Present Takaful
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Transcript of 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.
ISB545-Principles & Practice of Takaful 3
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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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ISB545-Principles & Practice of Takaful 5
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ISB545-Principles & Practice of Takaful 6
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.
ISB545-Principles & Practice of Takaful 7
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ISB545-Principles & Practice of Takaful 8
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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
ISB545-Principles & Practice of Takaful 9
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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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ISB545-Principles & Practice of Takaful 11
Family Takaful Product
Takaful mySiswa
Takaful mySinar
Takaful myImpian
Takaful myGemilang
Takaful myMediacare
Takaful myRawat
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ISB545-Principles & Practice of Takaful 12
Family Takaful Product
Mortgage takaful plan Takaful myInvest
Takaful myGraduan
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ISB545-Principles & Practice of Takaful 14
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.
ISB545-Principles & Practice of Takaful 15
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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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