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Takaful ( Arabic: التكافل, sometimes translated as "solidarity" or mutual guarantee) [1] is a co-operative system of reimbursement or repayment in case of loss, organized as an Islamic or sharia -compliant alternative to conventional insurance, which contains riba (usury) and gharar (excessive uncertainty). [2]
Takaful, sometimes called "Islamic insurance", differs from conventional insurance in that it is based on mutuality so that the risk is borne by all the insured rather than by the insurance company. Rather than paying premiums to a company, the insured contribute to a pooled fund overseen by a manager, and they receive any profits from the fund ...
Osman Kassim introduced Islamic Banking concept in Sri Lanka and was instrumental in pioneering the concept of Islamic finance in Sri Lanka. [ citation needed ] He has remarkable experience of over four decades of senior management experience in Islamic banking and Islamic Takaful insurance.
Website. www .watania .ae. National Takaful Company (Watania) PJSC ( Arabic: وطنية للتكافل) is a takaful company based in Abu Dhabi, United Arab Emirates . The company was created in 2011 by Abu Dhabi National Islamic Finance, Abu Dhabi National Insurance Company, TAQA and Aldar Properties. [4] These founding investors floated ...
Other Islamic finance products replacing conventional bonds (Sukuk), insurance (Takaful), promise to avoid not only riba but Islamically forbidden concepts such as Maysir (gambling or speculation) and Gharar ("uncertainty" or "ambiguity"). Replacements have been suggested for the use of a bank (interest) rate for monetary policy.
Website. https://etiqa.com. Etiqa is an insurer and takaful operator in ASEAN. It is a member of the Maybank Group, offering life and general insurance policies, as well as, family and general takaful plans. It has over 10,000 agents, 46 branches, 17 offices, and a bancassurance network consisting of over 490 branches, cooperatives, brokers ...
www .takaful .ae. Abu Dhabi National Takaful Company PSC ( Arabic: شركة أبوظبي الوطنية للتكافل ش.م.ع.) -- known simply as Takaful, تكافل, or ADNTC -- was established in 2003 [2] by the Abu Dhabi Islamic Bank (ADIB) and Abu Dhabi Investment Company. [2] It is a powerful player in the UAE takaful market [3] based ...
The Islamic Insurance Company was founded in December 2014. It is the first full service insurance firm to be established in Somalia in over 20 years. [2] The company offers life, vehicle and property insurance to local businesses and individuals, in accordance with Islamic insurance tenets ( takaful ). It also aims to provide Sharia -compliant ...