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chapter Eight C - Coggle Diagram
chapter Eight C
2.Legitimate Restraints for the Practice of Islamic Takaful Insurance in Islamic Takaful Companies
Commitment to the Regulations of Islamic Shari'ah in managing Insurance operations and in investing
Practice Insurance Operations on the basis of Islamic Insurance as a legitimate alternative for Conventional Insurance,
Every Insurance Contract, where profit is a genuine purpose is religiously prohibited
Management of Insurance operations and Insurance funds by The Islamic Insurance Company
Separation between the rights of the shareholders in The Company (the rights of the Insured (policyholders)
Applying the principle of Cooperation and Takaful among the Insured
Investing whatever is available from The Insurance Mudareb and the Insured will be the proprietary
Achieving the principle of justice between the shareholders and the Insured and among the Insured themselve
The Shareholders present the capital of The Company to declare its legal status in order for it to carry out the Insurance operations
Shareholders pay all the general expenses
The Insured receive compensations due to them from The Cooperative Insurance Fund
The share-holders have the right to receive all the profits from investing the capital in their capacity as its owners
Claims (compensations), Reinsurance expenses, and everything related to policies will be paid from the Insured's account
The legal financial reserve will be taken from the shareholders' entitlements
Technical reserves will be deducted from the shareholders' funds
Profits due to the shareholders will be distributed according to the percentage which each shareholder own
Islamic Insurance Companies offer financial support to the Insured from the shareholders' money by means of a free interest loan
They distribute the surplus of the Insurance premiums among the Insured because it is their right
They lay detailed foundations for every Company by a group of experts specialized in Islamic Insurance
1.The Difference between Islamic Takaful Insurance and Conventional Insurance
First: Regarding the parties to the contract and the ownership of premiums
Second: Regarding its goal and aim
Third: Regarding its legitimacy
Fourth: Regarding the nature of the contract
Fifth: Regarding the mechanism of investing Insurance money
3.Management and Investment of Company's Funds and Method of Distribution of Insurance Revenues
Claims (compensation), Reinsurance expenses, and all items related to the documents of the Insurance premiums account
The Financial legal reserve shall be taken out of the Shareholders'
Premiums shall be deducted from the policyholders' accoun
The Responsibility of disbursing Zakat is regarded as a personal responsibility for each of the shareholders and policyholders
4.The Rights and Obligations of Shareholders and Policyholders
Separation between accounts of shareholders and policy holders
Implement the principle of Cooperation and Takaful between policyholders through The Company retention of all Insurance premiums
Realization of the principle of equity between shareholders on the one hand, and policyholders on the other hand
Shareholders shall provide the Company's capital to grant it the legal status to engage in the Insurance busines
Shareholders shall pay all general expenditures
Shareholders shall be entitled to compensation for what they paid of contributions in accordance with the terms of the documents
Shareholders shall be entitled to capital investment profits in full in their capacity as owners and this capital
Claims (compensation), Reinsurance expenses, and items related to the documents of the contributions (premiums) shall be settled.
The Financial legal reserve of shall be deducted from shareholders entitlements by the ratios set forth in The Companies act
Surplus payable to shareholders shall be distributed based on the shareholder's quota in The Company's total shares
istribution of Insurance premiums surplus to policyholders as the real truthful owner thereof according to each shareholder's quota
5.Revenues and Expenses
First: Shareholders' Account: Representing The Company's capital
Return on capital investment owned by them after deducting expenses related to investments
Their Share of return on the premiums investment surplus invested by the Company on the basis of Mudarabah
The Fixed Remuneration charged by the Company from policyholders' funds in exchange for Insurance operations
Profits resulting from the various Insurance operations known as the Insurance surplus
Policyholders' share of the Insurance premiums investment returns available from various
Their Share from the proceeds of Reinsurance agreements
Second: Policyholders' Account: Which Starts With Insurance Premiums.