There are 4 names in this directory beginning with the letter T.
The philosophical foundation of takaful can be found in Islamic principles such as co-operation, responsibility and mutual help. Due to such principles, takaful is defined as a co-operative or mutual insurance, because members of a takaful company join in contributing a certain sum of money as their subscription to a common insurance pool. Losses are divided and liabilities spread.
Also known as a reverse murabaha. An Islamic finance technique used to provide working capital in compliance with Shariah. In a Tawarruq transaction, a buyer (borrower) buys an asset (typically a freely tradeable commodity such as platinum or copper) on credit from a lender on a deferred payment basis and then immediately resells the asset on the spot market for cash to a third party. Following this transaction, the: • Borrower has the required funds. • Borrower has an obligation to pay to the lender the original purchase price of the asset (usually the cost of the asset plus a profit element). • Lender has made a profit on the transaction.