The Modern History of Takaful Dates Back to 1979 When

question 73

Multiple Choice

The modern history of takaful dates back to 1979 when:

• A) Islamic-Arab Insurance Company was established in Saudi Arabia and later in United Arab Emirates
• B) the Islamic Insurance Company was established in Sudan and offered its takaful based on the cooperative insurance model
• C) Malaysia enacted the Takaful Act which provides for the regulation of takaful business in Malaysia and other incidental matters
• D) the OIC Fiqh Academy approved the takaful system

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Definitions:

Percentage Change

A mathematical calculation that describes the degree of change over time, often used to compare the difference between two numbers expressed as a fraction of the initial value.

GDP Deflator

A price index that measures the change in the price level of all new, domestically produced, final goods and services in an economy.

Real GDP

Gross Domestic Product adjusted for inflation, which represents the value of all goods and services produced over a specific time period within a country.

Percentage Change

A mathematical calculation that shows how much a quantity has increased or decreased in comparison to its previous value, expressed as a percentage.