Takaful is an Islamic insurance system based on mutual cooperation, where participants contribute to a pool of funds to help those in need of financial assistance.
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The takaful meaning emphasizes shared responsibility and the absence of profit-making for the insurer, which distinguishes it from conventional insurance. What is takaful? It is a Sharia-compliant alternative to insurance that operates on principles of mutuality and solidarity. There are several types of takaful, including family takaful, which focuses on providing financial protection for the family in case of unforeseen events, such as death or disability.
Other types of takaful include general takaful, which covers risks related to property and liabilities, and investment-linked takaful, where funds are invested to generate returns for participants.
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