A bright product in the Islamic finance market is the alternative to conventional insurance, which is Takaful, or Islamic insurance. Its application has been theorized with differences and adjustments, and its scope has been debated.
As a whole, it seems to me like an exciting area that is waiting for a lot of work. If there exists the option of a more ethical, more equitable and decentralized, and more faithful system, then why not take it?
Here, I list twenty one Takaful insurance companies or products offered that are serving at various capacities. I do not necessary endorse them by being listed. Its for the purpose of knowing what exists already, so that the gaps can be filled.
1.) Ikhlas Insurance Group (https://ikhlasinsurance.com/)
Gives health plans and free consultation. Their services include free services to Muslim health insurance communities nationwide. They specialize in Medicare, and are independently contracted with the nation's top insurance providers, with Medicare Part A, B, C, D. They have group insurance health plans, help navigate the healthcare marketplace with private and short term coverage. Their services include Medicare Consultation, Sharia Compliant Life Insurance, Individual & Family (Obamacare & Marketplace), Group/Employer Coverage, Dental/Vision/Hearing.
They offer Sharia Compliant Life Insurance plans audited by their Sharia compliant advisor, Joe Bradford. MyWassiyah.com is one of their partners. They have the Sincere & Secure Podcast. You can book a seminar with Joe Bradford, Osama Estwani. They have an executive team and many licensed health insurance brokers. Their address is in Westchester, IL.
2.) Takaful Insurance Co. (https://takafuly.com/en/) Established in 2007 with a capital of ten million dinars divided into 100,000 shares. Services include family, car, health, general and property insurance, traveler's and marine insurance.
With Libya's transition to Islamic finance in 2012, the company took steps to shift to the Islamic insurance system. Established the Sharia Fatwa and Supervisory Board, defined the insurance surplus, the Takaful Fund, and the Qard Hasan. They separated the Takaful Fund account from the shareholders’ account, specified how the insurance surplus is distributed, how the mudaraba return is determined between the Takaful Fund and the company, and the mechanism for determining the wakala (agency) fee. The shareholders receive nothing from the insurance surplus and it is instead distributed at the end of the fiscal year among all participants, while setting aside the necessary Takaful technical reserves.
3.) Takaful (Co Operative Insurance) https://islamic-relief.org/takaful-co-operative-insurance/) It is registered with Fundraising Regulator (FR). Growing demand for Islamic insurance over recent years, particularly in the Gulf Cooperation Countries and other areas of the Middle East, has seen a proliferation of new companies offering Islamic insurance products in these markets. The majority of these firms are solely takaful operators, but conventional insurance companies have also created Islamic social finance compliant funds.
Mutual insurance systems such as Takaful have existed in the Islamic world for centuries. Takaful does not aim to make a profit, and its purpose is to ease the risk faced by contributors, as a cooperative system of reimbursement or repayment in the case of loss. The small contributions are put in a mutual pool of funds from which they are compensated.
Members contribute donations/gifts (hibah) to the fund pool. Every member pays their contribution to help those who need assistance. Losses are divided and liabilities spread according to the community pooling system. There are a number of models for implementing Takaful. A Waqf uses irredeemable donations to to compensate members of the Takaful fund for their loss in a commercial model. An agency manages the fund and charges up front administrative fee paid from the contributions.
4.) ShariaWiz (https://shariawiz.com/life-insurance) + Fabric Life (https://meetfabric.com)
Shariawiz has partnered with Fabric Life Insurance which is an application. You can get personalized coverage options. Takaful is where policyholders pool premiums together to support one another. It is not widely available in the United States, so scholars like Mustafa Ahmad al Zarqa, Abdelwahab Khallaf, Monzer Kahf and others permit term life insurance to secure our families, because of the dururah (necessity) and the hajah (need) to protect one's family.
It provides estate planning, will, trust, inheritance, marital planning, prenup. They have Shariawiz Halaqa which posts on Islamic inheritance law, Islamic wills and Islamic trusts from a variety of perspectives.
5.) Al Rajhi Takaful (https://www.alrajhitakaful.com/en) Has motor, travel, visit visa extension, medical malpractice, health, home, domestic helper, cyber security, domestic worker insurance. For businesses they have motor SME Insurance, Group Life Insurance, Workmen’s Compensation and Employers Liability Insurance, Contractor Plant and Machinery Insurance, Health Insurance, Trade Credit Insurance, Marine Insurance, Contractors All Risks Insurance, Fidelity Guarantee Insurance, Property All Risks Insurance, Public Liability Insurance. Their services include print insurance certificates, surplus distribution registration, raise a claim.
