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takaful (A method of providing insurance in a manner compliant with Sharia. Traditional insurance products are impermissible (or haram) under Sharia because they contravene the gharar principle against uncertainty and speculation. In a takaful transaction, which is based on the Islamic principle of mutual assistance and risk sharing: 1) The insured parties establish a fund that is managed by the insurer. 2) The insurer invests the funds in Sharia-compliant assets. 3) f one of the insured suffers a loss, he is compensated from the fund. MichaelBurov); takaful insurance (MichaelBurov) |
