Modern Application Of Takaful  




The Forms Of Takaful Management


Al Takaful in its simple form, which is among a limited number of people can manage between themselves up to its limitations, but with the increasing number of participants, and the multiplicity of needs Takaful, has become an urgent need to control the Takaful operations and managed by professionals and specialized corporations, for that reason founded three methods to manage (Takaful) applied currently in the world according to what is called (family system), as follows:


The First Model

Agency (Wakalah) model without fare with profit-sharing and loss sharing speculation (Al Mudarabah):
In this model the Takaful insurance company works as a manager of the Takaful operations without fare, and bear the Takaful Account will carry the administrative expenses relating to those operations, as the company enjoys as a manager is another character by a realized percentage from the investment earnings, and Takaful participants in their capacity as capital owners.


The Second Model

Agency (Wakalah) in return for a fee without speculation (Mudarabah):
And it operates that an insurance Takaful company acting as an agent on behalf of the participants in the Takaful operation who represent the client, and act in all activities of investment and insurance operations under the agency (Wakalah), for services provided by acting as an agent being paid what called (agency fee or management), which is usually a percentage of Participations paid.


The Third Model

Agency (Wakalah) in return for a fee with speculation (Mudarabah):
According to this model it is adopting the agency contract with a fee against the Takaful insurance operations, while the speculation contract used for investment operations. This model has been an increasing demand by the Takaful insurance institutions. The company for its management will take a fee only against the management of insurance operations the Takaful account and invest a specific part of its money without sharing any proportion of the profits of that money, and this model our company applied.