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Shariah-compliant (Takaful) insurance is a fast-growing area in the market and is becoming of increasing interest to individuals and businesses across the world.
Islamic insurance has become an important, viable and appealing alternative to conventional insurance throughout the Muslim world over the last decade as added significance is attributed to establishing financial systems compatible with Islamic teaching and Shariah Law
Takaful is derived from the Arabic verb kafalah, which means to help one another, or mutual guarantee. To this end, takaful products revolve entirely around shared risk and responsibility and the notion of mutual or cooperative financial aid.
The objective of conventional and Islamic insurance is the same – they both aim to protect an individual/business from unforeseen circumstances. However, the fundamental difference between the two is that the concept of takaful is to remove the three main elements of conventional insurance which contravene Shariah principles i.e. uncertainty (gharar), gambling (maysir) and interest (riba).
We at Edge Insurance Brokers LLC operate as an independent professional intermediary, to solicit, negotiate or procure takaful insurance contracts through tie-ups with leading Takaful insurance companies in the UAE.
We can tailor insurance solutions that suits your business requirements, so if things do go wrong you’ll be well-placed to minimize the financial impact and get back to business asap. Contact us today for free quotes, from a panel of insurance providers, and to find out more about how to protect your property and assets.
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Look for a broker who goes above and beyond – Look for Edge!
Edge Insurance Brokers is an independent insurance brokerage created to be one with a difference that will afford clients with added value in return for their confidence and long-term allegiance. Our expertise in every facet of risk and across different industries help our clients foresee, quantify, and better comprehend the range of risks they may face.
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