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A Critical Analysis on the Contractual Framework of Islamic Insurance (Takaful) Safinar Salleh Department of Law, School of Law and Social Sciences Glasgow Caledonian University Supervised by: Dr Mahdi Zahraa Dr Muhammad Nurullah
Takaful Conventional insurance
Sharing of losses among participants
Transfer of losses to an insurance company
Contributions belong to the participants collectively
Premiums belong to the company
Indemnification is provided by policyholders themselves
Indemnification is provided by an insurance company
A takaful company acts as an administrator of the takaful fund
An insurance company is liable to pay compensation from its assets.
Assets of the takaful fund is invested in Shari’ah compliant instruments
Investment is not subjected to any Shari’ah requirements