The Islamic alternative to insurance, known as "Takafol" (in Arabic meaning Joint Guarantee) was first established in Sudan in 1979. Since then, Takafol companies have been established in several countries including Malaysia, Indonesia, Saudi Arabia, USA and the UAE. Today there are more than 30 registered Takafol companies worldwide.
Each takafol guarantees Shariah compatibility of its operations by subjecting itself to the dictates of a Shariah Supervisory Board, which are empowered to review the company's practices, contracts, transactions and operations.
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