It is quite pitiful that the Takaful Operators, Islamic Finance corporations, Islamic banks, etc. run a campaign against the insurance calling it Haraam. They use the word of Haraam as a marketing tool to sell their product to beat the competition against the conventional insurance companies. If they present logic and prove their system’s fairness by a model work and strengthen the products with professional marketing skills, the buyers themselves would reject the conventional insurance. Therefore, the innocent Muslims fall victim to such selling tactics and negative publicity. As a result, specially the expatriates get away from both the Takaful as well as the conventional insurance as the Takaful does not exist in their countries and insurance is considered as Haraam.

It should not be taken as we are supporting the conventional insurance system. Most of the conventional insurance companies fall in the category of Haraam activities. They run on the basis of pure interest, Gharar, Gambling, etc.

Our aim is to find a solution for the poor Muslims who are living in under-developed countries where the perils and risks are high and no security or support is provided by the governments. We studied the Indian and Pakistani life insurance companies who are run by the government and came to the conclusion that they are not established to promote interest or gambling. They run with the pure intention of social security, national integration and human welfare, eradicating the poverty and helping the people is their main objective. Therefore, our views about the conventional insurance should not be taken as general.