November 2015 ~ michelineinsurance

Takaful, Sharia Insurance Pioneer In Asia

What is Takaful?

Every human activitie are liable to danger of misfortune from unexpected occasions. To mitigate this weight to people, what we now call insurance has existed subsequent to no less than 215 BC. This idea has been polished in different structures for more than 1400 years. It starts from the Arabic word Kafalah, which signifies "ensuring one another" or "joint assurance". The idea is in accordance with the standards of pay and shared obligations among the group.

Market For Takaful Insurance in Europe Is Looking Brighter

The parallels with the shared part are making a difference

Takaful insurance can have a brilliant future in Europe because of its parallels with the shared part, as per specialists at International Finance Magazine's EU Islamic Finance and Banking Summit that occurred in London on November 18-19. Non-marine common insurance can follow its roots in Europe back very nearly 1,000 years to Icelandic ranchers who pooled their assets to give security.