Background
One of the most crucial insurance models is Takaful, based on Islamic jurisprudence, which has acquired a proper position within Islamic nations' insurance markets despite its shortage.
Materials and Methods
The research is in the method library that with the analysis of content and analysis and description while finding the necessary research and responding to the points and issues rose in work, the article was completed.
Ethical Considerations
Honesty and fidelity in writing the text have been observed.
Findings
Takaful and insurance have been compared long ago by many scholars worldwide. We want to focus on the concept and theoretical nature of Takaful. Since Takaful is a product for which Islamic contracts are used to shape its structure, it is inevitable to study its structure and respect stakeholders' interests to guarantee this product's sustainability in the insurance market. Concerning the importance of Takaful companies in Islamic insurances, the present paper attempts to expound some Takaful models (models of endowment and attorney), based on Shiite jurisprudential and Iranian legal principles types of Takaful models.
Conclusion
Takaful is a product of modern Islamic financial practice, and it is mostly a phenomenon of the traditional financial transactions that have developed over time.