6.) Syrian Islamic Insurance Co. (https://www.siic-insurance.com/) Has motor, life, general, health, marine, travel, engineering insurance. They have 15 years of experience, 370 cases completed, 900 active members, 85 awards winning, 50 current running projects. They have a board, deputy of the board, member of the board, and member of council of shariah positions. It's located in Damascus, Syria.
7.) KFH (Kuwait Finance House) https://www.kfh.com/en/home/Personal/understanding-Islamic-Banking/Islamic-Insurance.html) It is a Kuwaiti bank and is considered a pioneer in Islamic Finance/Sharia Compliant Banking. It was the first Islamic bank established in 1977 in State of Kuwait and is foremost today. They have Murabaha products for real estate, airport limo service, investment funds, relationship manager. They have cards, al Khair long term deposit, foreign currencies investment, continuous investment, al Dima, Al Nuwwair, Al Khomasiyah, Al Kawther, Al Sidra. KFH Auto for cars, boats, motorbikes.
The Takaful fund pool is divided into two separate funds, which are:
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Contributors' Pool- Has clients' contributions, and all compensations are funded from this pool.
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Shareholders' Pool- The money in this pool is funded by shareholders to run the company activities including investing contributors' funds in safe/profitable funds.
If Takaful insurance period ends with surplus in the contributors' pool, client can be refunded his share of the surplus amount, use the share of the amount to renew the Takaful insurance document, or grant the amount to the company as bonus for their good performance. Since in conventional insurance, the client pays a certain amount of money but does not know precisely what he gets in reward, all the paid amounts go to the conventional insurance firm while the client is not rewarded, making it gharar (uncertainty).
Takaful Insurance is a product presented by Islamic banks against potential threats on properties, health, work and income. It is based on solidarity and donation between groups of people, each of which pays a specific amount of money in one financial pool. If any member of this group is worthy for compensation according to the terms of agreement, the whole group donates the compensation to this member. It plays the role of the insurance company limited to invest the money and manage the compensation procedures.
8.) Takaful America (https://www.takafulamerica.com/about-us/) It is coming soon with an official launch set for 2026. They have an early access list. They envision a future where every Muslim in the US has access to halal, transparent insurance that doesn’t compromise their values, to build a safety net grounded in mutual care, ethical finance, and Shariah principles. Their Shariah board include Muhammad Aiman bin Mohamad Salmi, Ustadh Nazimool Saheb, Imam Jawad Ahmed.
Their services include Home Takaful for your home against fire, flood, natural disasters, theft built on mutual responsibility and shared care, not profit. They have Business Takaful to protect your assets, employees, operations from unforeseen risks.
It is the Takaful insurance division of Algorithmic Insurance Services Inc., and has been appointed as the exclusive brokerage and advisory firm to support the development and reinsurance placement of Takaful America, the first large scale Managing General Underwriter (MGU) in the United States based on Takaful compliant cooperative insurance principles. It had its beginning in New York, New Jersey, Michigan, Minnesota, and Illinois.
9.) Jubilee Life Insurance (https://www.jubileelife.com/) Has family Takaful to safeguard the future with mutual cooperation and trust, and plans for child education. They have online, individual life, bancassurance, microinsurance, corporate insurance. They have job openings in Lahore, Karachi.
10.) Takaful Oman Insurance Company (https://www.takafuloman.om/en) Has motor, travel, domestic helper, and other products for insurance. They have 100k customers, 50k claims settled, 18+ cashless garages, 70+ hospitals covered. They have Life Takaful Insurance, Individual credit life Takaful Insurance. Their vision is to be one of the leading Takaful insurance companies in Oman by maximizing value to all stakeholders under a Sharia compliant framework. They have major shareholders in the area.
11.) QIIG (https://www.qiic.com.qa/about-us/history/) Has grown to become a leading Takaful insurance company in Qatar and in the world. They have pursued a prudent underwriting policy to maintain a high quality insurance portfolio and debt control is a priority. Bad debt provisions are lowest of any insurance company in Qatar. This gives reduced premiums to customers, and annual cash/dividends.
It offers products and services for business including aviation, marine, freight, banking, electronic, computer, construction, engineering, energy, agricultural insurance. They cover for business premises, other commercial needs, and Balsam medical plans and Aman Takaful life insurance policies for individual, family, group form for company employees.
