LEGAL REGULATION OF ISLAMIC INSURANCE: TAKOFUL

<em>The concept of takaful originated from individual common interests in the industrial era of the early 1900s. Of the 2.5 billion poor in the world, only eighty million are now covered by some form of micro-insurance. In India and China, only 3 per cent of the poor are insured, while only 0.3 per cent of the poor in Africa are insured. In 23 of the world's 100 poorest countries, microinsurance is currently undefined. The main part of the population is in the poor. Moreover, the public’s awareness of the importance of insurance is much lower. This article still emphasizes the need to focus efforts on training in Islamic insurance to understand the protective aspects that insurance can provide to the population. Traditional insurance includes elements of uncertainty, gambling, and interest, all of which cannot be accepted in Islamic law. There were concerns among Muslims that traditional banking and insurance were not in line with Islamic law. This has enabled 1.6 billion Muslims around the world to create a new industry - takaful - that offers products of protection and saving from dangers. One of the biggest problems facing the takaful industry is the misconception that it is only for Muslims. Despite religious and cultural differences, takaful products have attracted even non-Muslim communities. However, the interest shown by non-Muslims and the support of Muslims is not enough to raise and develop awareness of takaful and what it offers. It is this lack of awareness that poses one of the biggest challenges for the development and growth of national and global industries.</em>

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