Takaful Product
ASC172
PRINCIPLE OF RISK MANAGEMENT AND INSURANCE
Takaful Products
Prepared by:
Fatin Syazana Binti Izuddin
Noraisyah Amirah Binti Mohd Shafie
Nur’Aqila Binti Mohamad Zabri 2012271324
Prepared for:
CONTENTS NO. | TOPIC | PAGE | 1. | Introduction | 1 – 2 | 2. | Takaful product : Takaful Malaysia | 3 – 6 | 3. | Takaful Hero | 7 – 11 | 4. | Takaful Ikhlas | 12 – 15 | 5. | Conclusion | 16 |
INTRODUCTION TO TAKAFUL
Takaful is originates from Arabic word Kafalah, which means “guaranteeing each other” or “joint guarantee”. Takaful is commonly referred to Islamic insurance. The tabarru’ system is the main core of the takaful system making it free form uncertainty and gambling. Tabarru’ means donation, gift and contribution. Based on principle of mutuality and cooperation, encompassing the elements of shared responsibility, joint indemnity, common interest and solidarity. Each participant that needs protection must be present with the sincere intention to donate to other participants faced with difficulties. Therefore, Islamic insurance exists where each participant contributes into a fund that is used to support one another with each participant contributing sufficient amounts to cover expected claims. The objective of takaful is to pay a defined loss from a defined fund. Theoretically, Takaful is perceived as cooperative insurance, where members contribute a certain sum of money to a common pool. The purpose of this system is not profits but to uphold the principal of “bear another’s burden”.
The principle of Takaful insurance are as follows:-
i) Policyholders cooperate among themselves for their common good. ii) Every policyholder pays his subscription to help those that need assistance. iii) Losses are divided and liabilities spread according to the community pooling system. iv) Uncertainty is eliminated in respect of subscription and compensation.
v) It does not
PRINCIPLE OF RISK MANAGEMENT AND INSURANCE
Takaful Products
Prepared by:
Fatin Syazana Binti Izuddin
Noraisyah Amirah Binti Mohd Shafie
Nur’Aqila Binti Mohamad Zabri 2012271324
Prepared for:
CONTENTS NO. | TOPIC | PAGE | 1. | Introduction | 1 – 2 | 2. | Takaful product : Takaful Malaysia | 3 – 6 | 3. | Takaful Hero | 7 – 11 | 4. | Takaful Ikhlas | 12 – 15 | 5. | Conclusion | 16 |
INTRODUCTION TO TAKAFUL
Takaful is originates from Arabic word Kafalah, which means “guaranteeing each other” or “joint guarantee”. Takaful is commonly referred to Islamic insurance. The tabarru’ system is the main core of the takaful system making it free form uncertainty and gambling. Tabarru’ means donation, gift and contribution. Based on principle of mutuality and cooperation, encompassing the elements of shared responsibility, joint indemnity, common interest and solidarity. Each participant that needs protection must be present with the sincere intention to donate to other participants faced with difficulties. Therefore, Islamic insurance exists where each participant contributes into a fund that is used to support one another with each participant contributing sufficient amounts to cover expected claims. The objective of takaful is to pay a defined loss from a defined fund. Theoretically, Takaful is perceived as cooperative insurance, where members contribute a certain sum of money to a common pool. The purpose of this system is not profits but to uphold the principal of “bear another’s burden”.
The principle of Takaful insurance are as follows:-
i) Policyholders cooperate among themselves for their common good. ii) Every policyholder pays his subscription to help those that need assistance. iii) Losses are divided and liabilities spread according to the community pooling system. iv) Uncertainty is eliminated in respect of subscription and compensation.
v) It does not