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Takaful Concepts and Operational System: Bangladesh Perspective Asif Mahbub Karim * Md. Shajul Islam ** Mahmuda Nasrin *** This study is an attempt to outline observing the rules and regulations of Islamic law , the basis of shared responsibility in the system of aquila as practised between Muslims of Mecca and Medina laid the foundation of mutual insurance , basis of Co-operation ,al-mudharabah- which literally means profit sharing.The takaful operator accepts and invests the takaful contribution (premiums) received from the takaful participants. Al-takaful this means joint guarantee whereby the participant jointly guarantee amongst themselves. Tabarru- this refers to the element of donation and the operation guidelines are the practice must adhere strictly to the Islamic principles of business or commerce. Business must be conducted openly in accordance with utmost good faith, honesty full disclosure, truthfulness and fairness in all aspect. Takaful operators are also expected to conduct operations in a prudent and ethical manner, guided by prevailing legislations, requirements and guidelines. To further promote the orderly growth of takaful business, the Guidelines on Takaful Operational Framework (the Guidelines) is issued, outlining parameters to govern operational processes of takaful operators and defining in detail where necessary, the various rules and requirements for takaful operators. It is envisaged that the Guidelines will promote the sustainability of takaful operations, business expansion and innovations and concurrently fulfill the prudential requirement expected by the regulatory authority. This research is an attempt to evaluate the operation system of takaful practice in Bangladesh perspective. As the country is heading forward with good numbers of Islamic financial sectors that motivated us to have an understanding as to the concept and its operation in Bangladesh. Keywords: Takaful , Mudarabha , Tabarru, Islamic Finance, Shariah , Aaqilah Field of Research: Financial Institution /Insurance __________________________________________________ * Asif Mahbub Karim, Assistant Professor, Department of Business Administration , Stamford University Bangladesh. E-mail: [email protected] **Md. Shajul Islam, Senior Lecturer, Department of Business Administration, Stamford University Bangladesh. E-mail: [email protected] ***Mahmuda Nasrin, Lecturer, Department of Business Administration, Stamford University Bangladesh. E-mail: [email protected]