Continuation
The
author notes that:
For
insurance products, Islamic jurists have developed a Shari’ah-compliant system.
This
system based on:
§ mutual
cooperation;
§ and mutual
assistance
It
commonly known as takaful.
In
this system they aim to create a structure very similar to that of conventional
mutual insurance.
Participants
in the takaful pay a sum of money to a mutual cooperative fund.
The
money called tabarru.
Thus,
in the insurance case the tabarru is used for compensation of loss.
From the research
paper of European Central Bank
(Authors:
F.Mauro, P.Caristi, S.Couderc, A.D.Maria,
L.Ho, B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)
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