Conventional insurance transfers risk from you to the insurer, which prices that risk and keeps the profit. Takaful pools risk among participants, with the operator managing the fund for a fee.
Where it shows up
Surplus. A conventional insurer's underwriting profit belongs to the insurer. A takaful fund's surplus may be distributed back to participants.
Investment of the fund. Takaful funds are invested according to Shariah screens, which excludes conventional interest-bearing instruments.
On default. The recourse structure differs, and it is worth asking specifically what happens if the risk fund is insufficient.
Neither is universally better. But "the same thing, Shariah-compliant" is not an accurate description of either.