Historical Development Of Takaful

Which ancient civilizations practiced insurance-like practices?

• Babylon, China, India, Greece, Rome

• India, Rome, China, Arabia

• Babylon, Greece, China, Arabia

• Egypt, Greece, Rome, China

What was the practice known as among pre-Islamic Arabs for mutual assistance?

• gharar

• diya

• aqilah

• takaful

When did modern insurance begin to take shape in Europe?

• 21st century

• 19th century

• 17th century

• 15th century

Which country saw the establishment of the first takaful company in 1979?

• Pakistan

• Indonesia

• Sudan

• Saudi Arabia

What is the concept of takaful based on?

• Individual profit maximization

• Shared responsibility and mutual help

• Corporate greed

• Government intervention

Which of the following is a criticism faced by conventional insurance in Islam?

• Transparency

• Interest (riba)

• Mutual cooperation

• Shared risk

What principles influenced the evolution of mutual insurance in early Islamic times?

• Justice, mutual assistance, prohibition of unjust enrichment

• Individualism

• Competition

• Profit maximization

Which center became prominent for marine insurance in the 17th century?

• Frankfurt Stock Exchange

• New York Stock Exchange

• Tokyo Stock Exchange

• Lloyd's of London

What is the concept of bottomry contracts used by Babylonian merchants?

• Government subsidies

• Interest-free loans

• Loan repayment if shipment lost at sea

• Sharing profits equally

What is the main idea behind takaful?

• Corporate greed

• Government control

• Shared responsibility and mutual help

• Individual profit maximization