Risk Management Question

Please read the attached pdf
Kindly answer the following questions.

What is the most important feature that distinguishes takaful from conventional insurance? (5 marks).
Explain briefly the difference between a pure wakalh model and a pure mudarabah model in Islamic insurance. (5 marks).
How the author consider the relationship between policyholders and TOs as a principal-agent model. (5 marks)
What are the main conclusions of this paper? (5 marks)
Please note that the country that we are talking about here is Saudi Arabia.

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