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.
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.
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)
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.
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.
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.
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