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Takaful (Arabic: التكافل, sometimes translated as "solidarity" or mutual guarantee) [1] is a co-operative system of reimbursement or repayment in case of loss, organized as an Islamic or sharia-compliant alternative to conventional insurance, which contains riba (usury) and gharar (excessive uncertainty).
Islamic banking and finance has been described as having the "same purpose" (Institute of Islamic Banking and Insurance), [30] or having the same "basic objective" (Mohamed Warsame), [31] as conventional banking but operating in accordance with the rules of shariah law.
The name of God according to Islam. Also used as the Arabic word for God in general. Allāhumma (اللَّهُمَّ) "O Allah, my Lord" - used in a phrase or salutation, invocations or supplications . Allāhu ʾAkbar (أكبر) "Allah is [the] greatest". Greater than anything or anyone, imaginable or unimaginable. ʿĀlim (عالِم) lit.
The first Islamic insurance (or takaful) company – the Islamic Insurance Company of Sudan – was established in 1979. [65] The Amana Income Fund, [74] the world's first Islamic mutual fund (which invests only in Sharia-compliant equities), was created in 1986 in Indiana. [65]
Etiqa is composed of four main operating entities in Malaysia, namely, Etiqa General Insurance Berhad, Etiqa Life Insurance Berhad, Etiqa General Takaful Berhad, and Etiqa Family Takaful Berhad. [2] The company also has two smaller operating entities in Labuan , as well as several other operating entities in Singapore , Indonesia , the ...
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
The Arabic word salām is used in a variety of expressions and contexts in Arabic and Islamic speech and writing. "Al-Salām" is one of the 99 names of God in Islam, and also a male given name in conjunction with ʻabd. ʻAbd al-Salām translates to 'Slave of [the embodiment of] Peace', i.e. of Allah. [5] سلام salām 'Peace'
The root of the word has many meanings in Semitic languages including desert, nomad, merchant, and comprehensible with all of these having varying degrees of relevance to the emergence of the name. It is also possible that some forms were metathetical from root ع-ب-ر ʿ-B-R "moving around", and hence, it is alleged, "nomadic". [citation needed]