Islamic insurance, also known as Takaful, is a financial system based on Islamic principles such as mutual cooperation and risk-sharing. Unlike conventional insurance, which is profit-driven, Takaful emphasizes ethical practices and aligns with Sharia law by avoiding elements such as interest (Riba), uncertainty (Gharar), and gambling (Maisir).
Conventional insurance, on the other hand, relies on contracts designed for profit generation and risk transfer, often conflicting with Islamic ethical standards. This program highlights the fundamental differences between the two models, offering participants a deeper understanding of Islamic insurance as a sustainable and equitable alternative.
Program Objectives:
- Explore the core concepts of Islamic insurance (Takaful) and conventional insurance.
- Analyze the key differences between Takaful and traditional models in terms of principles and operations.
- Understand the Sharia-based foundations of Takaful practices.
- Evaluate the performance of Islamic insurance in global markets compared to conventional insurance.
- Examine real-world examples of Takaful applications across different sectors.
- Identify the benefits and challenges of implementing Takaful in modern economies.
- Gain insights into regulations and frameworks governing Islamic insurance in the UAE.
- Develop strategies to leverage Takaful as a sustainable and ethical financial tool.
This program equips participants with the knowledge to assess and apply Islamic insurance effectively, empowering them to make informed decisions that align with ethical and financial goals.
