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TAKAFUL-Insurance - Coggle Diagram

- - - - Takaful operator pays compensation to participants who suffered upon loseses or occurrence of a disaster.
        
        Profits from investment should be shared between two parties
        
        Profit sharing contract between participant and takaful operator
        
        2 Takaful products; Family Takaful & General Takaful
        
        Family Takaful
        
        Provide protection and long term savings and investment with a fixed maturity period.
        
        Long term Takaful contract, participants are required to pay regularly and they will be protected in the case of death and disablement or mishaps resulting injury.
        
        General Takaful
        
        Products design to meet the protection needs of individuals and corporate bodies.
        
        Takaful operators will compensate its participant for any material loss and damage
        
        Motor takaful, fire takaful, marine takaful
      - Participants pay Takaful contribution and Takaful operator as an agen to run the takaful program
        
        Participants agree to pay specified fees
        
        Person who authorizes another person to do a certain legal action on his behalf.
        
        All contributions flow into Takaful pool on the basis of Tabarru'
  - - - Participants make contributions
        
        Free from unlawful elements
        
        Only in Shariah compliant securities
- - - - Concept
      - Policyholders pay premium
        
        Responsibility
        
        Unlawful elements of RIba,Gharar and Maysir
        
        Elements
        
        No restriction
        
        Investment