THE insurance industry in the Philippines has been steadily evolving, reflecting broader economic trends and changing consumer needs. Etiqa Life and General Assurance Philippines Inc., one of the country's leading names in insurance, fully understands this; which is why it has been pulling all the stops to introduce takaful (mutual guarantee) to the country.
Takaful is a unique and ethical financial model, rooted in the principles of mutual cooperation, shared responsibility and social solidarity. The concept is grounded in Shariah law, emphasizing fairness, transparency and ethical investment, which sets it apart from conventional insurance models. Derived from the Arabic word kafala or kafalat meaning to guarantee or take care of one another, takaful operates as a cooperative system where participants contribute to a pool of funds. These funds are then used to support individuals within the group in times of need, embodying the principle of collective care.
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