IBF- Topic #11 Takaful Questions and Answers 100% Correct 3 Concepts of Insurance - Correct Answer ️️ -1- transfer of risk from individuals to insurance operator. 2- Ensure against pure risk only, not speculative risk. 3- Insurance as business, with profit maximization objectives. 4 Reasons why conventional insurance is not shari'ah compliance - Correct Answer ️️ -1- Element of Riba. 2- Element of Gambling. 3- Element of Uncertainty. 4- Gharar in modern day financial transactions...

3 Concepts of Insurance - Answer-1- transfer of risk from individuals to insurance operator. 2- Ensure against pure risk only, not speculative risk. 3- Insurance as business, with profit maximization objectives. 4 Reasons why conventional insurance is not shari'ah compliance - Answer-1- Element of Riba. 2- Element of Gambling. 3- Element of Uncertainty. 4- Gharar in modern day financial transactions. Takaful - Answer-Islamic alternative to conventional insurance. It is a form of mutual hel...

Question 1 The Sunni and Shiite branches of Islam split over a dispute about Question 2 Muhammad was born in the year Question 3 "There is no god but God, and Muhammad is the Messenger of God." This sentence is known as the Question 4 The two main groups in Islam are Question 5 The Five Pillars of Islam are: Question 6 The Muslim community established the shari'ah to subjugate women. Question 7 In Islam, charity or almsgiving is mandated so that the distribution of money is purified by decre...