MUSLIM INSURANCE
Takaful is a co-operative system of reimbursement or repayment in case of loss, paid to people and companies concerned about hazards, compensated out of a fund to which they agree to donate small regular contributions managed on your behalf by Universal Insurance Holdings.
It is defined as an Islamic insurance concept which is grounded in Islamic muamalat (Islamic banking), observing the rules and regulations of Islamic law. Muslim jurists acknowledge that the basis of shared responsibility laid the foundation of mutual insurance.
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