Islamic Divorce Insurance Policy: Is it time?
The first thought that crossed my mind when I heard the phrase ‘Marriage Takaful’ was, did we just launch an insurance policy which will compensate the divorcee(s) from the high cost incurred by a divorce?
All hopes were dashed. The product of ‘Marriage Takaful’ refers to a savings plan scheme, with the aim of covering marriage expenses for young individuals. The pooling of resources alleviates the expenses and serves to provide a financial planning net.
Would the divorce rate push us toward a controversial product ?
Before critics sharpen their pens on the potential need for an Islamic divorce insurance policy, let’s look at the divorce rate in Gulf countries. It is an established fact that even if you get married, staying married also seems challenging. Sometimes, the situation is so complicated that a man is compelled to divorce. For example, divorce cases were slightly above half of the marriages in Kuwait, statistics indicated in 2015.
Traditions, a change in lifestyle and an emphasis on a material life along with varying levels of liberalism and conservatism are all contributing factors to the rise in the number of divorces in Gulf states.
Another study suggested that as women in our region enjoy greater social, financial and psychological independence, they might also have higher expectations of what they want in a marriage. This in turn may lead to a divorce if the woman is not satisfied with her married life.
Why do marriages come at a high price?
The dowry is the gift of money or goods given by the groom to his future wife before the time of the wedding. Islam requires the payment of a small dowry as a token of care and compassion between the bride and groom. However, this symbolic gesture has been culturally transformed into a source of prestige, unfortunately.
The dowry can be comprised of gold, diamonds and cash sums. Men fall into debt due to extravagant dowries that hyperinflate their bills. Then we have lavish wedding celebrations (ie ornate garments, lavish receptions and dinner banquets). These weddings could last a few days.
Have I listed all the expenses? No. We also have the apartment cost! Sometimes, the poor groom has to pay for every single detail of the wedding. As if that is not enough, often extravagant wedding ceremonies drive the groom to seek loans with interest from banks.
Imagine if the groom subscribes to a divorce insurance that pays the insured a cash benefit if the marriage ends in divorce. The purpose of divorce insurance is to recoup the money spent on the marriage. Something to allow the divorcee to re-build his financial situation so he can try to merry again. Such products would not allow divorce to be a source of bankruptcy for divorcees.
I am not an advocate for such products. I will leave it to the Shariah scholars and Takaful product developers to argue if such controversial products are needed or not.
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