Takaful And Conventional Insurance: A Comparative Study

Maslahah hierarchy shows that maqasid shari'ah must prioritize five things: religion, life, intellect, honourand property. Social responsibility also explained that each individual is responsible for the property to be maintained, managed, and developed. Takafulis one ofthe methods that can be used for this purpose based on the contract and the application of savings for self and for emergency usage on others. The objective of this paper is to compare between Takafuland conventional insurance in terms of concept, comparative advantage, and application in the market. The methodology of this article is through qualitative research based on document analysis on relevant literatures. The general findings of this article show that there are obvious differences between Takafuland conventional insurance in protecting individual and society.