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Is insurance shariah compliant?

Takaful is a type of Islamic insurance wherein members contribute money into a pool system to guarantee each other against loss or damage. Takaful-branded insurance is based on Shariah (Islamic law), which explains how individuals are responsible to cooperate and protect one another.

Takaful policies cover health, life, and general insurance needs.

What is Takaful?

Takaful means “guaranteeing each other” in Arabic. It is an Islamic system of mutual insurance built around the concept of ‘Tabarru’ (donation, gift).

‘Tabarru’ contributions are made with the intention to help other participants faced with difficulties and to eliminate the resemblance of Takaful to gambling and exploitation.

Why is conventional insurance considered haram for Muslims?

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 elements that are not permissible from a Shariah perspective.

In the absence of other solutions, some scholars refer to the “Principle of Enrichment”.

Short Term Insurance

  • Vehicle Insurance
  • Household Content
  • Property Insurance
  • Vehicle and Asset Insurance

Long Term Insurnce

  • Life Cover
  • Disability
  • Severe Illness
  • Estate Overheads

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Banking and lending can be hard to understand.

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