Insurance is all about minimizing the financial consequence of a risk that materializes. Insurance transfer the financial consequence of a loss one suffers to an Insurance company for a relatively small amount of money known as premiums which are paid to the Insurance company. The Insurance company maintains a fund from all the people who … Continue reading Why do we need Insurance?
Islam has not prohibited insurance contrary to commonly held beliefs. As far as the concept of insurance in Islam is concerned, it is to cover the risk of loss, or the "fortunate many helping the unfortunate few". This concept is not only allowed, but also encouraged in Islam. "Help one another in righteousness and piety, … Continue reading Insurance Series Blog Series No. 1 Introduction to Sharia Compliant Insurance – Takaful.
Penned by Ali Ebrahim When disaster strikes, it’s best to be prepared. Nobody can predict the future but WISE people plan ahead for it. The unwise see buying insurance as an unnecessary expense but WISE people realize its true value. Having insurance OR Takaful is necessary because it allows people to have a contingency plan. … Continue reading Importance of Insurance