Takaful
- Based on mutual co-operation.
- Free from “Riba” (interest), uncertainty and gambling.
- Investment comply with Shariah.
- Full isolation between the Takaful Fund and shareholders’ funds.
- Any surplus in the Takaful Fund will be shared by the Participants.
- Is a risk sharing tool across the Takaful Fund.
Conventional Insurance
- Based solely on commercial factors (a type of business).
- Includes elements of interest, uncertainty and gambling.
- No religious guidance.
- Premium paid by policyholder is considered as income to the company.
- All surpluses will accrue to the shareholders only.
- Is a risk shifting tool.
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