A few inquiries from our Linkedin Takaful subgroup have highlighted the need for more specific metrics on Takaful (as well as more background information such as country specific data and substantiated growth projections).
This is a brief overview and we will endeavour to followup with the various Takaful models that are currently used in the market.
Present Scenario and Future Potentials of Takaful
Kazi Md. Mortuza Ali
Prime Islami Life Insurance Limited, Bangladesh
Abstract: "The idea of having a Shariah based insurance system (Takaful) stems from the desire of the followers of Islam to conduct their affairs in day to day life according to the teachings of Islam and within the framework of Islamic law. Takaful is based on the concept of cooperation, brotherhood and solidarity of the members of the society who voluntarily agree to contribute money to support a common goal of providing mutual financial aid to the members of the group under certain terms and conditions. Takaful has emerged as a complementary and supportive system of Islamic Banking movement throughout the world."