Professional Documents
Culture Documents
Introduction;
Explanation;
Concept of Takaful – Islamic insurance;
Contract of Takafu;
Types of Takaful;
Different operating modes;
Difference between Takaful and conventional insurance;
Application;
Q & A;
General Takaful:
− Creation of fund;
− The operator will charge an upfront fee;
− Segregation between the fund and the sponsors’ capital;
− The investment will be done on the Mudarabah bases; the profits
after deducting the operator’s portion will be pooled again in the
fund;
− Different reserves;
− Surplus distribution;
Family Takaful:
− Mudarabah (for long term investment) PA;
− Tabarru (a small portion for providing Takaful cover) PSA;
− Management expenses are deducted from PA;
− Operational cost is
► One who dies before maturity;
► The total amount of installments and profit;
► The outstanding installments that would be paid, if he survived till
the end will be given to the heirs;