Page 2 of No interest payments for those of Muslim faith

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This refers to the law set down in the Quran and performed by example by Prophet ( pet insurance ) Muhammad (PBUH). Any product purporting to be Shariah must adhere to Islamic law in all respects and to ensure this, a company will usually appoint a Shariah board which will overlook the development and implementation of all Shariah products to ensure they comply.

A Shariah adviser is generally a Islamic legal scholar who has been classically trained and has ( car insurance policy ) the expertise and knowledge to ensure products comply with Shariah. Some work individually to advise companies but most are employed as part of a Shariah board to ensure full compliance.

The Shariah board ensures that products are Shariah compliant, a term that is also covered by the word 'Islamic'. Many financial products use the term 'Shariah compliant' as a prefix so customers can be totally sure that the product has followed the law to the letter.

In conventional terms they are not quite the same as a bond is asset backed and the term 'sukuk' describes the proportionate beneficial ownership in the asset itself. The company leases the asset to the client so they can take the profits arising from the sukuk.

Because the concept of insurance relates to uncertainty, which could then be related to interest and gambling, Takaful takes a different approach. The arrangement can be summed up as a charitable collection of funds based on the idea of mutual assistance.

When as Islamic customer requires cash, they can use this arrangement to obtain it. It involves buying something on deferred credit and selling the item on to get cash. As a result, cash has been obtained without taking out a loan and paying interest. See murabahah for the opposite - a way to get credit.

No interest payments for those of Muslim faith. Page 2