Takaful

Takaful

Published on 19 March 2022
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Transcript
00:01
What is Takaful?
00:05
Takaful is a system of insurance based on Shariah or Islamic principles which is void of any elements of gharar, maisir, or riba.
00:09
The concept of Takaful is a group of participants that contributes money into a pool system to guarantee each other against loss or damage, while the takaful operators manage the fund
00:14
Takaful Policies ?
00:18
cover life, health, automobile and other general insurance needs.
00:23
Takaful provides protection based on Shariah principles.
00:23
00:28
By contributing a sum of money to a common takaful fund in the form of contribution ('Tabarru'), you will undertake a contract (Aqad) to become one of the participants by agreeing to mutually help each other, should any of the participants suffer a defined loss.
00:37
In the event of loss or damage suffered, the Takaful operator will disburse the funds according to its participants.
00:42
Any surplus is paid out only after the obligation of assisting the participants has been fulfilled. Takaful operates as protection and profit-sharing venture between the Takaful operator and the participants through this principle.
00:49
Takaful operators manage the fund according to Shariah Law and it is grounded in Islamic Muamalat.
00:52
Shariah Advisory Board who will monitor the takaful operator’s activities to ensure their accordance to Shariah Law.