TAKAFUL VS INSURANCE
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TAKAFULVS
INSURANCE
Financial system
Banking Insurance
Takaful (Islamic)
Commercial Insurance
(Conventional)
•A policy from a large financial institution that offers financial protection against future losses or damages.
INSURANC
E• Is an Islamic insurance
concept which is grounded by observing the rules and regulations of Islamic law. (license)
TAKAFUL
insurance
•Life Insurance•Medical Insurance•General Insurance
• Others
Concept:
Insurance : buy and sell contract.
Takaful :donation contract.
Al-Gharar (Uncertainty)
Al-Maisir (Gambling) Riba
(Interest)
takaful Mutual responsibil
ity
Mutual cooperatio
nMutual protection
Easy words:
Through insurance a person buys security and protection.
Easy words:In takaful, members
contribute money into a pooling system in order to guarantee each other against losses or damages.