Islamic insurance (Takaful)

URI: https://gptkb.org/entity/Islamic_insurance_(Takaful)

GPTKB entity

Statements (53)

Predicate	Object
gptkbp:instanceOf	gptkb:insurance
gptkbp:alsoKnownAs	gptkb:Takaful
gptkbp:alternativeTo	conventional insurance
gptkbp:basedOn	gptkb:Islamic_law_(Sharia)
gptkbp:compatibleWith	gptkb:Hadith gptkb:Quran
gptkbp:globalMarketSize	over $20 billion (2020s)
gptkbp:growingMarket	gptkb:Middle_East gptkb:Southeast_Asia
gptkbp:introducedIn	gptkb:Sudan 1979
gptkbp:mainDifferenceFromConventionalInsurance	Sharia compliance prohibition of interest and gambling risk sharing instead of risk transfer
gptkbp:managedBy	Takaful operator
gptkbp:notableCompany	gptkb:Qatar_Islamic_Insurance_Company Syarikat Takaful Malaysia Abu Dhabi National Takaful Prudential BSN Takaful Salama Islamic Arab Insurance
gptkbp:operates	mutual cooperation shared responsibility guarantee
gptkbp:participants	policyholders Takaful operator
gptkbp:popularFor	gptkb:Malaysia Gulf Cooperation Council (GCC) countries
gptkbp:principle	risk sharing mutual guarantee tabarru' (donation)
gptkbp:profitModel	mudarabah (profit-sharing) hybrid model wakalah (agency)
gptkbp:prohibits	gambling (maysir) interest (riba) uncertainty (gharar)
gptkbp:regulates	gptkb:Islamic_Financial_Services_Board_(IFSB) gptkb:AAOIFI Sharia Supervisory Board
gptkbp:surplusDistributedTo	policyholders
gptkbp:type	family Takaful general Takaful
gptkbp:usedFor	gptkb:insurance life insurance property insurance business insurance motor insurance
gptkbp:bfsParent	gptkb:Accounting_and_Auditing_Organization_for_Islamic_Financial_Institutions gptkb:Islamic_Finance gptkb:Riba_Prohibition gptkb:Shariah_Standards
gptkbp:bfsLayer	8
https://www.w3.org/2000/01/rdf-schema#label	Islamic insurance (Takaful)