Islamic Insurance “Takaful” and Conventional Insurance: Concept and Challenges

توضیح

Insurance plays an important and growing role in various economic and social activities. However, some Muslims have taken into consideration the practices of insurance companies that are contrary to their religious beliefs, and which can not be tolerated. Hence the thought of establishing insurance companies that are considered to be Shari'a-compliant. This was motivated by an obligation to engage in insurance activity in violation of Islamic law, on the one hand, and on the other, to respond to a gap in the insurance market. Takaful insurance companies began to emerge in the early 1970s in Saudi Arabia, Sudan, the Middle East and the Far East, based on solidarity and cooperation between individuals and organizations