Publication:

Takaful (Islamic insurance), retakaful, and microtakaful

Loading...
Thumbnail Image

Abstracts views

156

Views & Download

28

Date
2016
SDG:
Abstract
Takaful, or mutual assistance, is the Islamic counterpart of conventional insurance. The word takaful is derived from an Arabic word kafalah, which means to guarantee. A group of participants agree to support one another jointly for the losses arising from specified risks. They contribute to a fund, and are compensated or reimbursed from that fund in the event of certain risks. The scheme is managed on the participants' behalf by a takaful operator. It is similar to a mutual insurance concept, but it complies with Shariah and is based on concepts of mutual solidarity and risk sharing.
Keywords
Takaful , Retakaful , Insurance , Microtakaful , islamic finance
Citation
Ismail, Ezamshah and World Bank. (2016). Takaful (Islamic insurance), retakaful, and microtakaful. In The World Bank, Islamic finance: a catalyst for shared prosperity? (pp. 103-117). Washington, D. C.: World Bank Group.
Publisher
World Bank Group

Available in physical copy and downloadable format (Call Number: HG 3368 A6 I82Wo)

DOI

Link Entity

Person Search Results

Now showing 1 - 1 of 1