Public Interest and its Impact on Regulating Takaful Insurance: A Study of Islamic Legal Theory and Jurisprudential Rules

Abstract

This research examines a practical model of contemporary financial transactions by studying the impact of Public Interest (Al-Maslahah al-Mursalah) on Takaful Insurance. The study elucidates the concept of public interest, its classifications, the conditions for its validity, and its authoritative status among scholars of Islamic legal theory. Furthermore, it explores the nature of Takaful insurance and its standing within Sharia.
The paper provides a detailed analysis of the role of public interest in establishing modern alternatives that align with the spirit and objectives (Maqasid) of Sharia while meeting contemporary needs. By analyzing its impact on Takaful insurance, the research highlights how public interest addresses modern financial issues (Nawazil) that lack specific textual precedents. The study emphasizes that such applications must adhere to fundamental jurisprudential controls and contribute to the overarching Sharia objective of wealth preservation.