COMPARISON OF TRADITIONAL AND ISLAMIC INSURANCE: KEY DIFFERENCES AND SIMILARITIES

Аннотация

Insurance, in its various forms, serves as a financial safety net, providing individuals and businesses with protection against unexpected risks. While traditional insurance has been in practice for centuries, Islamic insurance, known as Takaful , offers an alternative model based on Sharia (Islamic law) principles. Both systems aim to provide protection, but their foundations, structures, and operations differ significantly. This thesis explores the key differences and similarities between traditional and Islamic insurance, highlighting the principles, business models, and ethical considerations that distinguish the two systems.