The purpose of this system is not profits, but to uphold the principle of "bear ye one another's burden". The principles of takaful are as follows:
- Policyholders cooperate among themselves for their common good.
- Policyholders contributions are considered as donations to the fund (pool)
- Every policyholder pays his subscription to help those who need assistance.
- Losses are divided and liabilities spread according to the community pooling system.
- Uncertainty is eliminated concerning subscription and compensation.
- It does not derive advantage at the cost of others.
...
The purpose of this system is not profits, but to uphold the principle of "bear ye one another's burden". The principles of takaful are as follows:
- Policyholders cooperate among themselves for their common good. - Policyholders contributions are considered as donations to the fund (pool) - Every policyholder pays his subscription to help those who need assistance. - Losses are divided and liabilities spread according to the community pooling system. - Uncertainty is eliminated concerning subscription and compensation. - It does not derive advantage at the cost of others. ...