Category: Insurance

Given the added value delivered by Takaful products, which cannot be matched by traditional insurance products, Takaful products are competitively priced and are generally less

Health, life, and general insurance requirements are covered by takaful-branded insurance, which is based on sharia, or Islamic religious law. Participants’ claims are reimbursed out

Although the “term” Takaful is a contemporary invention, the Takaful notion has very ancient roots. There are numerous instances in pre-Islamic history where families, tribes,

There are two types of risk or uncertainty: Pure Risk and Speculative Risk. There is always a chance of losing money or not. For instance,

There will always be uncertainty. The Takaful contract still contains it. However, as the Takaful contract is a Tabarru (donation) contract, the uncertainty (gharar) is

The Takaful contract is founded on the Islamic principle of Tabarru, which is a contract of self-insurance or self-guaranteeing among members of a group, as

In a traditional insurance plan, the insured individual first sells his risk to a third party for a fee, adding a component of “gharar” (uncertainty)

Takaful works on the basis of an agreement established by the Participants of the Takaful program. By purchasing insurance, each Member certifies that they are

Takaful is an Arabic word that originally meant “taking care of one’s requirements” or “self-guaranteed duty.” As a result, the term “takaful” denotes shared accountability,

Conventional insurance is based on a contract of exchange (sale) between the insurance company and the covered person. This contract is void because it has