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What is Islamic Insurance or Takaful?

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On my previous post I touched upon Islamic Insurance. Today I wanted to share this diagram that I got  from Islamic Finance Roadshow yesterday. The diagram beautifully explains how the conventional insurance and Islamic Insurance (Takaful) work.  As the proverb says “a picture is worth thousand words” icon smile What is Islamic Insurance or Takaful?

takaful wakala explained What is Islamic Insurance or Takaful?

Courtesy of Salaam Halal Insurance

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  1. Hamza Isa says:

    salams bro

    can you give an explainaion for this?

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  2. What is Islamic Insurance or Takaful? | Ummah Design Blog says:

    [...] What is Islamic Insurance or Takaful? | Ummah Design Blog [...]

  3. health plans says:

    Well what more can we expect Because of continuous economic downturn, many companies and business establishment were engaged in financial issues, they tend to get big loans in order for their business to survive in this time of depression.

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  4. Basharat Ali says:

    Thanks Brother for explaining about Islamic insurance.

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  5. Akbar says:

    Assalamu Alaikkum

    Dear Brother,

    I would like to know more about Islamic Insurance. If i am preparing to a Insurance company in India, What i want to do for this?.

    Expecting your replay.

    Thanks & Regards,

    Akbar.

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  6. [...] Cette fermeture, provisoire, a choqué certains assurés, dont le webmaster du site Ummah Design (End Of Salaam Halal Insurance?), lequel était si enthousiaste qu’il fit même un schéma pour expliquer la différence entre assurance conventionnelle et assurance islamique (takaful): What is Islamic Insurance or Takaful? [...]

  7. Abdul Rahman says:

    @Akbar ,
    AsSalamuAlaikum ,
    im also working to setup Islamic Insurance Company. So can we share information about islamic insurance ?
    i feel it will be mutually bebeficial.Inshaallah

    Abdul Rahman

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  8. Sherzod says:

    Assalamu alaykum brother Abdul Rahman,

    Yes, That’s a great idea. Look forward to it, inshallah.

    Wassalamu alaykum,
    Sherzod

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  9. abdullah says:

    very informative,you can also visit safeworldinsurance.com.it is also informative.

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  10. abdullah says:

    very informative,you can also visit safeworldinsurance.com.it is also informative…………

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  11. Yusfarizal says:

    Salam. I wish to seek your permission to copy and use the picture of insurance vs takaful. Thank you.

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  12. faadilah gierdien says:

    Assa lamu Alaikum,

    I absolutely love your website.

    Keep up the good work.

    The conventional insurance model diagram 21/3/2009 is excellent.

    Do we have permission to use it in a presentation for a new not for profit NGO?
    Faadilah Gierdien

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  13. Sherzod says:

    Assalamu alaykum,

    The diagram was taken from one of the Events we attended some time ago. I suppose you can use it as long as you state that it is a courtesy of Salam Insurance or something similar Inshallah.

    WA

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  14. hana says:

    assalam. I wish to seek your permission to copy and use the picture of insurance vs takaful. Thank you.

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  15. Comparison Between Takaful And Conventional Insurance | Family Insurance Today says:

    [...] the surplus would normally go back to the participants in proportion to their contributions. Comparison between Takaful and Conventional Insurance The following are some basic differences dist…rance and takaful (Islamic insurance): 1) Riba exists in conventional insurance in two forms: [...]

  16. jayanth r achar says:

    its good and easy to understand thank you for the information

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  17. Sky says:

    Nice…Thanks.

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  18. oltidoye isiaka says:

    AS a young graduate of insurance in nigerain university,i am glad to be informed that insurance as a profession is allowed if practice in accordance with islamic ways,i would be appreciated if i could be updated as far as islamic insurance trends and issures are concerned

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