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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).
The company has won various awards including 'Best Bancatakaful Operator Middle East' at the International Takaful Summit 2012, 'Takaful Operator of the Year' in the Middle East by INSUREX Conference & Awards in 2012 and 2013, and 'Takaful Insurer of the Year' for MENA at the MENA Insurance Review (MENAIR) Insurance Awards 2014.
Etiqa is a digital insurance/takaful player in Malaysia with over 55% of market share in online premiums/contributions as of 2020. [1] It is also a bank assurance player in Malaysia, in Digital Life Insurance in Singapore, and a Group Medical insurer in the Philippines.
National Takaful Company (Watania) PJSC (Arabic: وطنية للتكافل) is a takaful company based in Abu Dhabi, United Arab Emirates. The company was created in 2011 by Abu Dhabi National Islamic Finance , Abu Dhabi National Insurance Company , TAQA and Aldar Properties . [ 4 ]
Amana Takaful PLC, doing business as Amana Takaful Insurance, is a Sri Lankan insurance company which follows the principles of Islam and it is listed in the Colombo Stock Exchange. It provides services ranging from life insurance and different types of general insurance solutions such as motor vehicle insurance , health insurance , theft and ...
Salama Islamic Arab Insurance Company (Arabic: الشركة الإسلامية العربية للتأمين) also known as Salama is one of the largest and most established providers of Shariah-compliant Takaful [1] solutions globally.
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FWD Group also purchased HSBC’s stake in a Malaysian insurance joint venture in 2018, [19] acquiring 49% of HSBC Amanah Takaful (Malaysia), [16] now renamed FWD Takaful (Malaysia). [ 21 ] In June 2019, FWD Group purchased MetLife 's business in Hong Kong [ 7 ] [ 14 ] reportedly for around $400 million. [ 10 ]