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What is Takaful?
Briefly, Takaful illustrates the act of a group of people who agree to reciprocally guarantee each other against certain loss or damage that may be inflicted upon any one of them. Every participant contributes a sum of money to a common Takaful fund.
By contributing to the fund the participant undertakes a contract (a’qad) to become one of the Takaful participants by agreeing to mutually help each other, should any of the participants suffer a loss as covered under the Takaful contract.
The operational framework of Takaful is free from elements of Riba (interest or usury), Gharar (unknown or ambiguity in the contract) and Maysir (gambling). These are the three main reasons why Muslim scholars regard Conventional insurance as being against the principles of Shari’ah.
The concept of Takaful is to promote and advocate fairness in the business of insurance.
Other financial institutions practice corporate social responsibility but do not share their profits as Takaful does.