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Group Islamic Cashline Takaful

  • Mohd Ma’Sum Billah
Chapter

Abstract

A Takaful company runs its business to conform to the rules prescribed by Shari’ah. It exempts all elements that are not in accordance with the Islamic principles, such as Gharar, which means there are unknown or uncertain factors, for instance the subject matter in the operation of a contract. The subject matter of the contract must be definite, clear and transparent so that the participant and the Takaful operator know this to be the case. The obligations and responsibilities under the contract also should be clear to both parties.

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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