How can I practically understand the process of choosing a company?

The bank may deal with specific takaful companies.

Steps

1. If you want an alternative, ask if they accept policies from other companies and what the minimum coverage requirements are.

2. Compare the coverage and exclusions before considering the price.

The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.

Source

• AAOIFI — Sharia Standards