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INTRODICTION TO TAKAFUL PROPERTY AND PECUNIARY (General Business (Marine,…
INTRODICTION TO TAKAFUL PROPERTY AND PECUNIARY
PROPERTY: To provide the compensation to the insured in the event of damage to the property of insured
Definition of Takaful Property and Pecuniary Ins
PROPERTY : Every material thing/ physical OBJECT: Fortuitous loss/ damage
TYPE: Tangible/ Intangible
PECUNIARY LOSS: Intangible
COMPARISON BETWEEN CONVENTIONAL & ISLAMIC INSURANCE
CONVENTIONAL INSURANCE
payment by premium
ownership of fund with the insurance
buying and selling as product
seller of insurance products
security of profit
investment in any financial product
ISLAMIC INSURANCE
ownership by the members
manage participant fund
donation
investment only shariah compliants product
for cooperation
General Business
Marine
Engineering
Aviation
Accident
Fire
Life Business
Group
Morgage
Ordinary life policies
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 & syariah
PECUNIARY : To provide the insured in the event of monetary losses to the subject matter of insured