AAOIFI’s Accounting, Auditing and Governance Standards for Islamic Financial Institutions (2004/2005),
Takaful is defined as “a system through which the participants donate part or all of their contributions which are used to pay claims for damages suffered by some of the participants. The company’s role is restricted to managing the insurance operations and investing the insurance contributions.”
Takaful is defined as “a system through which the participants donate part or all of their contributions which are used to pay claims for damages suffered by some of the participants. The company’s role is restricted to managing the insurance operations and investing the insurance contributions.”