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CONCEPTUAL AND OPERATIONAL DIFFERENCES BETWEEN GENERAL TAKAFUL AND CONVENTIONAL INSURANCE

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Author(s): Mher Mushtaq Hussain | Ahmad Tisman Pasha

Journal: Australian Journal of Business and Management Research
ISSN 1839-0846

Volume: 1;
Issue: 8;
Start page: 23;
Date: 2011;
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Keywords: Aqilah | Maisir | Mudarabah | Mudarabah Model | Tabarru | Takaful | Wakalah Model | Wakalah Waqf Model.

ABSTRACT
Insurance in Islam is essentially a concept of mutual help. Insurance business under conventional system is based on uncertainty, which is prohibited in Islamic society under Islamic principles. So there is need to clear the difference between the conventional insurance and the Islamic insurance. A rich literature also describes such differences but the present article addresses the differences based on conceptual and operational framework.
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