Takaful: A Study of the Available Options of Insurance in Islam

Takaful is an Islamic insurance concept which is grounded in Islamic muamalat (banking transactions), observing the rules and regulations of Islamic law. It originates from Arabic word 'kafalah', which means “guaranteeing each other” or “joint guarantee”. In principle, the takaful system is based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants. It is a form of mutual insurance. This book examines the various options of insurance available under the Islamic modes of finance.

Hina Uqaili is working as a Research Associate (Financial Management) at the Lahore University of Management Sciences (LUMS), in a project of the United States Agency for International Development (USAID). She has been involved in research at the Suleman Dawood School of Business at LUMS where she worked extensively in the field of Finance.