Takaful is Islamic insurance which is widely known as “takaful” and it is an alternative to
conventional insurance (Ansari, 2022; A. Khan et al., 2020; I. M. Shaikh et al., 2020). (Ali et
al., 2019) defined takaful as a joint guarantee with each other among contributors, and it is
derived from an Arabic verb “Kafalah”. Thus, This notion is defined as each member
completing his or her commitment by donating to a fund (Wahab, 2018; Hemrit, 2020).
Contemporary takaful was introduced in 1979, along with Islamic banking which was
separated into two forms; family and general takaful (Aziz et al., 2019). General takaful
concerns damages such as fire, accident, burglary, and flood while family takaful
provides needs related to investment and it covers risks linked with human life, including
death, illness, and disability. The Islami Insurance Company Ltd of Sudan is the world’s
first takaful operator and it was founded in 1979 ( Md Husin and Ab Rahman, 2016). The
demand for takaful in Muslim communities has grown, which leads to attracting the attention of
academicians and researchers who need to learn more about the challenges
surrounding takaful products in Muslim economies (Ali et al., 2019).