CAR TAKAFUL ISLAMIC CAR INSURANCE PLAN QUOTATION USA UK HALAL VEHICLE INSURER SHARIA CAR INSURANCE
An Islamic car insurance or car Takaful is by definition a cover that mitigates financial harms as a result of accidents causing damage to the vehicle and individuals and which follows the principles of Islamic finance as part of Islamic Sharia law.
The Islamic car insurance follows the objectives of a conventional vehicle insurance coverage, however by applying rules based on sharia-compliant cover or Takaful and being an ethical financial transaction.
WHAT TYPES OF ISLAMIC CAR INSURANCES ?
A car Takaful which is equivalent to a halal car insurance offers to Muslim car drivers several cover options:
- Liability Insurance.
- Third party.
- Fire and theft car insurance.
- Collision coverage.
- Fully comprehensive coverage.
- Personal injury protection.
- Uninsured or underinsured motorist protection.
An Islamic car insurance or vehicle Takaful auto consists of a cover that covers against many risks and obeys Islamic principles according to which the premiums of Islamic policyholders are invested in financial products following strict financial laws of Sharia.
The Islamic car insurance is preconditioned that the car has not been financed by applying interest (Riba) but also that the vehicle is not used for activities contrary to the values of Islam (transport of alcohol for example).
WHAT IS THE DIFFERENCE BETWEEN A SHARIA CAR INSURANCE AND A CONVENTIONAL VEHICLE INSURANCE?
A Sharia car insurance is different from a conventional car cover policy so far as the Muslim policyholders share the risks an profits by paying the premium into a Sharia compliant investment fund.
The car Takaful differentiates itself from the normal cover as any surplus of cash (paid premiums minus claims) is allocated as a discount to the policyholders during the following premium payment year.
In the United States (USA) and United Kingdom (UK), Islamic car insurance is possible as it is meanwhile offered by American and British Halal insurer who cover Muslim drivers by applying Sharia law.