Monday
Jan112010
Clients benefit from Takaful trade credit and political risk insurance
Monday, January 11, 2010 at 12:55PM Excerpt from ICBA Advantage Issue 5 – Winter 2009/10
Takaful (ta-KAH-ful) or Shariah-compliant insurers offer coverage that can significantly complement "conventional" or Western-based insurers’ footprints in Africa, the Middle East and the Asia Pacific region.
In recent years, professionals in global business and trade finance have been hearing about Islamic Finance and Shariah-Compliant business models. For many, these concepts are confusing and somewhat intimidating.
Takaful comes from an Arabic word meaning "guaranteeing each other." It is based on the concept of mutual help or protection. The primary difference between Takaful and conventional insurance in the West is how risks are treated.