Ummah Design Blog: Takaful and conventional insurance compared
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Salaams to all. I’m pleased to see our image being used globally to help increase the understanding of Takaful. At Salaam Insurance, one of the challenges we faced at the outset was to help more people understand the haraam elements of conventional insurance and why the Takaful model as shown and used by Salaam Insurance was so different and inline with the Shariah principle of Islam.
Should anyone require any further information on this please do not hesitate to contact me at firstname.lastname@example.org.
i want to know what method that u use to calculate the conventional and takaful insurance and u calculate it.
can u explain me further, the shariah arguments about these two products.
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any one who can make me understand what does surplus dsitrubuted means .is it just like no calim bonus nad it si been practiced with financial institutions providing takaful insurance
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Apart from the sharia compliant investments, I see no difference between a mutual insurance company and takaful. Both use risk pooling to manage claims risk, and both collect premiums from clients as contracts to finance insurance coverage. (In takaful you call it a “contribution” but it is a premium – you must pay it or you do not get coverage).
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