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alternative business model to the conventional insurance business in London (Coolen-Maturi,
2013).
The following
Table 5presents a historical outline of
Takaful
situated within the context of
varying developments across different jurisdictions.
T
ABLE
5: K
EY
M
ILESTONES IN THE
D
EVELOPMENT OF
T
AKAFUL
IN
OIC
COUNTRIES
Period Developments
1970s
1976:
First International Conference on Islamic Economics, organised by King Abdul
Aziz University Jeddah and held in Makkah al-Mukarramah, Saudi Arabia.
1977:
First
fatwa
issued by a higher council in favour of Islamic insurance/
Takaful
.
1977
: The market witnessed a new era after issuing a
fatwa
from the Permanent
Committee no.5 1397H stating the permissibility of cooperative insurance operating
based on
tabarru’
contracts instead of conventional insurance.
1979:
First
Takaful
was launched in Sudan.
1980s
1980:
Islamic Arab Insurance Company formed in Saudi Arabia and later in the UAE.
1981:
Dar Al Maal Al Islamic Trust formed in Switzerland to set up Islamic banks and
Takaful
companies.
1983:
Takaful
launched in Luxembourg with the establishment of
Takaful
S.A.
1984:
The
Takaful
Act enacted in Malaysia and
Takaful
launched with the
establishment of
Takaful
Malaysia.
1985:
OIC Islamic Fiqh Academy Resolution No. 9 prohibits conventional insurance
and allows Islamic cooperative insurance – i.e.
Takaful
.
1985:
Re-Takaful
launched with the establishment of Saudi
Takaful
Limited.
1989:
the first Islamic insurance in Bahrain was Bahrain Islamic Insurance Company
(BIIC) which was later renamed as the
Takaful
International Company.
1990s
1991:
AAOIFI registered in Bahrain. AAOIFI issues accounting, auditing, governance,
and
Shari'ah
standards for IFIs.
1994:
Takaful
launched in Indonesia with the establishment of PT Syarikat
Takaful.
1995:
Takaful
launched in Qatar with the establishment of Qatar Islamic Insurance
Company.
1995:
Takaful
launched in Singapore with the establishment of Syarikat
Takaful.
1997:
Takaful
launched in Dubai with the establishment of Dubai Islamic Insurance
Company.
1999:
Takaful
launched in Sri Lanka with the establishment of Amana
Takaful
.