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History Of Usury During Prophet’S (PBUH) Era

Models Of Takaful

RIBA

Takaful And Its Mechanism

Type Of Takaful

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Type Of Takaful

a.General Takaful
b.Family Takaful
c.Re-Takaful
d.Banca Takafull

GENERAL TAKAFUL:
General Takaful refers to schemes designed to meet the protection needs of individuals and corporate bodies in relation to material loss or damage resulting from a catastrophe or disaster inflicted upon properties, assets or belongings.
In this takaful Participants (policyholders) pay their premiums into the Takaful fund as a Tabarru’ (donation). This will eliminate the elements of al Gharar and gambling. That is, the participant agrees to donate their contribution (premium) to the fund with a mission to help other participants covered under the various Takaful schemes when in distress.
Therefore, it is the members who carry the risk and the Takaful operator is merely a custodian. Mudharabah, Musharakah and Wakalah models can be implemented under this approach. Generally all the physical properties and assets are covered like house, marine, motor e.t.c.General Takaful Business offers coverage catering to individuals, companies, associations and organisations insuring policyholders' peace of mind in the face of catastrophe, disaster and any accident inflicted upon properties, assets or other mandated possessions of the participants. General Takaful Schemes are renewable on a year-to-year basis.
In relation to this, all the participants agree to give their takaful contributions as tabarru' or donations which will then be pooled into the General Takaful Fund. From the Fund, through the concept of Takaful, compensation will be paid to any participants who suffer losses and damages to their properties which are being covered.
The amount of contribution to be paid by any participants who choose to participate in any of the variety of schemes of General Takaful depends on and is proportional to the appropriate Takaful rates and the value of properties being covered. The profit sharing ratio will be made known to the participant up front and agreed by both parties.

General takaful products:
The coverage of general takaful products is similar with the conventional products except for the existence of takaful elements of Tabarru and mudharabah. There are different products which fall under the category of general takaful.

Fire
Under this category all damages with the fire will be covered like consequential loss.

Accident
Group personal accident or other accidential damages will be covered.

Engineering
Under engineering contract woeks, equipment risks, machinery breakdown, storae tanks will be coveres.

Motor
All the private vehicles are covered under this category of general product.

Marine
Marine imports and exports and cargo in transit are covered.

Miscellaneous
All other remaining risks like empoyer’s liability or workmen’s compensation are supposed to be covered.

B. FAMILY TAKAFUL:
It is contract of Taburru where non-zakat donation are made in regular intervals to the Waqf Fund by the participants.
Under this takaful all risks associated with human life are covered like death, disability and illness including short term and long term investment needs.
The range of Takaful products offered falls into two categories:
1. Risk-type products that are provided for the protection of the participants; and
2. Investment-type products with an element of risk.

These products tend to be regular savings plans where a participant indicates his need to achieve a target lump sum by a specified time in the future. Under this scheme the participants pay their premiums into the Takaful fund. A portion of the premium is allocated purely for savings and investment, and the balance goes as a Tabarru to build up reserves (claims reserves, unearned premium reserves and so on), to direct expenses, and to pay for Retakaful (reinsurance).

Again, Mudharabah, Musharakah and Wakalah models can be implemented under this approach. Beyond these two main areas, Takaful products are also available for health and pensions needs. It should be noted that Takaful insurance is not just for Muslims but also for non-Muslims, as it is seen by them as an ethical form of insurance.

Salient Features of Family Takaful
Life cannot be insured but the beneficiaries can be financially supported by a system of mutual assistance (risk sharing).

Benefits: Takaful Benefits are paid from the Waqf Fund and not by the Operator.

Investment Growth: Participants contribute their small savings which the Takaful Operator invests to grow it into larger amounts

C. RE-TAKAFUL:
Retakaful is a takaful of takaful operators. It is actually a form of takaful whereby the takaful operator pays an agreed upon premium from the takaful fund to the retakaful operator, in return, the retakaful operator will provide security for the risk reinsured. Retakaful is a mechanism by which the direct insurance companies protect their retained business by achieving geographic spread and obtaining protection, above certain threshold values, from larger, specialist reinsurance companies and pools. In brief, reinsurance has been defined as “insurance of the liabilities of the direct insurer”. Reinsurance of Takaful business on Islamic Principles is known as retakaful.

Nature of Retakaful:
Re-takaful is essentially about handling risk. It is to enhance the takaful activity by distributing risks. It is a risk aversion method in which the takaful ceding company resorts to re-takaful operator to reinsure the original insured risks against an undesirable future situation if the risk insured were above the normal undertaking or claim. Thus, a takaful ceding company may, based on limited financial resources, hedge against possible incapability to meet all takaful reinsurance protection from a financially capable reinsurer, which will take over the coverage of the large proportion of the risk.
In retakaful operations, the participants are takaful operators instead of individual participants. The retakaful operator assumes the responsibility of managing and investing the premiums of takaful operators on the basis f profit and loss sharing.

Parties involved in Re-takaful operations:
There are two parties involved in retakaful operations
Talaful Operator.
Retakaful Operator.

Objectives and Functions of Re-takaful:
Re-takaful is to enhance takaful activity by distributing risks. It is mainly for covering large risks and large accumulation of risks subject to common loss.
Following are te objectives of re-takaful.
1. Protecting the takaful operator from the threat of insolvency, underwriting and interest of the participants, forgoing co-operation among the participants and investing the accumulated fund in an Islamic way.
2. Provides underwriting flexibility and further consolidating the financial stability of the takaful operator in order to compete with conventional insurance companies in accepting risks.
3. To utilize he retained deposits reserves of the re-takaful fund in the interest of its clients without paying interest as a process of making the reinsurance industry an interest free business.

D.BANCA TAKAFUL:
It is defined as the delivery and distribution of a suitable range of tailored bankable protection and long term savings, education and retirement plans designed to meet the life cycle needs of the consumer base of a bank or other financial institution.
Banca Takaful has many advantages for banks, takaful companies and the customers.

Advantages for the Banks:
• The bank sees banca takaful as a way of creating a new revenue flow and its existence branch network is extensively used
• Diversifies its business activities
• Covers all customer’s needs
• The distribution cost are marginal since it is the bank’s existing employees who sell the products.

By: Arslan Ziad

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Backbiting

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The Wise Teachings of Sufis

The Tests and Trials of ishq e ilahi

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Nisbat e ilmiya

Mojzah Karamat and Istadraaj

Mention of the Friends of Allah

Majzoob

Knowledge of the Unseen

Istaghna

Affection For Allah

Ahl e Takveen

Initial Creation

Zikar

Durood-e-Paak

It is this buy finasteride we are tight to control but not perennially everything goes as we will like buy propecia online may fall in love with the momentum of change.

Friday Prayer

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Islamic Banking

Basics Rules Of Bai

Concept Of Partnership in Islam

History Of Usury During Prophet’S (PBUH) Era

Models Of Takaful

RIBA

Takaful And Its Mechanism

Type Of Takaful

It is this buy finasteride we are hard to control but not ever everything goes as we would like buy propecia online may fall in love with the instant of change.

Lover OR Beloved

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It is this buy finasteride we are tough to control but not anytime everybody goes as we aspiration like buy propecia online may fall in love with the momentum of change.