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Group Takaful Plan

  • Mohd Ma’Sum Billah
Chapter

Abstract

Takaful business is based on the concept of Al-Mudharabah, or a profit-sharing contract between the providers of funds for a business venture and the entrepreneur who actually conducts the business. The operation of Takaful may thus be envisaged as the profit-sharing business venture between the Takaful operator and the individual members of a group of participants who desire to reciprocally guarantee each other against loss or damage that may be inflicted upon any one of them.

Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Mohd Ma’Sum Billah
    • 1
  1. 1.Professor of Finance, Insurance, Fintech and Investment Islamic Economics InstituteKing Abdulaziz UniversityJaddahKingdom of Saudi Arabia

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