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Islamic-approved insurance growing around the world: because conventional insurance doesn't meet Islamic standards--takaful is the answer.

Publication: Best's Review
Publication Date: 01-JUN-07
Format: Online
Delivery: Immediate Online Access
Full Article Title: Islamic-approved insurance growing around the world: because conventional insurance doesn't meet Islamic standards--takaful is the answer.(The Last Word)

Article Excerpt
Many adherents of Islam would like the advantages insurance can provide, but they are concerned their faith prohibits insurance products prevalent in the Western world.

Enter takaful (pronounced tah-KAH-full), an insurance concept that meets the tenets of the faith.

A recently released report by KPMG said some 80 dedicated takaful insurers, both life and property/casualty, presently generate about $3 billion in annual premium, and such companies are beginning to appear in the United Kingdom and Western Europe. Takaful expresses the principles of donating for the benefit of others and mutual...

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