Analysis of Insurance Nomination Practices in Singapore according to the objectives of Shari'ah in Islamic Law

Abstract

Many pieccs of research have been done to explain the role of the objectives of SharTah (maqasid al-Shan'ah) in inheritance. Although the literature covers a wide variety of such frameworks, this review will focus on five major themes which emerge repeatedly throughout the literature review. These themes are: maqasid al-Shan'ah, social responsibility in inheritance in Islam, insurance nomination and it's relation to the theory of the maqasid, wealth protection, fair and transparency is an essential component of the Islamic inheritance management. Although the literature represents these themes, this paper will primarily focus on the application of maqasid in insurance nomination practices in Singapore context for the wellbeing of the community and the Ummah, paving the way to achieve the righteous Islamic purpose.