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Al Jinan الجنان

Abstract

Commercial insurance or cooperative insurance (Co-Op Insurance) typically aims to reduce common risks that can happen to any type of business and to provide all kinds of protection against unforeseen circumstances. Takaful insurance has been created as an alternative choice that the public was looking for, mainly in the Arab countries for the reason that the services of the traditional insurance do not suit people’s needs especially with regard to non-compliance with sharia laws. Therefore, Takaful insurance seeks to solve this problem. It provides insurance services and programs Commercial insurance or cooperative insurance (Co-Op Insurance) typically aims to reduce common risks that can happen to any type of business and to provide all kinds of protection against unforeseen circumstances. Takaful insurance has been created as an alternative choice that the public was looking for, mainly in the Arab countries for the reason that the services of the traditional insurance do not suit people’s needs especially with regard to non-compliance with sharia laws. Therefore, Takaful insurance seeks to solve this problem. It provides insurance services and programs that meet all kinds of people’s needs. This point will be discussed in detail throughout the thesis. Accordingly, the first chapter will clarify the concept of insurance as well as its functions and types. As for the second chapter, it touches on the definition of cooperative insurance by presenting its concept as well as its reasonable grounds, emergence, extent ,aims and the means that are used by Islamic insurance companies when investing money are going to be discussed, including their roles in reducing risks resulting from Islamic banks. Finally, the thesis will figure out the main differences between Commercial insurance and Takaful Insurance. The analysis of the thesis shed light on the fact that many obvious differences exist between Takaful insurance and the traditional insurance in protecting individuals and society. The study suggested a number of recommendations that contribute to the preference of cooperative insurance as an alternative to conventional insurance.

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