Pararegtom said:LancePrivateJones said:
Against Fact there is no Arguement
By removing all of the elements that are considered âHaramâ it offers Muslims the same levels of insurance cover but in a way that does not compromise their beliefs.
These elements include:
Uncertainty and Gambling: In conventional insurance the policyholder loses all of their money (premium) if the covered risk does not occur during the stipulated period. This gives rise to uncertainty, which is Haram. And in cases where the insured against event occurs, the policyholder may receives a large amount of money against a small sum, which describes yet another Haram activity, "maysir" or gambling
Interest: Takaful is completely in accord with Islamic financial principles, hence no 'Riba' (interest) is earned or paid to the policyholder, which would again be Haram.