Islamic Insurance for Infidels


Enthusiastic Islamic Insurance Brokers Tout Infidel Insurance Coverage

Takaful, or Islamic insurance, is a cooperative scheme, where in which the participants pay a premium in the form of donation or tabarru in a common pool in return for the ability to draw upon that pool upon a valid claim.

The word takafuloriginates from the Arabic world kafalah, which means “guaranteeing each other” or “joint-guarantee.”  The basis of shared responsibility is taken from the system ofaaqilah, which was an arrangement of mutual help or indemnification customary in many tribes of the Arab world.  Under this system, if a member of a tribe was accidentally or unjustly killed, the murderer was obliged to pay blood money (dia) to the deceased’s next of kin as a form of life insurance for the deceased’s relatives.


Zariah Abdul Rahman (2009) states that the world-wide takaful industry is estimated by Moody’s Investors Service of the US to be worth around USD$2-3 Billion and set to grow to USD $7.4 Billion by the year 2015. There are around 80 takaful operators around the globe with an additional 200 takaful windows.  The growth rates of the global takaful industry for the past few years have been recorded at 20% per year.  Insurance giants such as AIG, Allianz, Swiss Re, and Hannover Re are now offeringtakaful.   This is an opportunity, which America should not miss.

If properly presented and marketed, there is a huge potential for Islamic finance and Holy Book Banking in the United States.

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