Background for takaful
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takaful

/tækɑːˈfuːl/ /tɑːkɑːˈfuːl/

Meanings
noun
A cooperative system of reimbursement in case of loss; a sort of Islamic form of insurance.

Examples :

"Instead of relying solely on conventional insurance, the community decided to establish a takaful system to help members financially in case of unexpected events, such as illness or job loss. "
religion business insurance finance economy system

Related Words

Illustration conventional

conventional noun

/kənˈvɛnʃənl/

A conventional gilt-edged security, a kind of bond paying the holder a fixed cash payment (or coupon) every six months until maturity, at which point the holder receives the final payment and the return of the principal.

"The school district issued a conventional to fund the new gymnasium. "

Illustration instead

instead adverb

/ɪnˈstɛd/

In the place of something (usually mentioned earlier); as a substitute or alternative.

"I was going to go shopping, but I went dancing instead."

Illustration decided

decided verb

/dɪˈsaɪdəd/

To resolve (a contest, problem, dispute, etc.); to choose, determine, or settle

"Her last-minute goal decided the game."

Illustration cooperative

cooperative noun

/koʊˈɑːpərətɪv/ /koʊˈɒpərətɪv/ /kuːˈɑːpərətɪv/ /kuːˈɒpərətɪv/

A type of company that is owned partially or wholly by its employees, customers or tenants.

"The local grocery store is a cooperative; its employees own a significant portion of the company. "

Illustration relying

relying verb

/rɪˈlaɪɪŋ/ /riˈlaɪɪŋ/

(with on or upon, formerly also with in) to trust; to have confidence in; to depend.

"Example Sentence: "She is relying on her notes to help her answer the exam questions." "

Illustration insurance

insurance noun

/ɪn.ˈʃɔː.ɹəns/ /ɪn.ˈʃɝ.əns/

A means of indemnity against a future occurrence of an uncertain event.

"The car was totalled, but fortunately I had insurance."

Illustration community

community noun

/k(ə)ˈmjunəti/ /kəˈmjuːnɪti/

A group sharing a common understanding, and often the same language, law, manners, and/or tradition.

"The school community celebrated the end-of-year festival together. "

Illustration reimbursement

reimbursement noun

/ˌɹiː.ɪmˈbɜːs.mənt/

The act of compensating someone for an expense.

"The company offered a reimbursement for the travel expenses to the conference. "

Illustration members

members noun

/ˈmɛmbəz/ /ˈmɛmbɚz/

One who officially belongs to a group.

"All members of the book club must attend the monthly meeting. "

Illustration establish

establish verb

/ɪˈstæb.lɪʃ/

To make stable or firm; to confirm.

"The new teacher worked hard to establish a routine in her classroom. "

Illustration unexpected

unexpected adjective

/ʌnɪkˈspɛktɪd/

Not expected, anticipated or foreseen.

"The heavy rain was unexpected; we had planned a picnic in the park. "

Illustration financially

financially adverb

/faɪˈnænʃəli/ /fəˈnænʃəli/

In terms of finance or money.

"He helped his daughter out financially, paying her rent and utilities, until she recovered from the accident."