The potential of Jamiah takaful model for the economically distressed in Saudi Arabia: a community solution

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The study investigates the repercussions of the COVID-19 pandemic and presents an alternative to traditional banking financing products through socially driven solutions. Acknowledging the challenges brought forth by the pandemic, the research delves into exploring and recommending alternative financial avenues grounded in community-centric models. This method not only tackles the changing financial terrain but also underscores the viability of community-driven approaches as substitutes to conventional financing systems. In particular, the study assesses the efficacy of social-driven financial products like Jamiah Social Takaful in providing a resilient and all-encompassing response to the financial uncertainties heightened by the global health crisis. The study draws a distinction between commercial takaful and social takaful as well as discussing the importance of qard hasan as an Islamic social financial tool in addressing social challenges. This study further delves into how Jamiah Social Takaful aligns with Shariah principles and social Takaful principles. Putting emphasis on the significance of qard hasan, a benevolent loan, the model aims to furnish interest-free financial solutions for legal disputes. The research accentuates that, unlike commercial takaful models, Jamiah Social Takaful concentrates on interest-free and benevolent aspects, fostering community, sustainability, and financial well-being without compromising Islamic principles and wider application to various segments in the society. In conclusion, the research underscores the importance of Jamiah Social Takaful in fortifying financial fabric, stimulating Shariah-compliant innovation, and cultivating a culture of responsible and ethical financial practices. The establishment of supportive policies and regulations can play a pivotal role in fostering the growth and success of the Jamiah Social Takaful model. Creating an enabling environment for economically distressed individuals to thrive requires aligning regulatory frameworks with the distinctive features and objective of the Jamiah Model and Takaful, simultaneously fostering innovation and offering essential support for sustainable and socially impactful initiatives. The realization of Jamiah Social Takaful's success is contingent on a regulatory landscape that acknowledges and nurtures the positive societal impact of such initiatives.
Jamiah takaful model , COVID-19 , Takaful , Kingdom of Saudi Arabia , Project paper (eMIF)
Basuwaidan, J. O. A. (2023). The potential of Jamiah takaful model for the economically distressed in Saudi Arabia: a community solution (Master dissertation). INCEIF, Kuala Lumpur. Retrieved from

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