From Gaapsblog.com: Takaful is an Islamic insurance concept grounded in Islamic muamalat (banking transactions) and observes the rules and regulations of Islamic law which prohibits usury, the collection and payment of interest, trading in financial risk (gambling).. The concept has been practised in various forms for over 1400 years.
As an insurance trend, Takaful is relatively new but it is gaining acceptance and popularity, particularly in Islamic countries……………………………………….Full Article: Source