Takaful Insurance

Takaful Insurance

Takaful Insurance is an Islamic insurance system which is not based on the principle of profitability as a basis. It is meant to disseminate the risks among the group of participants (issued) through compensation which is paid to the injured participant out of their contributions instead of leaving the injured incurring the loss by himself according to the company’s Articles of Association and the conditions of the policies provided that they may not be contradictory to the glorious Islamic Sharia'a Provisions.

Takaful sublime meanings are determined and called for by the Holy Quran and the Traditions of the prophet Mohamed (PBUH). In the Holy Quran: God says: Help ye one another in righteousness and piety, but help ye not one another in sin and rancor”. From the Prophet Traditions (PHUH) Prophet Mohamed says: the believer to the believer backs him as a compacted structure each part tightens the other”. He also unless he like for his brother what he likes for himself. Undoubtedly, people seek for themselves; security and safety which may not be maintained except through cooperation are Takaful.