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Modern Application Of Takaful  




Ethics of Islamic Takaful


The conventional insurance suffers, what-called (Moral Hazards) or Moral Hazard which means : complacency of some insurers in maintaining the integrity of the Interest insured, or take the measures and precautions to reduce the probability of the accident, or minimize the expected loss in case of accident on the basis that there will be compensation in the event accident; which may give rise to a serious consequences, especially: high insurance losses, and lower rates of performance and projections, and higher insurance rates, in addition to litigation and the high costs of settling disputes.

The Takaful insurance in its original social system urged by the Islamic Sharia, and then is forbidden on the participant side which to proceed all of which would impair his or offend him, and he should has the following characterize:

The good of use benefits of Takaful, limiting the participant to use the benefit according to his needs.

  • Avoiding fraud to get what is not entitled by the terms and conditions of the Takaful contract, avoiding submission of false claims, or the pursuit of illegal enrichment by combining multiple compensation for the same risk; because its fraud that Islam forbids.
  • Honesty to give information relating to insurance, and do not hide any material fact influential in accepting to participate in Takaful, or specified the Takaful participation.