It has been reported that ABSA has bought out Takafol which is described as an 'Islamic insurer'.

Answer

'Takafol' is old haraam riba wine in a new bottle (viz. the deceptive, Islamic -sounding name). Takafol is exactly the same 'normal' and conventional haraam insurance. With Islamic sounding nomenclature the Muslim community is duped and tricked into believing that Takafol is an Islamic product when in reality it is a product of Jahannum. It is riba for whose devourers the Qur'aan declares war.

ABSA which is owned by Britain's Barclays Bank, is a pure capitalist institution whose life-blood is riba. While ABSA has employed a mercenary so-called 'shariah' board whose function is to churn out fatwas of jawaaz (permissibility rulings) for its haraam riba products, be assured that all the deals marketed as 'halaal' are haraam. After all, a non -Muslim capitalist riba bank does not pay molvies and sheikhs fat salaries and perks for the production of fatwas which declare riba products to be impermissible. They pay for the production of 'halaal' fatwas. Don't become entrapped in the riba tentacles of shaitaan.