Sharia-compliant Insurance (Takaful)

URI: https://gptkb.org/entity/Sharia-compliant_Insurance_(Takaful)

GPTKB entity

Statements (53)

Predicate	Object
gptkbp:instanceOf	insurance model
gptkbp:alsoKnownAs	gptkb:Takaful
gptkbp:alternativeTo	conventional insurance
gptkbp:basedOn	gptkb:Islamic_law_(Sharia)
gptkbp:claimsPaidFrom	common fund
gptkbp:compatibleWith	Islamic ethical standards
gptkbp:endorsedBy	Islamic scholars
gptkbp:fundManagedBy	Takaful operator
gptkbp:growingIn	gptkb:Africa gptkb:Middle_East gptkb:Southeast_Asia
https://www.w3.org/2000/01/rdf-schema#label	Sharia-compliant Insurance (Takaful)
gptkbp:introducedIn	gptkb:Sudan 1979
gptkbp:notableCompany	Syarikat Takaful Malaysia Abu Dhabi National Takaful Company Salama Islamic Arab Insurance
gptkbp:operates	solidarity mutual cooperation shared responsibility
gptkbp:participantsContributeTo	common fund
gptkbp:profitSharingModel	hybrid mudharabah wakalah
gptkbp:prohibits	speculation gambling (maysir) interest (riba) uncertainty (gharar)
gptkbp:regulates	gptkb:Bahrain gptkb:Indonesia gptkb:Malaysia gptkb:Pakistan gptkb:Saudi_Arabia gptkb:United_Arab_Emirates gptkb:Accounting_and_Auditing_Organization_for_Islamic_Financial_Institutions_(AAOIFI) gptkb:Islamic_Financial_Services_Board_(IFSB)
gptkbp:requires	risk sharing Sharia supervisory board transparency in operations
gptkbp:subject	Sharia compliance audits local insurance regulations
gptkbp:surplusDistributedTo	participants
gptkbp:targetMarket	Muslim population
gptkbp:type	family Takaful general Takaful
gptkbp:usedFor	gptkb:insurance life insurance property insurance business insurance motor insurance
gptkbp:市值	over $20 billion (2020s)
gptkbp:bfsParent	gptkb:Islamic_Banking
gptkbp:bfsLayer	8