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🤝 Takaful Insurance: The Islamic Alternative to Conventional Coverage
Takaful (Arabic: التكافل), often translated as "mutual guarantee" or "solidarity," is a system of insurance that adheres to Shariah (Islamic Law) principles. It operates as a cooperative arrangement where participants pool their funds to help each other in times of loss or damage, emphasizing shared responsibility rather than risk transfer.
Takaful is a rapidly growing segment of the global financial market, driven by increasing awareness of Islamic finance and its ethical, transparent, and cooperative principles.
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