
SALAAM TAKAFUL INSURANCE
“Buyers pay into a pool to offset each other’s losses and, if there’s a surplus after service fees and other costs, are eligible to get some of their money back.”
“Salaam Takaful’s main offering incorporates another lesser-known insurance strategy……….a parametric approach, which means they pay out when certain thresholds, such as average daily temperatures or millimeters of rainfall, are breached.”
“The potential returns can be attractive. For example, one of the parametric insurance products offered on Salaam Takaful’s website claims that if a farmer contributes $5 per acre per year, he stands to receive to receive around $18 per acre if a metric is hit.”
Islamic Insurance Helps Cover Muslim Farmers Battling Climate Change