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Introduction To Takaful Property And Pecuniary (General Business (Marine,…
Introduction To Takaful Property And Pecuniary
Definition Of Takaful Property And Pecuniary Ins.
PROPERTY: Every material thing/physical
Object: Fortuitous loss/damage
Type: Tangible/ Intangible
PECUNIARY LOSS: Intangible
Scope of Property & Pecuniary
PROPERTY: To provide the compensation to the insured in the event of damage to the property of the insured
PROPERTY IN ARABIC:
Mal,
encompasses assets with intrinsic value that can be acquired, possessed and owned by a person or a body corporate recognized by law&syari'ah
PECUNIARY: To provide the insured in the event of monetary losses to the subject matter of insured
Life Business
Group
Morgage
Ordinary life policies
General Business
Marine
Aviation
Engineering
Fire
Accident
Comparison Between Conventional& Islamic Insurance
Conventional Insurance
Buying and selling as product
payment by premium
Security of Profit
ownership of fund with the insurance comp.
seller of insurance products
investment in any financial product
Islamic Insurance
For cooperation/ security
Cooperation
Donation/ contribution
Ownership by the members/ participants
Manage participants fund
Investment only shariah compliants product
