Skills
In India, an Islamic insurance—Takaful arrangement is defined by a Shariah-compliant, cooperative risk-sharing scheme where participants donate (tabarruʿ) contributions into a pool that indemnifies members against covered losses.
In India, halal insurance or Takaful is structured this way: participants contribute tabarruʿ (donations) into a Participants’ Risk Fund (PRF) used solely to pay claims and reserves; a separate Shareholders’/Operator’s Fund (SHF) manages the business under wakālah (fee for management), muḍārabah (profit-share), or a hybrid.
Is it possible to get covered by an Islamic insurance in India ?
At present, Islamic insurance (Takaful) is not formally available in India as a regulated financial product. The Indian insurance industry is governed by the Insurance Regulatory and Development Authority of India (IRDAI), which currently only licenses conventional insurance companies and products.
What Islamic alternative insurance organisation is available in India ?
Currently only one: Uplift Mutuals Biradaree is a Shariah-compatible mutual health protection scheme, but it is not a fully licensed Takaful insurance company.
Uplift Mutuals Biradaree
However, its scope is limited: it primarily covers health protection rather than broader insurance lines (life, property, etc.). It is not a full Takaful operator in technical or legal sense, because it is not regulated under IRDAI as a Takaful scheme. It is more like a mutual / cooperative health fund (member-based).
Uplift Mutuals Biradaree is a not-for-profit community health assurance scheme based in India, founded in 2002 in Pune. It aims to offer a mutual protection model, particularly for low-income or vulnerable populations. upliftmutuals.org
It is designed as an alternative to formal Takaful, since Takaful (regulated Islamic insurance) is not officially available in India under IRDAI’s regulations. Biradaree works on the idea of risk sharing among members: those healthy subsidize those who need health support, rather than a conventional insurer making profit or gaining via interest. The contribution amounts are kept low (e.g. ₹700 for an individual, ₹1,400 for a family of four per year) to make it affordable.
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