THE SIGNIFICANCE AND USE OF TAKAFUL INSURANCE IN THE ISLAMIC FINANCE SYSTEM

Abstract

In recent years, there has been a significant and swift advancement of the Islamic financial system, also known as interest-free finance. While the Islamic finance system is growing and developing so rapidly, the place and importance of takaful insurance, which is the cornerstone of the system, in the Islamic finance system are increasing day by day. The transactions carried out in the Islamic finance system, which operates in accordance with Islamic procedures and rules, can be carried out smoothly thanks to the financial protection and trust offered by takaful. Therefore, this article sheds light on how important and necessary takaful, one of the most important financing methods of the Islamic finance sector, is for the Islamic finance system.In recent years, there has been a significant and swift advancement of the Islamic financial system, also known as interest-free finance. While the Islamic finance system is growing and developing so rapidly, the place and importance of takaful insurance, which is the cornerstone of the system, in the Islamic finance system are increasing day by day. The transactions carried out in the Islamic finance system, which operates in accordance with Islamic procedures and rules, can be carried out smoothly thanks to the financial protection and trust offered by takaful. Therefore, this article sheds light on how important and necessary takaful, one of the most important financing methods of the Islamic finance sector, is for the Islamic finance system.