What is Takaful?

Takaful ( التكافل) is an Islamic insurance concept grounded in Islamic muamalat (banking transactions) and observes the rules and regulations of Islamic law which prohibits usury, the collection and payment of interest, trading in financial risk (gambling).. The concept has been practised in various forms for over 1400 years.

As an insurance trend, Takaful is relatively new but it is gaining acceptance and popularity, particularly in Islamic countries.

Theoretically, Takaful can be perceived as cooperative or mutual insurance, where members contribute a certain sum of money to a common pool. The system is intended to be not-for-profit and to uphold the principle of sharing a burden. Uncertainty or risk is considered to have been removed by the structure of subscription and compensation.

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