…" (Qur'an 3:11). However, it is true that only Allah knows one's future and fate, Muslims should strive to achieve the goodness in this world and the hereafter. Submission to Allah, of course, has a positive effect on human behavior. For it will lead to peace and contentment. Undoubtedly, one has to submit every single thing to Allah, but it supposes to be after his hands stretch out to do the best effort as he can, to change himself, so that he would be able to manage and to cope with unforeseen calamities or misfortune.
Prophet Muhammad peace be upon him once asked a Bedouin who had left his camel untied, "Why do not tie your camel?" the Bedouin answered, " I put my trust in Allah" the prophet then said, "tie up your camel first then put your trust in Allah"( Sunan al -Tirmizi, vol.4, No. 2517, p. 668). This conversation depicts not only how should Muslims accept their fate but it also indicates how do Muslims reduce the risk of loss and calamities.
Qur'an has presented stories of the previous prophets so that Muslims can take the lessons from their experiences. The story of the prophet Joseph, for instance, tells us about financial planning. The story of Prophet Ya'qub, Joseph's father, tells us about the management of risks as Ya'qub commanded his sons to enter Egypt from different gates. Qur'an states, "Further he said: "O my sons! Enter not all by one gate: enter ye by different gates. Not that I can profit you aught against Allah (with my advice): None can command except Allah: On Him do I put my trust: and let all that trust put their trust on Him" (Qur'an 12:67).
The history of the prophet's migration to Madinah gives us other lessons on how the Prophet (SAW) managed the risk. The Prophet reduced the risk of getting killed by asking Hazrat Ali (R.A.) to sleep in his bed during the night of emigration. It was reported that as night advanced, the Quraish posted assassins around the Prophet's house. Thus they kept vigil all night long, waiting to kill him the moment he left his house early in the morning, peeping now and then through a hole in the door to make sure that he was still lying in his bed.
All these above examples depict that risk management is in the roots of Islam. We, as a Muslims, should put our trust onto Allah only after meticulous planning and best utilization of all the available resources.
NORMS OF ETHICS
Obaidullah (2002, pp.2-4) has identified norms of efficiency and ethics for Sharī'ahbased risk management in a business contract. These norms are also applicable to Takaful contract and are briefly described as follow:
Each party in Takaful contract should be free to accept the terms and conditions of the contract and no coercion is imposed on any party.
Takaful contract should be free from element of ‘riba' (interest) that is prohibited by Shari'ah. One of the major objections on the contract of conventional insurance by Sharī'ahscholars is element of ‘riba' in its investments for which it is considered illegal and unIslamic.
There should be no uncertainty or ambiguity about the nature of contract. Excessive uncertainty is not permissible in Shari'ah. For example, Sharī'ahscholars disallow conventional insurance contract where no party clearly knows how and from where the insured amount is to going to be paid in case a loss or catastrophe occurs to the insured. |