Their personal lines include medical, life, motor, property, general accidents, travel insurance. Life insurance that conforms with Shaira is one of the fastest growing areas of insurance. QIIG paved the way in the gulf region, with savings and investment option included. Sharia Supervisory Board is headed by Dr Waleed Mohammed Hadi who monitors activities and gives directives. QIIG introduced KIOSK (self service insurance machines). Individual insurance solutions are designed to protect you and your loved ones across all aspects of life, offering peace of mind and financial security when you need it most. It includes motor, medical, mandatory visitors' health, life, maid, home, yacht and boat, travel insurance.
Companies face a range of risks and responsibilities, so their tailored corporate insurance solutions help protect assets, operations, and people. It includes fire and property, general accident, corporate liability, engineering, marine cargo, marine hull, energy, motor fleet, group medical, group life insurance. For Investor Relations it has information on financial reports, credit ratings, corporate governance, conference calls presentations, BOD reports, dividend payment policy, general assembly meeting news, financial information, stock share details, share information. They have publications, whistleblower, salvage auction pages.
12.) General Takaful (Al Ammah lil Takaful Insurance) (https://www.g-takaful.net/about-us/takaful-islamic-insurance/) It is the subsidiary of Qatar General Insurance & Reinsurance Company, and started in Qatar in 2008 based on Sharia principles and Takaful concepts. Their values are teamwork, attitude, knowledge, achievement, focus, underwriting, leadership. It has individual insurance including motor, travel, individual medical, individual PA, housemaid, household, marine hull. Corporate includes motor fleet, property, marine, engineering, accident and liability.
Insurance in Islam should be based on principles of mutuality and cooperation. It encompasses the elements of shared responsibility, joint indemnity, common interest and solidarity. In Takaful, policyholders cooperate among themselves for their common good. Every policyholder pays his subscription to help those that need assistance. Losses are divided and liabilities spread according to the community pooling system. It is cooperative insurance where members contribute a certain sum of money to a common pool. The purpose of this system is not profits.
13.) Doha Insurance Group (https://www.dig.qa/Our_group) Offers personal insurance includes travel, car, yacht, kunooz, claims, individual medical insurance. Corporate include motor fleet, aviation, engineering, fire, health, marine. In Investor Relations has Company Snapshot, fact sheet, stock activity, corporate actions, corporate news, company financials, investment calculator, email subscription, financial statements, corporate governance, BOD reports, general assembly meetings, membership nominations, credit rating, conference calls presentations.
14.) Howden Global Insurance Group (https://www.howdengroup.com/my-en/cover/takaful-islamic-insurance)
Howden provides Takaful (Islamic insurance) through its sister company, Howden Takaful Brokers (formerly known as Malene Insurance Brokers).
Takaful is a pact among a group of people who agree to jointly indemnify loss or damage from a fund they donate to collectively.
A Takaful specialist since the beginning in 1980, Malene has accumulated a experience servicing a spectrum of clients ranging from power and utility, aviation, oil and gas, port liability, marine, financial and special risks sectors. Unlike conventional insurance in which risk is transferred from the insured to the insurer, with Takaful insurance, the mutual risk is shared amongst the participants.
Each participant makes a donation to a Takaful fund. In the event of a loss, the participant will receive the amount of its claim, subject to the Takaful terms and conditions. Takaful provides access to a cooperative of like minded people who need to protect against risk. The system is based on mutual collaboration and sharing responsibility, with the aim of helping each other bear the burden of misfortune.
Contribution to the Takaful fund is based on the terms of the coverage each member requires, what is being covered and for how long. Each contribution also accounts for that member businesses’ own situation and risk profile.
Losses are divided according to an agreed community pooling system. Any surplus in the Takaful fund is owned by the policyholders (it does not become a profit to the fund). Unlike conventional insurance, the participants retain an ownership interest in the Takaful fund. Contributions from the participants are invested into halal, Sharia compliant funds to derive investment income. Should the fund generate a surplus, it is then shared amongst the participants and in some cases with the Takaful operator. Losses and surpluses from these funds are shared amongst the policyholders.
Each Takaful fund has a Sharia committee overseeing it which approves the sharing ratio for each year. Their Takaful pools use the Mudarabah model, the most widely practiced mode in the Asia Pacific region. In the Mudarabah model, the fund manager is entitled to a share of the surplus but does not get a salary or fee for services rendered. Howden is not the Takaful pool manager, but takes a set fee for consulting and arranging the fund. All of their risk management options are available as Takaful. Conventional insurance has gharar, because It is normal in insurance that one party acquires profit and the other not. An insurance premium is theoretically gambling. The insured pays a small sum in the hope of one day getting a large sum back should a specified indemnifiable event results.
