Takaful insurance: concept, history and development challenges
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Takaful is derived from its Arabic root word 'kafala' which literally means 'to guarantee'. In terms of usage and implication, the term kafala certainly, denotes the agreement by one party to indemnify another for any liability that has been pre-agreed upon.
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Alhabshi, S. O., & Shaikh Abdul Razak, S. H. (2011). Takaful insurance: concept, history and development challenges. In M. Ariff & M. Iqbal (Eds.), The foundations of Islamic banking: theory, practice and education (pp. 184-207). Cheltenham, Glasglow: Edward Elgar Publishing Limited.
Edward Elgar Publishing Limited