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Takaful comes from the Arabic root-word ‘kafala’, which means guarantee.Takaful is not only a tool to mitigate loss, give financial protection, and give halal profits. It is an ideology which promotes:
The Takaful system is based on the principles of fairness, and is committed to serving one another sincerely and truly so that all parties benefit. What is unique about this concept is that the underwriting profit is shared among all participants who have a positive contribution during the year
To initiate a Takaful scheme, you have to pay by cross check. Installments for your scheme may be made monthly, quarterly, semi-annually, annually or in one lump sum in order to match your financial resources after making necessary adjustments.
A Takaful system of risk protection consists of the following elements:
A contract is made between two parties but a Takaful scheme involves:
It is envisaged that Takaful premiums could increase to around USD 7.4 billion in 15 years, a growth of around 20 per cent. Insurance penetration in Muslim countries is amongst the lowest in the world. This is due to the strong extended family system and the interpretation of religious doctrine that has been widely misunderstood in the context of the financial protection. Given there are almost one billion Muslims in the world, the potential market for Takaful in Muslim and Shariah countries is yet to be tapped.
