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Definition of



insurance comprised of pool of funds Islamic insurance in which all participants are members and contribute to a pool of funds that provide assistance in the event of loss on the part of any of the participants. An Islamic insurance arrangement avoids the prohibitions against gambling and interest in Islamic law.

Definitions of ’takaful’ and meaning of ’takaful’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’takaful’ and other financial terms with our online QFINANCE Financial Dictionary.

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