The Takaful between economics, law, and religion. Considerations in relation to Islamic contract law and insurance transactions

The takaful industry has been examined in terms of its growth potential and the challenges associated with its development. It has been demonstrated that there are numerous opportunities associated with takaful, mainly due to its broader market reach and adaptability. In contrast to conventional insurance, takaful is available to both Muslims and non-Muslims and offers a more diverse range of products. The takaful industry has been identified as one of the fastest growing businesses and contributes significantly to the global insurance industry. Nevertheless, despite the evident promise of takaful, the industry faces numerous obstacles in the present context.Primarily, the overall value of the takaful industry in terms of assets and total contributions (premiums) is negligible when compared to both the size of the Muslim population and the conventional insurance industry.