Both insurance under common law and Takaful under Islamic Law share the common goal to provide reasonable financial security against unpredicted risks affecting one’s life or property. This common goal can be achieved only by a mutual contractual relationship upon which both the insurer or the Takaful operator and the insured or the Takaful contributor are bound to perform their respective obligations. Although both conventional insurance and Takaful strive for a common aim based on contractual principles, there are some aspects in which both systems stand on their own platforms. We seek to analyze the principles of contracts affecting both conventional insurance and Takaful using a comparative approach.
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