Takaful at a crossroads
Friday, 02 05 2016, Category: Islamic Insurance, Country: World
The recent growth of the takaful model is impressive, but this is in danger of being restricted by a general lack of understanding of the product
A global observer of takaful could easily be puzzled by the differences in its practice and implementation among countries. Why, for example, is the takaful model used in Egypt different from that used in Malaysia?
One might also be perplexed as to why insurance is sharia-compliant in Iran but not in many other Muslim-majority countries. From this observation, a misconception might arise that there is no common understanding of takaful.
Source: The Actuary