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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 concept of profit acts as a symbol in Islam as equal sharing of profits, losses, and risks. The movement started with activists and scholars such as Anwar Qureshi, [ 33 ] Naeem Siddiqui , [ 34 ] Abul A'la Maududi , Muhammad Hamidullah , in the late 1940 and early 1950s. [ 35 ]
The history of Islam is believed by most historians [1] to have originated with Muhammad's mission in Mecca and Medina at the start of the 7th century CE, [2] [3] although Muslims regard this time as a return to the original faith passed down by the Abrahamic prophets, such as Adam, Noah, Abraham, Moses, David, Solomon, and Jesus, with the submission (Islām) to the will of God.
[citation needed] Islam considers commodities with intrinsic value as currency. [citation needed] The following are some examples of commodities that can be used as currency: gold (as Gold Dinar), silver (as Silver Dirham), dates, wheat, barley, and salt.
ʿAbd (عبد) (for male) ʾAmah (أمة) (for female) Servant or worshipper. Muslims consider themselves servants and worshippers of God as per Islam.Common Muslim names such as Abdullah (Servant of God), Abdul-Malik (Servant of the King), Abdur-Rahmān (Slave of the Most Beneficent), Abdus-Salām (Slave of [the originator of] Peace), Abdur-Rahîm (Slave of the Most Merciful), all refer to ...
A market economy was established in the Islamic world on the basis of an economic system resembling merchant capitalism. Capital formation was promoted by labour in medieval Islamic society, and financial capital was developed by a considerable number of owners of monetary funds and precious metals.
At least one western scholar of Islam (Joseph Schacht) translates diya as weregeld [49] (Weregeld is also known as "man price", and was a value placed on every being and piece of property to be paid—in the case of loss—as restitution to the victim's family or to the owner of the property.
[14] But not all trade is allowed in Islam. The Qur'an prohibits gambling ( maisir , games of chance involving money). While the Quran does not specifically mention gharar (risk), several hadith prohibit selling products like "the birds in the sky or the fish in the water", "the catch of the diver", or an "unborn calf in its mother's womb". [ 15 ]