Majority of Shari'ah scholars maintained the opinion that conventional insurance is not permissible in Shari'ah due to the elements of gharar "uncertainty", maysir "gambling" and riba "usury" that was found on it. This necessitated the establishment of takaful "Islamic Insurance" in the late 1970s, but this also did not go without criticisms as there are different opinions among Islamic scholars and also legal and regulatory practitioners on the permissibility of surplus sharing and takaful models that has been adopted by takaful operators ...