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The Employees' Old-Age Benefits Institution (EOBI) (Urdu: ادارہِ مراعاتِ معمّر ملازمین) is the pension, old age benefits and social insurance institution of the Government of Pakistan. It operates under the control of Ministry of Overseas Pakistanis and Human Resource Development. [1]
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).
Insurance in Pakistan is regulated under the Insurance Ordinance, 2000. It is divided into three components: life insurance, general insurance and health insurance.The Government of Pakistan established the Department of Insurance in April 1948 as a department of the Ministry of Commerce; the aim of this department is to take care of affairs related to the insurance industry.
Indemnity insurance compensates the beneficiaries of the policies for their actual economic losses, up to the limiting amount of the insurance policy. It generally requires the insured to prove the amount of its loss before it can recover. Recovery is limited to the amount of the provable loss even if the face amount of the policy is higher.
In English law, a guarantee is a contract whereby the person (the guarantor) enters into an agreement to pay a debt, or effect the performance of some duty by a third person who is primarily liable for that payment or performance. The extent of the debt that the guarantor is liable to this debt is co-extensive to the obligation of the third ...
A health insurance policy is a insurance contract between an insurance provider (e.g. an insurance company or a government) and an individual or his/her sponsor (that is an employer or a community organization). The contract can be renewable (annually, monthly) or lifelong in the case of private insurance.
This is usually translated as "gambling" but used to mean "speculation" in Islamic finance. [16] Involvement in contracts where the ownership of a good depends on the occurrence of a predetermined, uncertain event in the future is maisir and forbidden in Islamic finance. Gharar. Gharar is usually translated as "uncertainty" or "ambiguity".
Feroz-ul-Lughat Urdu Jamia (Urdu: فیروز الغات اردو جامع) is an Urdu-to-Urdu dictionary published by Ferozsons (Private) Limited. It was originally compiled by Maulvi Ferozeuddin in 1897. The dictionary contains about 100,000 ancient and popular words, compounds, derivatives, idioms, proverbs, and modern scientific, literary ...