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  Takaful Islamic Insurance

Takaful, for the good of all.

Today, insurance plays a very important role in commercial and personal finance. But while most of us take insurance for granted, for the people of the Muslim faith, conventional insurance is incompatible with their religious beliefs. Under Islamic jurisprudence ( Shari’ah), conventional insurance is not permissible. Therefore, an innovative concept based on solidarity, cooperation and mutuality, which have been the keystones of Islamic society from the days of Holy Prophet (PBUH), began to develop in the early 70’s in Sudan, Middle east and Far-East Asia. This arrangement is called Takaful.

The core Principles of Takaful are:

  • Members cooperate among themselves for their common good.
  • Every member pays a subscription to help those that need assistance.
  • Divide losses and liabilities among the members through a pooling system.
  • Eliminate uncertainty in respect of subscription and compensation.
  • Not derive advantage at the cost of others.
  • Invest funds in Shari’ah-compliant instruments.

Takaful is a unique way of managing the insurance needs of the Muslim community in a manner consistent with religious beliefs.



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