What is Takaful?
Takaful, signifies "solidarity" which is a co-operative insurance framework. It depends on the idea of shared commitments and mutual participation. There isn’t any interest being charged rather, we give controlled membership and pooled remuneration to secure our individuals if there should be an occurrence of misfortune or need. Traditional Insurance includes making investments that can bring about hazard and create benefits, which are, thus, held by the organization. Takaful anyway guarantees that no one can pick up leverage to the detriment of another by making collaboration among policyholders for the benefit of all individuals.
The Benefits of Takaful
Through the spirit of participation and joint-responsibilities among member, the demonstration of charity and consideration permits members the chance to get two types of advantage. To start with the fiscal advantages through the Takaful plan itself. Besides the benefits in the profound sense, through the demonstration of Tabarru' (gift), members will get God's grace and blessings in life Hereafter. The Takaful framework does not differentiate colour or creed; it is intended to profit all members, independent of their religious beliefs.
Understanding the Takaful Contract
In spite of the fact that the idea of insurance is allowable under Shariah Law, certain practices in convention insurance breach Shariah Law. The current Takaful practice utilizes a blend of two sorts of principle 'Aqad (contracts). These are the contracts of Tabarru' (Donation) and contract of Wakalah (Agency) which are free from the components of (Riba) usury, bet or Maisir (gambling) and Gharar (Uncertainty). The Takaful framework focuses on the spirit of co-task and joint obligation among members.
Features of Takaful
- The basis of Takaful are 3 principles are solidarity, cooperation and mutual protection.
- There are no elements of interest (Riba) and uncertainty (Gharar) and eliminates the risk of subscription and compensation.
- It is compliant to Shariah laws and no one member derives any scheme at the cost of others.
- Liabilities and losses are divided based on the community pooling system.
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