To a layman, Takaful seems to be an Islamic version of ‘insurance’ as it is bought as a financial protection product. But, upon closer studies, there are some clear cut differences between insurance and takaful in terms of how they are created and structured.
You may have the following questions:
- What are their differences?
- How different is Islamic Estate Planning from Conventional Estate Planning?
- What is Hibah?
- Can Non-Muslims buy Takaful Plans?
- Are there any advantages for non-muslims to buy Takaful over Insurance?
KC Chong, MD and Founder of SAC Wealth Management answered all of the questions above.
