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Models Of Takaful

TAKAFUL MODELS
Takaful products are based on the following business models.

1. Mudaraba Model:
This model is essentially a basis for sharing profit and loss between the takaful operator and the policy holders. The takaful operator is the mudarib and the participants are the capital providers. The surplus is shared between the participants with a takaful operator. The sharing of such profit (surplus) may be in a ratio 5:5, 6:4 etc. as mutually agreed between the contracting parties. Generally, these risk sharing arrangements allow the takaful operator to share in the underwriting results from operations as well as the favorable performance returns on invested premiums. Under this model if there is loss, the rabul mal (capial provider) loses his capital and the mudarib loses in terms of efforts. Under Mudarbah, the takaful fund belongs to the participants and not the takaful operator. This model is applicable to family takaful as the fund is entirely distributed to the participants. Below is the diagram of Mudarbah model.

 graph1

2. WAKALA MODEL:
Wakala model is a contract of agency. It distinguishes between the operating company and the takaful fund. The takaful operator in this case acts as an agent (Wakeel) for participants and manages the takaful, retakaful fund in return for a defined fee. The fee rate is fixed annually in consultation with the shariah committee. This model is used more in the Middle East region. Cooperative risk sharing occurs among participants where a takaful operator earns a fee for services (as a Wakeel or Agent) and does not participate or share in any underwriting results as these belong to participants as surplus or deficit. In order to give incentive for good governance, the management fee is related to the level of performance. If the takaful operator is to generate a profit form its efforts, it must manage the operations entirely within the disclosed wakala fees. Wakalah practices are favored for risk/under-writing aspects of the operation. The diagram of wakalah model is given below:

 graph1

3. WAKALA -WAQF MODEL :
It is a wakalah model with a separate legal entity of waqf in-between. The relationship of the participants and the operator is directly with the waqf fund. The operator is the ‘Wakeel’ of the fund and the participants pay contribution to the waqf fund by way of Tabarru. The contributions received would also be a part of waqf fund and the combined amount will be used for investment and the profits earned would again be deposited into the same fund which also eliminates the issue of Gharar. Losses to the participant are paid by the company from the same fund. Operational expenses that are incurred for providing takaful services are also met from the same fund.

 graph1

By: Arslan Ziad

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