Modern Application Of Takaful  




Terminologies in Takaful


Participant Fund

An account of premiums – participations) means the Insured which is committed to pay the amount of insurance coverage to the insurer or the beneficiary- which is determined by the insured – when the event of risk insured.



Member of participant committee, who participated in the plan of Takaful, and is committed to pay a premium for cooperation to spread up the potential dangers that afflict the participants or some of them against the enjoyment of benefits of insurance coverage against potential risks and hazards.


The Risk

The incident is likely to occurred, which happened without the will of any of the contractors, which is a possibility that the result will be unlike what to expect from the person, or the uncertainty of the occurrence of the risk or not.


Limit of Takaful Coverage

The maximum limit of the financial value of the insured liability to the participant or the beneficiary to redress the damage caused by the occurrence of the insured risk.


Takaful Participation

Is the amount (premium) paid by the participant or he has to pay to the insured, which is an installment basis of the premium from the total premiums in the Takaful Fund, and may be paid as one payment or in installments.