Differentiate between conventional insurance and takaful system focusing on the three elements that makes the conventional insurance (haram) prohibited under Islam laws.

Assignment Question(s):

Q1. Visit the following website for SAMA (https://www.sama.gov.sa/en-US/FAQs/Pages/InsuranceFAQs.aspx). Summarize its content in your own words and compare it to Insurance Laws you studied the course. (Marks 8)

Q2. Differentiate between conventional insurance and takaful system focusing on the three elements that makes the conventional insurance (haram) prohibited under Islam laws. (7 Marks)

Answer: