Takaful an Arabic word meaning “guaranteeing each other”. It is a system of Islamic insurance based on the principle of TA-AWUN (mutual assistance) and Tabarru (Voluntarily) where the risk is shared collectively by the group voluntarily.
As the pact is among a group of members or participants who agree to jointly guarantee among themselves against loss or damage to any of them as defined in the pact, covering either:-
- Property like house, factory, mosque, offices
- Vehicles (car, motorcycle etc.)
- Goods ( like during import or export )
- Health, accidents and Life