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  • Poster Ubm588 - Maizatul Shahirah Binti Aziz - 2019230762 - Kba2424a

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    This document provides a comparison of Takaful and insurance. Takaful is an Islamic form of insurance where members donate money into a common pool to protect each other from loss or injury. It involves contracts of donation and indemnification, and sometimes profit sharing arrangements. Any surplus funds are shared among participants. Insurance is a standard contract represented by a policy where an individual receives financial protection from an insurance company in the event of a loss. The risk transfers solely to the insurance company, and all profits belong only to the company or shareholders.

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    EDUCATION PURPOSE

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    Poster Ubm588_maizatul Shahirah Binti Aziz_2019230762_kba2424a

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    This document provides a comparison of Takaful and insurance. Takaful is an Islamic form of insurance where members donate money into a common pool to protect each other from loss or injury. It involves contracts of donation and indemnification, and sometimes profit sharing arrangements. Any surplus funds are shared among participants. Insurance is a standard contract represented by a policy where an individual receives financial protection from an insurance company in the event of a loss. The risk transfers solely to the insurance company, and all profits belong only to the company or shareholders.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    73 views1 page

    Poster Ubm588 - Maizatul Shahirah Binti Aziz - 2019230762 - Kba2424a

    Uploaded by

    shahirah
    This document provides a comparison of Takaful and insurance. Takaful is an Islamic form of insurance where members donate money into a common pool to protect each other from loss or injury. It involves contracts of donation and indemnification, and sometimes profit sharing arrangements. Any surplus funds are shared among participants. Insurance is a standard contract represented by a policy where an individual receives financial protection from an insurance company in the event of a loss. The risk transfers solely to the insurance company, and all profits belong only to the company or shareholders.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    MAIZATUL SHAHIRAH BINTI AZIZ (2019230762)

    DIFFERENCE
    BETWEEN
    INSURANCE
    & TAKAFUL
    TAKAFUL INSURANCE
    Takaful is a sort of Islamic Insurance is a contract, represented
    insurance in which members by a policy, in which an individual
    donate money to a pool system in or entity receives financial
    order to protect each other from protection or payment from an
    loss or injury. insurance firm in the event of a
    loss.

    A Tabarru contract (donation) Contract of exchange in


    an indemnification (Dhaman) sale and purchase
    contract, and frequently an between the insurer and
    agency or profit sharing insured
    arrangement.

    Risk is shared among the


    Risk transfers between the
    policyholders which works
    policyholders and
    on principle of mtuality
    company
    and social solidarity
    Any surplus in the Takaful Fund is All surpluses and profits
    shared among participants. The gains
    belong to the company or
    from investments are divided among
    participants and shareholders using shareholders only.
    the mudaraba or wakala schemes.

    KBA2424A/UBM588

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