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Username: Fluffy Rating:  Asked to: Jacob Rogers Date Created: 19 Apr 2019 |
| Category | 28 |
| Tag | Financial |
| Question | What Is Takaful? |
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Hello Fluffy, Takaful is a type of Islamic insurance where members contribute money into a pool system to guarantee each other against loss or damage. Takaful-branded insurance is based on sharia or Islamic religious law. It explains how individuals are responsible to cooperate and protect one another. Takaful policies cover health, life, and general insurance needs. Takaful insurance companies were introduced as an alternative to those in the commercial insurance industry, which are believed to go against Islamic restrictions on riba (interest), al-maisir (gambling), and al-gharar (uncertainty) principles—all of which are outlawed in sharia. |
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