Modern Application Of Takaful  




Takaful Insurance Benefits and its Role in the Company


In Terms Of The Technical Basis Upon The Insurance Risk Coverage

  1. The Takaful on the basis of cooperation between the participants, understanding of the insurer and the insured, the company is just Takaful business manager, unlike conventional insurance, which is based on compensation by transfer the risk from the insured to the insurance company for an amount of money owned by the company.
  2. In the Takaful insurance there is a special Takaful account independently entirely for the shareholders account of the company, other than the conventional insurance companies,, which includes the participants funds (premiums) and the company account in one account as belong to her, and the participant considers a party against the company.
  3. The ownership of participation of Takaful and returns back to the participants, and in the event of a deficit in the participation account the Takaful company management will not bear such deficit unless due to mismanagement or overtaking, but they may lend money to the fund to cover the deficit, while the conventional insurance companies, own premiums and revenues against insurance coverage, therefore undertake that deficit in the event of inadequate insurance premiums out of its capital or investments.
  4. The surplus in the Takaful company owned by the participants account and the Takaful insurance company will not earn nothing except in accordance with a conditional agreement with the participant, not like conventional insurance companies, owned premiums directly, and then the surplus, the disposition of the surplus of the insurance is one of the most prominent differences between Takaful and conventional insurance.

In Terms of The Desired Goal

The Takaful Fund is a non-profit fund basically aims to achieve cooperation among its participants, unlike conventional insurance companies, which aims to collect premiums under owned accounts to achieve profits of insurance.


In Terms of Commitment To The Provisions Of The Islamic Shariah

Takaful in all its products, and transactions, and investments are subject to the provisions of the Islamic Sharia, and the Takaful management companies appointed shariah committees supervises the activities and have the right to shariah control and audit, unlike conventional insurance companies, may not ensure compliance with the provisions of Islamic shariah, in addition to the conditions of arbitrary from one-sided contained in the conventional insurance contract.


In Terms Of The Moral Side

The Participant in the Takaful insurance is keen not to the occurrence of the risk insured, and committed to values of honesty, truthfulness and love of goodness to others, and then not be resorted to deception and fraud and falsification of facts; because it senses the blessedness of consuming people's money unlawfully, and he knows the reward of cooperation and help the others, while participant in conventional insurance does not indifferent to, has been trying in various ways - whatever - in order to get the maximum benefit from the insurance company; because he knows he will not receive any return premiums, hope not for the reward.