In this video, Lisa Schilling introduces Takaful, an alternative insurance model based on Islamic principles of mutual responsibility and fairness. She explains its historical roots, ethical foundations, and how it differs from both conventional and mutual insurance systems. Unlike conventional insurance, Takaful prohibits interest, excessive uncertainty, and speculation, while emphasizing solidarity and fairness.
Contributors: Lisa Schilling, FSA, EA, FCA, MAAA; Jon Forster, ASA, MAAA