TAKAFUL VS INSURANCE.

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TAKAFUL VS INSURANCE

Financial system Insurance Banking (Islamic) Commercial Insurance (Conventional) Takaful (Islamic)

INSURANCE A policy from a large financial institution that offers financial protection against future losses or damages. TAKAFUL Is an Islamic insurance concept which is grounded by observing the rules and regulations of Islamic law. (license)

Life Insurance Medical Insurance General Insurance Others

Insurance : buy and sell contract. Takaful :donation contract. Concept: Insurance : buy and sell contract. Takaful :donation contract.

Commercial INSURANCE Al-Gharar (Uncertainty) Al-Maisir (Gambling) Riba (Interest)

Mutual responsibility takaful Mutual responsibility Mutual cooperation Mutual protection

Through insurance a person buys security and 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.