What is Islamic Insurance (Takaful)?

Takaful, or Islamic insurance, is a system based on mutual cooperation and shared responsibility, in line with Islamic principles. The term "Takaful" originates from the Arabic word kafala, meaning "to guarantee" or "to take care of one another."

Unlike conventional insurance, which is typically a commercial contract between an insurer and a policyholder, Takaful operates as a community-based model. Participants contribute to a pooled fund, which is used to support members facing unforeseen losses or emergencies. This model emphasizes solidarity, ethical investment, and collective welfare, reflecting the Islamic values of mutual aid and financial justice.

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