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TAKAFUL VS INSURANCE. Financial system Banking Insurance Takaful ( Islamic ) Commercial Insurance (Conventional)

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Presentation on theme: "TAKAFUL VS INSURANCE. Financial system Banking Insurance Takaful ( Islamic ) Commercial Insurance (Conventional)"— Presentation transcript:

1 TAKAFUL VS INSURANCE

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

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

4 insurance Life Insurance Medical Insurance General Insurance Others

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

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

7 takaful Mutual responsibility Mutual cooperation Mutual protection

8 Easy words: Through insurance a person buys security and protection.

9 Easy words: In takaful, members contribute money into a pooling system in order to guarantee each other against losses or damages.


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