Is there any kind of insurance which is permissible?

Answer

All kinds of insurance are haraam. The factors of prohibition in insurance are riba (interest) and qimaar (gambling).

What is Takafol?

A. Takafol is a deceptive word which some Muslims use to pass off insurance as being halaal. Takafol is the same as insurance. Takafol is just as haraam as is insurance.