“Takaful – Islamic insurance – is on the rise in Pakistan and the indicators allude that the phenomenon is on the upward swing in terms of performance and efficiency. The five companies working in Pakistan have been making notable progress following a 12% growth rate annually,” said Professor Atiq Zafar, Head of Riphah Centre for Islamic Business of Riphah International University.
Quoting verses from the Quran and referring the verdict of Federal Shariat Court regarding the prohibition of interest, Zafar said that interest had widened the gap between the rich and the poor in the society………………………………………..Full Article: Source