noun[mass noun] Islam
A type of insurance system devised to comply with the sharia laws, in which money is pooled and invested.
- The insurance business, in general, and takaful, in particular, is a developing business opportunity with tremendous potential throughout the [Middle East-North Africa] region, he added.
- Although family takaful is the Islamic equivalent of life insurance, fundamental differences separate the two systems.
- A better understanding of the principles behind takaful, the laying down of clearer rules for the formulation of policies and a defined role for agents and brokers are essential if market penetration is to increase.
Arabic, literally 'mutual obligation'.
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