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Summary(Season 3, Ep1):

Join us as we dive into the world of mutual insurance and Takaful, exploring their impact on the insurance industry. We discuss the fall of mutual companies, the rise of Takaful in Islamic finance, and how tech innovations like blockchain and AI are transforming the game. Plus, we touch on the importance of transparency, fairness, and Shariah-compliant, community-focused solutions that could shape the future.

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Takeaways:

• Mutual insurance, like Takaful, shares surplus contributions with the insured.
• Mutual companies are declining as stock insurance firms prioritize profit and outside investors.
• Takaful is on the rise, seen as a bright spot within mutual insurance.
• Blockchain and AI can bring fairness and transparency to claims processing.
• Sharia scholars play a crucial role in ensuring tech aligns with Islamic principles.
• While blockchain and crypto could transform Islamic finance, challenges remain ahead.