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

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Presentation transcript:

TAKAFUL VS INSURANCE

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

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

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

insurance Life Insurance Medical Insurance General Insurance Others

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

takaful Mutual responsibility Mutual cooperation Mutual protection

TAKAFUL Mudharabah model (profit sharing) Wakalah model (agency) Combination of both

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