Analytical Study Of Shariah Status Of Insurance And Its Impacts On Society

Abstract

This abstract provides a concise overview of Takaful, an Islamic alternative to conventional insurance. Takaful operates on the principles of cooperation, mutual assistance, and risk-sharing, while adhering to Shariah law. Participants contribute funds into a common pool, which is used to compensate any participant who experiences a loss. This abstract highlights the key features of Takaful, its impact on society, and the challenges it faces. It also offers suggestions for strengthening Takaful and promoting its growth.