أنشئ حسابًا أو سجّل الدخول للانضمام إلى مجتمعك المهني.
If the investments made with the money received from the policyholder in the form of premiums, is according to the Islamic teachings or Shariah Compliant and the returns earned are equally distributed among the investors including policyholder (like Mudharabah in Arabic) then it's said to be permissible unlike conventional insurance.
I think Takaful or Islamic Insurance is new to the market now and needs approvals and verdicts prior to its implementation. It will be widely accepted throughout the Islamic world in the near future. Insha Allah.
Because Takaful insurance is newly introduced to the insurance industry to substitute and replace the conventional life insurance in addition to the optional nature of this class of insurance and depends on the individuals desires and choices. Hopefully in the future Takaful insurance be well recognised and compete with the conventional insurance.
Best regards
If you look at Islamic countries, you will find that Insurance penetration in general (including Takaful) is less than in Islamic countries in comparison with other developing countries. This is due most Muslims are opposing the concept of Insurance in the first place, some even go to the extreme in believing that it's trying to challenge fate (Qadha). So even with the introduction of Takaful, people still had the same idea of insurance regardless of how it is being packaged.
Regardless, the introduction of Takaful have also opened some of the people to be more accepting of the idea and I believe as people get more educated on the differences of Takaful from the conventional insurance (Mechanism and operational-wise), more Muslims would embrace it as as a mean of protecting oneself.
Takaful is widely accepted in islamic countries.
Any islamic institute is prohibited from doing conventional insurance they must do insurance with takaful companies.
