Takaful | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-10-04

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Takaful


00:01:38 1 Principles
00:02:56 1.1 Fiqh scholars
00:03:39 1.2 Argument against conventional insurance
00:05:16 1.3 Defense of conventional insurance
00:06:18 1.4 Scriptural basis
00:07:56 2 Takaful industry and models
00:08:07 2.1 History
00:10:56 2.2 Models
00:12:16 2.3 The iMudharabah/i model (profit-sharing)
00:14:51 3 Criticism



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SUMMARY
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Takaful (Arabic: التكافل‎, sometimes translated as "solidarity" or mutual guarantee) is a co-operative system of reimbursement or repayment in case of loss, organized as an Islamic or  sharia compliant alternative to conventional insurance, which Takaful proponents believe contains forbidden riba (usury) and gharar (excessive uncertainty).Under takaful, people and companies concerned about hazards make regular contributions ("donations") to be reimbursed or repaid to members in the event of loss, and  managed on their behalf by a takaful operator. Like other Islamic finance products, Takaful is grounded in Islamic Muamalat (commercial and civil acts or dealings branch of Islamic law).
By the end of 2011, the takaful industry had grown to $12 billion "contributions" and has been forecast to reach $20 billion by 2017. The total global Takaful contributions were estimated at US$14.9 billion in 2015, representing a double-digit growth rate of 14% in 2015. The movement has been praised as providing "superior alternatives" to insurance that "reinvigorate human capital, emphasize personal
dignity, community self-help, and economic self-development"; but also criticized as having "dwindled" in scope to an industry of "conventional insurance with Arabic terminology and language of contract".