There is no 'best fit' business model in takaful. All existing models applied in the present day takaful are akin to fitting square pegs into round holes. Where there are needs to fit in certain aspects of the business models, the practice is to cut off corners around the square pegs to enable the fit, primarily on the basis of maslahah to ensure conformity with the commercial aspirations and objective of the business models. This paper primarily explores the feasibility of ju'alah as the underlying contract in takaful. The ju'alah business model is developed, formulated and validated as to whether it can be an alternative business model in the context of Islamic commercial insurance-tijari framework ...