How is an Islamic insurance defined in Australia ?
In Australia, an Islamic insurance—better known as Australian Takaful—is halal, community-based protection for everyday life in Australia; instead of buying risk for interest, Australian Muslims as participants make a fair contribution to a shared fund that exists solely to help members when things go wrong.
In Australia, Takaful moves the contribution into a dedicated pool used to pay genuine claims; the operator manages that pool for a clearly disclosed fee and keeps it separate from their own money; there’s no riba (interest), no speculation, and no hidden compounding—just straightforward pricing and plain-English documents.
Is there any Islamic insurance company in Australia ?
No and yes ! There is no fully operational Takaful or Islamic insurance company in Australia, however they are alternative Australian Takaful companies:
Here’s a list of Islamic-finance / Shariah-aligned or “Islamic friendly” finance & insurance-style providers or intermediaries in Australia (including Meezan & Hejaz) with links:
- Hejaz Financial Services — provides Shariah-compliant finance, superannuation, investments etc. Hejaz Financial Services
- Meezan Wealth / Meezan Islamic Finance — offers halal home and business financing, risk protection, insurance through super etc. Meezan
- ICFAL — cooperative Islamic finance & investments; has products like home finance, car finance etc. ICFAL
- Salaam — inclusive / Shariah-compliant wealth & financial services for Australian Muslims. salaam.com.au
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