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In place of interest a profit rate is defined in the contract. The difference between Takaful and Conventional life insurance. Table 1 From Demographic Analysis Towards The Understanding Of Education Takaful Islamic Insurance Plan Semantic Scholar Your M2U Account Summary shows your real time account balances and transactions to date. . In takaful participants agree to offer mutual assistance taawun and protection to each other by contributing funds Tabarru into a pool system. The key difference between Takaful and conventional insurance rests in the way the risk is assessed and handled as well as how the Takaful fund is managed. Takaful is based on Shariah Laws whereas conventional insurance complies with Government laws only. Based on commercial factors only. Glossary Islamic Banking Islamic vs Conventional Banking. Similar to applying for a conventional personal loan the requirements of applicants are the same.

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