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TAKAFUL - Coggle Diagram
TAKAFUL
ORIGIN and DEVELOMPENT
Long time ago, Arab traders faced many risk that emerge the basic concept of insurance protection,
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Mutual insurance comes from the basis of shared responsibility in the systems of 'aqila' as practiced between muhajirin and ansar.
In Malaysia, takaful is governed by the Takaful Act 1984 with 30% growth per year and about 25% of the policyholders are non Muslim.
DEFINITION and CONCEPT
Arabic root word 'kafala' that means responsibility, guarantee and amenability. Literally, takaful means joint guarantee between the partners.
The concept of insurance that being adapt are mutual cooperation, mutual indemnity and brotherhood.
Surah Ali-Imran, verse 37 mention about kafala
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PARTICIPANT and OPERATOR
Mudarabah
Participants give the the capital to the operators(mudarib) and share the profits among them but the losses will fully bare by participants
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SHAREHOLDER
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PARTICIPANTS
Pass the condition of age, medical fitness, legally qualified, free and authorized.
NOMINESS
Trustee that holds the takaful benefits before giving to the beneficiaries that have the full capacity
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TAKAFUL (vs INSURANCE)
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Participant's duty to make contribution (pay premium to the insurer) and expected mutually share the surplus
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