Please enable JavaScript.
Coggle requires JavaScript to display documents.
Introduction To Takaful Property And Pecuniary (general business (marine,…
Introduction To Takaful Property And Pecuniary
general business
marine
engineering
aviation
accident
fire
life business
group
morgage
ordinary life policies
scope of property and 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 asset with intrinsic value that can be acquired, possessed and owned by a person or a body corporate recognized by law and syari'ah
pecuniary : to provide the insured in the event of monetary losses to the subject matter of insured
Comparison Between Conventional & Islamic insurance
conventional
payment by premium
ownership of fund with the insurance company
buying and selling as product
seller of insurance products
security of profit
investment in any financial product
islamic insurance
cooperation
donation/ contribution
for cooperation/security
ownership by the members/ participants
investment only shariah compliant product
manage participants fund
Definition of takaful property and pecuniary
Property: every material thing or physical
Object: fortuitous loss or damage
type: tangible/intangible
Pecuniary loss: intagible