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Group Takaful Plan

In: Islamic Insurance Products

Author

Listed:
  • Mohd Ma’Sum Billah

    (King Abdulaziz University)

Abstract

Takaful business is based on the concept of Al-Mudharabah, or a profit-sharing contract between the providers of funds for a business venture and the entrepreneur who actually conducts the business. The operation of Takaful may thus be envisaged as the profit-sharing business venture between the Takaful operator and the individual members of a group of participants who desire to reciprocally guarantee each other against loss or damage that may be inflicted upon any one of them.

Suggested Citation

  • Mohd Ma’Sum Billah, 2019. "Group Takaful Plan," Springer Books, in: Islamic Insurance Products, chapter 0, pages 159-166, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-17681-5_11
    DOI: 10.1007/978-3-030-17681-5_11
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