In Takaful insurance, the members or participants contribute funds into a pool structure so as
to guarantee funders against loss or any form of damages. Thoroughly based on Islamic
religious law, Takaful insurance promotes the importance of mutual support, help, and
cooperation. Most Takaful insurance policies cover health, life, as well as general insurance
requirements.
The participants of the Takaful insurance deal promise each other and make regular donations
to the mutual fund, known as Takaful fund, as an alternative to paying insurance premiums. The
claims made by participants are paid using this pooled fund. If there are surplus amounts after
calculating the probable cost of future claims, they belong to the participants. Such amounts
are circulated to them as cash dividends or bonuses, or through discount in future contributions
to the Takaful fund.
Takaful insurance policies are increasingly popular in the United Arab Emirates, and we at CRI,
have resolutely decided to uplift the excellence of this innovative and hugely rewarding
insurance practice. We have partnered with the top insurance companies in UAE that offer
Takaful insurance arrangements that adhere to Islamic religious laws.
There profound ways in which Takaful insurance stands apart from mainstream insurance practices. A conventional insurance plan has a component of vagueness or doubt. While conventional insurance is reliant on the concept of charging interest, a Takaful insurance centres on the concept of tabarru, in which a specific share of the contributions made by the participants is considered as a donation. Also, in the doctrines of Islam, conventional insurance is perceived as a variety of bookmaking or gambling.