What Does Islam Say About Life Insurance?

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   Jerry Vanderzanden, CLU, ChFC

   Co-Founder, Coastal Financial Partners Group, California

   Takaful is a type of insurance established an an alternative to commercial insurance to address some of the inherent incompatibilities - interest, gambling and uncertainty principles - with Sharia law. Members contribute money into a pooling system to guarantee each other against loss.
   
   I don't believe there are any in this country. According to AM Best, the first Takaful insurer was established in 1979 and the market has grown to comprise over 200 companies primarily in the Middle East and Malaysia.

   Answered on April 26, 2013

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