Takaful


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Takaful

An insurance structure compatible with Islamic law. According to most Muslim jurists, conventional insurance is disallowed, in part because it requires the insurer to gamble on the likelihood of an insured event's occurrence. This uncertainty is not permitted under the sharia.

Under a takaful, subscribers pay a certain amount, which is deposited into a pool of liquidity with other subscribers' contributions. Insured losses are paid out of that pool. In effect, a takaful is a mutual aid society in which the aim is not profit. However, a company may invest the pool of liquidity in sharia-compliant instruments and may keep a management fee. Takafuls have existed in one form or another for most of the history of Islam.
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However, the takaful business started just 18 years ago with the establishment of Insurans Islam TAIB on March 3, 1993.
KARACHI -- The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has appointed Pak-Qatar Takaful Group (PQTG) Chief Financial Officer (CFO) and Company Secretary Mohammad Kamran Saleem, as (Central) Standing Committee on Takaful and Window Takaful Chairman.
Like in the UAE, Saudi Arabia's insurance market remains largely fragmented, with 33 listed takaful operators competing against each other.
Takaful Emarat has agreed to acquire Al Hilal Takaful from Al Hilal Bank in an all cash transaction that will create the largest takaful group in the United Arab Emirates (UAE) based on 2016 gross written contributions.
Takaful Emarat, a leading Sharia-compliant insurance firm, has agreed to acquire Al Hilal Takaful from Al Hilal Bank in an all cash transaction that will create the largest takaful group in the UAE based on 2016 gross written contributions.
Takaful Emarat has agreed to acquire Al Hilal Takaful from Al Hilal Bank in an all-cash transaction that will create the largest takaful group in the UAE based on 2016 gross written contributions.
Pak-Qatar Takaful group in partnership with Institute of Business Administration's Center of Excellence in Islamic Finance (IBA-CEIF) co-hosted a seminar on "Global Takaful Practices".
ISLAMABAD -- Pak-Qatar Takaful group in partnership with Institute of Business Administration's Center of Excellence in Islamic Finance (IBA-CEIF) co-hosted a seminar on 'Global Takaful Practices'.
Takaful Oman, a pioneer of takaful services in Oman, received the Brand Excellence Award as the New Takaful Provider in Oman 2017.
By contrast, Takaful provides risk protection in accordance with Shariah based on the principles of Ta'awun (mutual assistance), brotherhood, piety and ethical operations.
A new report by Milliman provides a comprehensive view of the Takaful industry across the major Takaful markets.
The increasing number of takaful operators, improving financial performance, and the product innovations being tried out are proof of its relevance.