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Concepts and principles of Islamic finance, which respect the beliefs and practices of the Muslimfaith, are becoming more prevalent in the United Kingdom (UK). The concept of Takaful (Islamicinsurance), while still in its infancy in the UK, is proving a viable alternative to traditional insurancemodels. This paper argues that increased efforts should be made by UK financial servicesregulators to develop suitable corporate governance standards and enhance Takaful awareness.Such efforts will ultimately increase domestic insurance penetration by providing Muslims witha compliant system of insurance, and, further, allow the UK to emerge as a viable and globalTakaful market.The comparative study between English common law and Islamic law in this paper illustrates,inter alia, the differences between risk (measurable uncertainty) and uncertainty (pure risk, namelyan immeasurable form of hazard), with the goal of finding a uniform standard for the incorporationof the concept of risk management into English insurance contracts. Fundamentally, the differencebetween risk and uncertainty is derived from the understanding of Professor Frank Knight.Ultimately, the differences in the ideologies of risk-taking in Western countries and risk-sharing inIslamic countries, specifically in relation to the insurance industry, do not constitute a challenge,but instead, the basis for possible common ground upon which to build a mutual system ofcooperation between different legal traditions

(Legal) uncertainty: Takaful between English common law and Shari'a law