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The conventional insurance suffers, what-called (Moral Hazards) or Moral Hazard which means : complacency of some insurers in maintaining the integrity of the Interest insured, or take the measures and precautions to reduce the probability of the accident, or minimize the expected loss in case of accident on the basis that there will be compensation in the event accident; which may give rise to a serious consequences, especially: high insurance losses, and lower rates of performance and projections, and higher insurance rates, in addition to litigation and the high costs of settling disputes.
The Takaful insurance in its original social system urged by the Islamic Sharia, and then is forbidden on the participant side which to proceed all of which would impair his or offend him, and he should has the following characterize:
The good of use benefits of Takaful, limiting the participant to use the benefit according to his needs.
The Social Side of Takaful
The principle of Takaful Reflects in his modern social part, the concept of general cooperation and solidarity ordered by Islam...
The Forms of Takaful Management
The Takaful on the basis of cooperation between the participants, understanding of the insurer and the insured...
Takaful Insurance Benefits and its Role in the Company
Terminologies in Takaful
Participant Fund: (An account of premiums – participations) means the Insured which is committed to pay the amount of insurance coverage to the insurer or the beneficiary...