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CHAPTER EIGHT: TAKAFUL - Coggle Diagram
CHAPTER EIGHT: TAKAFUL
Introduction
it refers to the practice of a group of members (participant) that jointly agree to contribute money to be managed by takaful operator.
The takaful operator is responsible to provide a financial protec1on against unexpected loss, should it happen within the agreed period
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Wakalah
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Refers to a contract where a person authorizes another person to do a certain legal action on his behalf.
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Participants pay the Takaful contribution and give consent to the Takaful operator to act on their behalf as an agent to run the Takaful program.
Mudharabah
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The Takaful operator manages the takafulopera1on and they pay compensation to fellow participants who have suffered defined losses upon the occurrence of a disaster.
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Family Takaful Products
Takaful operator and participants will enter a long term Takaful contract and the participants are required to pay regularly and they will be protected in the case of death and other mishaps resulting in injury or disablement
Provide participants with protections and long term savings and investments with a fixed maturity period.
General Takaful Products
Takaful operator will compensate its participants for any material loss and damage that any of them might suffer arising from a misfortune that might inflict upon properties or assets of participants.
Types of general Takaful schemes provided by the Takaful operators: motor takaful, fire takaful, marine takaful etc.
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