The word takaful originated from the Arabic word Kafalah. It means ‘joint guarantee’ or ‘guaranteeing each other’.it comes in line with the principles of shared responsibilities in the community and compensation.
Where Did Takaful Originate From?
The concept of insurance has been around since 215 BC and has been in practice for over 14000 years in various forms.
Takaful originally came from the Arab tribes which was a pooled liability. It was used to oblige those who were found involved in committing crimes against the members of another tribe to pay the compensation money to the heirs or the victims. It then extended to different walks of life such as sea trade. Participants use funds to support and cover for someone who suffered mishaps on the sea voyages.
What is Takaful meaning in Urdu?
Takaful meaning in Urdu – ( مشترکہ طور پر ایک دوسرے کی ضمانت ) is jointly guarantee each other
It is generally referred to as Islamic insurance. Because there is a similarity between insurance and the contract of Kafalah (guarantee)
How is Takaful Islamic Insurance?
takaful is considered to be a type of Islamic insurance. People face hardships and loss or damage in their lifetime or they might need a huge amount of money in an emergency or they need money to pay for the education or wedding of their children. In such circumstances, we need someone to rely on who can help us and solve our problems. With Takaful, you can have that someone.
What is Takaful in Islamic Banking?
In takaful insurance, members contribute their money to a pool system that can be used in the loss or damage. Takaful insurance is halal as they are based on sharia o Islamic religious laws which explain how it is the responsibility of the individuals to cooperate and protect one another.
Takaful can also be said the Islamic alternative to insurance. Because it is purely based on the cooperation, social solidarity, and mutual indemnification of the loss of the members. Takaful insurance is kind of a pact among a group who agree that they will jointly indemnify the damage or loss that may inflict upon any of the members, out of the funds that they have donated collectively.
Is Takaful Halal?
Takaful is deemed to be halal in Islam. Moreover, any kind of insurance policy that complies with the takaful principles is also deemed to be permissible.
Who should you Contact for Takaful?
If you are interested in investing in Takaful then Cometinsure is the best option for you. we are the most trusted insurance company in town and have served hundreds of clients who have profited from us.
If you are interested in investing in takaful then simply call us, our agent will guide you step by step about the whole process.
