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Takaful Islamic Insurance


 

What is Takaful?
Prohibitions of Gharar, Maysir and Riba
Gambling and Insurance
Basis and Principles of Takaful
Status of Takaful
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Articles
Shari'ah Rulings
Glossary of Financial Terms


Status of Takaful

As Islamic finance continues to expand, there is likely to be a huge takeoff of other products such as pensions, education, marriage and health Takaful plans. There is also a huge scope for mortgage Takaful.

Islamic principles strong emphasis in Takaful on the economic, ethical, moral and social dimensions, to enhance equality and fairness for the good of society as a whole should also have appeal for the ethically minded.

In modern society, insurance has become a necessity to trade and industry. Life insurance has become the most effective vehicle for mobilising savings, for capital formation and for long-term investment, as well as for making provision for old age and bereavement in the case of individuals.

In the west, the insurance sector is the largest single contributor to the capital market. Banks and insurance companies now form international alliances for mutual benefit.

There is an increasing demand for a Shari'ah-compliant insurance system. Until recently, there has been a low demand for insurance in Islamic countries, because Muslims believe that insurance is un-Islamic. The development of Islamic insurance, therefore, requires extensive education of the Muslim public, besides development of resources and expertise, a legal framework for it, the harmonization of practices, development of new Shari'ah-compliant instruments, accounting standards, and arrangements for retakaful.

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