15.) Islamic Insurance Association of London (IIAL) (https://www.iial.co.uk/IIAL/IIAL/Home.aspx) It is needed to ensure that the insurance industry plays a full role in the development of the Islamic Finance industry and its future regulation. They have publications on Islamic insurance, finance, etc. Insurance and Reinsurance has been the last of the financial services sectors in London to establish Shariah compliant operations and products. There is a real need for transparent and trusted Sharia compliant commercial insurance and risk products in Asia and MENA countries.
16.) MetLife (https://www.metlife.com.bd/blog/insurance/takaful-insurance/) Has Takaful in Bangladesh, retirement, health and protection, savings and investments, education. They have a blog on topics.
17.) METHAQ (https://methaq.ae/) Has motor, medical, home insurance. They had Takaful and Re Takaful Forum of 2025, 20th Annual Gulf Insurance Conference. SIG (Scholars International Group) is a partner. For personal they have motor, medical, home, personal accident insurance. For corporate they have motor fleet, group medical, property insurance, engineering, marine.
There is Methaq Takaful for market performance with information on current share prices on ADX, and updated share prices of Methaq Insurance Company on the Abu Dhabi Securities Exchange (ADX). They have financial statements, quarterly financial reports since 2016, and corporate governance reports, management reports, annual general meetings reports, financial disclosures. They are at Abu Dhabi, Dubai, Al Ain.
18.) City Bank (https://islamic.citybankplc.com/) Introduces City Islamic with launch of City Manarah to City Islamic, a Shariah compliant Islamic Banking service to fulfill banking needs with the help of a diversified range of Sharia compliant Personal and Corporate Banking products and services. Islamic Banking is a financial system conducting banking and business activities in line with Shariah and follows the beliefs and principles of Shariah jurisprudence pertaining to trade and business. The modern Islamic Banking industry emerged only in the 1970s in large part because of efforts by early 20th century Muslim economists who envisioned alternatives to conventional Western Economics whose interest based transactions violate Shariah.
The term Islamic Banking is defined as the conduct of banking procedures in coherence with Islamic teachings. Islamic Banking prohibit the involvement of interest (Riba) in all forms of transactions undertaking business and trade activities and emphasizes fair and legitimate profit and loss sharing for both the bank and the customers. Lack of speculative transactions minimize the risk of Islamic Banking to a great extent compared to conventional banks. Chairman is Md Anwar Hosain Molla.
19.) Beema (https://beema.com.qa/) Is a Qatari public shareholder company, established in 2009, based in Lusail City to operate by the Qatar Central Bank. Has plans for locals with motor, home, individual life, travel, marine hull, more, and visitor has mandatory visitor health (MVHI), hayya card holders. It offers a wide range of Takaful (co operative insurance) solutions to protect its clients from various risks. Offers a wide range of Takaful insurance solutions to protect its clients from various risks. The founders are Masraf al Rayan, Barwa, QInvest, QIB, QIC.
They invest the policyholders’ funds as an advisor or a Mudarib in return of a percentage of the profits resulting from these investments to be fixed annually by the Sharia Supervisory Board, maintaining a separate account for policyholders credited by the contributions paid by the policyholders as well as the returns of their investments. It is also debited by claims, reinsurance contributions, the necessary provisions and reserves and the wakala fee. The surplus will be distributed in all or partially to the policyholders in proportion of the contribution paid by them in the manner decided on. In case of the liquidation. They have financial, sustainability reports.
20.) The Islamic Insurance Co. (https://www.islamicinsurance.jo/en/) First Takaful insurance company in Jordan, since 1996. It has strong credit rating (A+) from the Islamic International Rating Agency. Re Insurance includes Gallagher Re, Munich RE, Aspen, Hannover re, Saudi RE. They have fidelity guarantee insurance, professional liability, money, liability, machinery breakdown, medical, fire, motor, marine, social takaful life, personal accident, workers compensation, comprehensive householder and home, engineering, contractor's plant and machinery, electronic equipment, international travel, banker's blanket, plate glass insurance.
21.) Takaful Malaysia (https://www.takaful-malaysia.com.my/en/) Has personal and family, medical, vehicle, housing insurance. For commercial has employer, employee, asset and property, business and engineering risk.
