Takaful is an ethical insurance system based on risk sharing, transparency, and Shari’ah compliance. In this video Lisa Schilling explains the benefits of Takaful and foundations of its regulatory framework. Unlike conventional insurance, Takaful avoids interest, speculation, and uncertainty, while returning surpluses to participants instead of shareholders. It fosters trust, community, and social responsibility, and is supported by tailored regulatory frameworks across different countries. This video also highlights how Takaful is structured, its benefits, and the regulatory approaches of key jurisdictions.
Contributors: Lisa Schilling, FSA, EA, FCA, MAAA; Jon Forster, ASA, MAAA