Devising the right Islamic product for the market January 26, 2008Posted by Suheri in Takaful.
Tags: Shariah Product Development, Shariah system, Takaful
This Article was published in MiddleEast Insurance Review July 2007 Issue. This magazine is circulated mainly in Middle East and Asia Countries.
Takaful products more commonly referred to as Sharia products can grow in any kind of economic system, be they socialism or capitalism. It is not an opposed to these concepts and can survive equally in either of these systems. The Shariah system is based on religious laws created by God (Allah) and passed down to the Prophet in managing relationship between human beings and God and among human beings. In the non-Shariah system, some adjustments and changes have to be made to bring them in compliance with the Shariah system. This is largely through eliminating any concepts opposing with Shariah law. In the Shariah system, the most compelling concepts are helping each other, fairness in dealing with people, removing gambling and prohibiting interest (riba)….. To read more, click this link Devising