This chapter has focused on the different takaful models being practised around the globe. These models can be broadly divided into non-profit and for-profit. The non-profit category includes the tawuni (cooperative) model, in which the takaful operator does not get anything in return for providing its services. In for-profit models, the takaful operator can earn a fee or a profit share (or both) in return for the services it provides. For-profit models are based on mudarabah and wakalah models. In the mudarabah model, the operator takes a share of the profit, while in the wakalah model the operator takes a fixed fee and gets nothing from the surplus. The wakalah–mudarabah waqf model is a refined for-profit model based on wakalah and is mainly practised in Pakistan. In this model, the takaful fund is declared as a waqf fund and the operator becomes the wakeel. The waqf fund compensates participants for their defined losses when an event that is covered occurs.