Present Takaful

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    Presented by:Eshie Affiani Ishak 2009151145

    Norfarzielina Jaafar 2009750023

    Nor Hayati Busli 2009193291Norafizah Aminin 2009727719

    Siti Aisyah shaqriah 2009952225

    Presented to:Ustazah Siti Khadijah bt. Ab. Manan

    1ISB545-Principles & Practice of Takaful

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    ISB545-Principles & Practice of Takaful 2

    Takaful (kafala) = guarantee, bail, warrant or an act of securing

    ones needs.

    Takaful Act 1984

    Takaful is a scheme based on brotherhood, solidarity and mutual

    assistance which provides for mutual financial aid and assistance

    to the participants, in case whereby, the participants mutually

    agree to contribute for that purpose.

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    Surah al-Maidah (2)

    Help (taawun) ye one another in righteous (birr) and piety, but

    help ye not one another in sin and rancor, fear Allah, for Allah is

    strict in punishment.

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    ISB545-Principles & Practice of Takaful 4

    Hadith

    Whosoever removes a worldly hardship from a believer, Allah will remove from him

    one of the hardships of the hereafter. Whosoever alleviates the needy person, Allah

    will alleviate him in this world and next.

    Qawaid Fiqiyyah

    The original legal position of any matter is permissibility until there is

    evidence prohibiting it.

    Whatever leads to haram, is in itself haram. The yaqin (certainty) cannot be nullified by shak(doubt)

    Difficulty brings ease.

    The ends does not justify the means.

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    Incorporated on the

    29th November 1984

    Commenced operation

    on the 22nd of July 1985prior to its official

    launching on the 2nd

    August 1985

    1981 Task Force on the

    Study for the Establishment

    of an Islamic Insurance

    Company in Malaysia (Task

    Force) govn. Msia

    30th July 1996 Takaful Malaysia was

    transformed into a public limited company

    followed with listing its shares on the Main

    Board of Bursa Malaysia Securities Berhad

    30th July 1996 Takaful Malaysia was

    transformed into a public limited

    company followed with listing its shares

    on the Main Board of Bursa Malaysia

    Securities Berhad

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    Takaful Malaysias business model is founded on the

    requirements and practices ofShariah as pronounced in the

    report of the Task Force the Task Force on the Study for the

    Establishment of an Islamic Insurance Company in

    Malaysia set up by the Government of Malaysia in 1981.

    In essence, it upholds the virtues of cooperation, mutuality,

    solidarity as embodied in the concept of Takaful and the

    profit sharing principle ofMudharabah.

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    al-Mudharib (takaful operator) will accept payment of takaful

    contributions (premium) from providers of capital or fund

    (takaful participants).

    It specifies how the profit (surplus) from the operations of

    takaful managed by the takaful operator is to be shared, in

    accordance with the principle ofal-Mudharabah.

    In order to eliminate the element of uncertainty in the takaful

    contract, the concept of`tabarru' (to donate, to contribute, and

    to give away) is incorporated in it

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    Tabarru' would enable the participants to perform their deeds

    in sincerely assisting fellow participants who might suffer a

    loss or damage due to a catastrophe or disaster.

    The sharing of profit or surplus that may emerge from the

    operations of takaful, is made only after the obligation of

    assisting the fellowparticipants has been fulfilled.

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    Family Takaful Product

    Takaful mySiswa

    Takaful mySinar

    Takaful myImpian

    Takaful myGemilang

    Takaful myMediacare

    Takaful myRawat

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    Family Takaful Product

    Mortgage takaful plan Takaful myInvest

    Takaful myGraduan

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    General Takaful Product

    Boilers & Pressure Vessel Takaful

    Scheme

    Contractors All Risk Takaful Scheme

    Electronic Equipment Takaful Scheme

    Plate Glass Takaful Scheme

    Infaq Takaful Plan

    Waqaf Takaful Plan

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    Some scholars condone this type ofmudharabah (modified mudharabah).

    The underwriting surplus is only for the takaful participants and cannot be

    shared with takaful operators.

    Tabarru elements : the fund does not belong to the participants as they have

    willingly relinquish it.

    Profits to the operator depends more on its ability to manage its risks

    rather than its ability to generate business and investment.

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    The Takaful contract attempts to determine the terms of the contract

    with certitude and clarity so as to minimize any uncertainty, the

    presence or incorporation ofwhich nullify the contract itself. The

    philosophies of brotherhood, mutual assistance and solidarity enjoined

    and encouraged by Islam in all aspects of life can be gleaned especially

    from the bases which form the operation of Islamic insurance itself.

    This concept of trusteeship is further fortified by the fact the Takafulscheme in itself is not aimed at self-enrichment.

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