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Islamic Insurance

‘Takaful’ is an Arabic word meaning –guaranteeing each other-. Takaful is the Islamic alternative to insurance, and is based on the concept of the cooperation and mutual indemnification of losses of members. A group of persons agree to jointly indemnify the loss or damage that may be inflicted upon any of them, out of the fund they donated collectively. Losses are divided and liabilities spread. As well as providing protections, a Takaful contract may also allow individuals to save. Takaful companies must undertake only Shari’ah compliant business. Their products are available to meet the short and long term financial needs of both individuals and corporations.