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What is Understanding Takaful in Islamic Finance about?

Takaful is an Islamic insurance concept based on mutual guarantee and protection. It involves participants and operators sharing risks based on the principles of mutual assistance and donation rather than conventional insurance which involves interest, gambling, and speculative risk. Takaful differs from conventional insurance in how risks are assessed and funds are managed according to Sharia law, which prohibits interest, gambling and uncertainty. There are various Takaful models but they are based on age

Author

ammar_qaiser

Language

EN