“Takaful” means an arrangement based on mutual assistance under which takaful participants agree to contribute to a common fund providing for mutual financial benefits payable to the takaful participants or their beneficiaries on the occurrence of pre-agreed events.
Takaful is an Islamic insurance concept which adheres to ethics and transparency of Shariah guidelines that prohibit uncertainty (Gharar), gambling (Maisir) and interest (Riba). The word Takaful is derived from the Arabic verb Kafala, which means to guarantee, to help or to take care of one’s needs.
Each covered participant contributes on the basis of Tabarru’ (charitable) into a fund together with the contribution of other participants that will be used to support each other in times of need.
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