Definition of takaful in English:

takaful

noun

mass nounIslam
  • A type of insurance system devised to comply with the sharia laws, in which money is pooled and invested.

    • ‘Although family takaful is the Islamic equivalent of life insurance, fundamental differences separate the two systems.’
    • ‘A better understanding of the principles behind takaful, the laying down of clearer rules for the formulation of policies and a defined role for agents and brokers are essential if market penetration is to increase.’
    • ‘The insurance business, in general, and takaful, in particular, is a developing business opportunity with tremendous potential throughout the [Middle East-North Africa] region, he added.’

Origin

Arabic, literally ‘mutual obligation’.

Pronunciation

takaful

/ˈtɑːkəfuːl/