Britain is a Muslim minority country. A nationwide study in Britain revealed that 74% of Muslim participants considered their religion were very important in living their lives, and 21% considered it fairly important. Moreover, around 80% declared to visit mosque once or more than once in a week (Modood, et al., 1997). Muslims represent a large portion of world population and are increasing at a greater pace than other religious communities. Muslims are 20% of the world population and are expected to be 30% by 2025 (Shafie & Othman, 2006). Fifty seven Islamic countries are regular members of the Organization of Islamic Conference's (OIC). The Muslims all around the world wish to go side by side with modern commerce. They are not willing to follow non- Islamic practices. They are looking for Islamic alternatives to prevailing financial instruments and practices. Islamic banking is a great success not only in Muslim majority but also in Muslim minority countries. Major international banks are today offering Sharia compliant products. In the similar manner akafal presents an Islamic alternative to insurance. The Interpretations made by Scholars provide a complete framework governing Islamic Insurance. In this article the suitability of Islamic insurance over conventional one along with its applicability in Muslim world is discussed. Ahmed (2010) reported that the Islamic principles can prohibit the global crisis to occur. Islamic insurance funds are invested in interest free securities which reduce the chances of the crisis in this industry. Resultantly it provides a solid support for Islamic insurance. To maintain his Homo-Islamicus behaviors a Muslim may adapt his practices to and comply with Sharia principles. The models of Takaful are helpful in categorizing it. Tawakal concept best deals with takaful because firm belief in the God is compulsory but taking due care is also necessary. Takaful and conventional insurance models are different because of their permissibility in Islam. Conventional mode is based on Riba which is prohibited in Islam.