Ibf topic 11 takaful - Study guides, Class notes & Summaries

IBF- Topic #11 Takaful Questions and Answers 100% Correct 3 Concepts of Insurance - Correct Answer ️️ -1- transfer of risk from individuals to insurance operator. 2- Ensure against pure risk only, not speculative risk. 3- Insurance as business, with profit maximization objectives. 4 Reasons why conventional insurance is not shari'ah compliance - Correct Answer ️️ -1- Element of Riba. 2- Element of Gambling. 3- Element of Uncertainty. 4- Gharar in modern day financial transactions...

IBF- Topic #11 Takaful Questions and Answers 100% Correct 3 Concepts of Insurance - Correct Answer ️️ -1- transfer of risk from individuals to insurance operator. 2- Ensure against pure risk only, not speculative risk. 3- Insurance as business, with profit maximization objectives. 4 Reasons why conventional insurance is not shari'ah compliance - Correct Answer ️️ -1- Element of Riba. 2- Element of Gambling. 3- Element of Uncertainty. 4- Gharar in modern day financial transactions...

3 Concepts of Insurance - Answer-1- transfer of risk from individuals to insurance operator. 2- Ensure against pure risk only, not speculative risk. 3- Insurance as business, with profit maximization objectives. 4 Reasons why conventional insurance is not shari'ah compliance - Answer-1- Element of Riba. 2- Element of Gambling. 3- Element of Uncertainty. 4- Gharar in modern day financial transactions. Takaful - Answer-Islamic alternative to conventional insurance. It is a form of mutual hel...