Financial system Insurance Banking Commercial Insurance (Conventional) Takaful (Islamic)
insurance Life Insurance Medical Insurance General Insurance Others
Concept: Insurance : buy and sell contract. Takaful :donation contract.
takaful Mutual responsibility Mutual cooperation Mutual protection
Easy words: Through insurance a person buys security and protection.
Easy words: In takaful, members contribute money into a pooling system in order to guarantee each other against losses or damages.