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[TrinityeXchange]

I thought it interesting a topic to listen in on Mubasher Radio. They discuss the broadening of the insurance industry securities in Iraq.

Definition of 'Takaful' - from Investopedia
A type of Islamic insurance, where members contribute money into a pooling system in order to guarantee each other against loss or damage. Takaful-branded insurance is based on Sharia, Islamic religious law, and explains how it is the responsibility of individuals to cooperate and protect each other.

Investopedia explains 'Takaful'
Takaful insurance companies were introduced as an alternative to commercial insurance companies, which go against the riba (interest), al-maisir (gambling), and al-gharar (uncertainty) principles, that are outlawed in Sharia.

Radio Link

Edited by TrinityeXchange, 31 May 2012 - 11:55 AM.

[haymon]

They do have these groups in the USA. They can be selective, but if allowed to join , the idea does work.