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INTRODUCTION TO TAKAFUL PROPERTY AND PECUNIARY (Definition (PROPERTY …
INTRODUCTION TO TAKAFUL PROPERTY AND PECUNIARY
Definition
PROPERTY :check: All materials things/ physical object
:check: Fortuitous loss/ damage
type : tangible & intangible
Scope : to provide the compensation to the insured in the event of damage to the property of the insured
Mal (Arabic) : Encompass with intrinsic value that can be acquired, possess and owned by a person or a body corporate recognized by law and syariah
Categories : - valuable property - tangible / intagible property
-moveable / immovable
-homogeneous / non homogemeous - usable, cash, good
PECUNIARY LOSS : :check: Monetary structure TYPE : Intangible
Scope : To provide the insured in the event of monetary losses to the subject matter of injured
COMPARISON : Conventional vs Islamic
Property insurance policy - Fire, theft, all risk, money, goods in transit, household, contractor-all risk, glass, engineering etc
INSURANCE RISKS
1) General business
Fire
Aviation
Marine
Engineering
Accident
2) Life business
Ordinary Life Policies
Group
Morgage
Money policy - Turnover, consequential loss, credit insurance, income, revenue, value in the form of money
NADIA IZZATI BINTI ABU BAKAR (039856)
