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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).
Weqaya’s main strategy is to create a distinct image and identity, as a specialized Takaful insurance company, by offering Takaful insurance services and products, to the Saudi business sector and all the other sectors of Saudi community, in line with principals and regulations of Sharia, and by focusing on building one of the best ...
Islamic rules on transactions (known as Fiqh al-Muamalat) have been created to prevent use of interest. Investing in businesses involved in activities that are forbidden . These include things such as selling alcohol or pork, or producing media such as gossip columns or pornography. [10] [11] Charging extra for late payment.
The Islamic Financial Services Act 2013 (Malay: Akta Perkhidmatan Kewangan Islam 2013), is a Malaysian law which enacted to provide for the regulation and supervision of Islamic financial institutions, payment systems and other relevant entities and the oversight of the Islamic money market and Islamic foreign exchange market to promote financial stability and compliance with Shariah and for ...
Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed ...
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]
Fine: $1.9 million (combined) The Denver Broncos faced $1.9 million in fines in 2001 and 2004 for circumventing the NFL’s salary cap during the mid-1990s. The violations were tied to deferred ...
Takaful Malaysia was established on 29 November 1984 when the Government of Malaysia set up a task force to study the feasibility of establishing an Islamic insurance company in Malaysia. [2] The incorporation of Takaful Malaysia as the first takaful operator in the country was in the same year as the Takaful Act was enacted. [3]