By 2008, the total gross written premium (GWP) for takaful business (life and non-life combined) had grown to just under $5.1 billion.
Takaful Insurance Resources
Understanding Takaful Practice
Takaful originates from Arabic word Kafalah, which means "joint guarantee". In principle, the Takaful Insurance system is based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants
World First Charitable Insurance Product
T’azur launched first charitable insurance product named “Sadaqah” that would help donors save regular donations which T’azur invest in shari’a compliant funds over a set number of years. Then the accumulated capital passed to the Charity of donor’s choice. T’azur will contine making regular donations on the behalf of the donor through Takaful, in the event certain circumstances (e.g. illness, disablity) which prevent the donor from making charitable donations.
The Chancellor Guide - Islamic Finance -
Chancellor Guide to the Legal and Shari’a Aspects of Islamic finance is now published, providing western institutions that interested in Islamic finance genuine and reliable information on structuring of Shari’a compliant financial product that are rarely to be found. The publication is the pioneer in explaining many important legal aspect of Islamic Finance. 19 Legal practitioners and advisors are together in bringing 355 page guide that offers practical insights on Islamic finance which are valuable both to experts and laypersons.
