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ISLAMIC INSURANCE (TAKAFUL)

ISLAMIC INSURANCE (TAKAFUL). T akaful. Takaful products. The word “Takaful ” originates from the Arabic word Kafalah , which means " guaranteeing each other " or " joint guarantee “.

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ISLAMIC INSURANCE (TAKAFUL)

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  1. ISLAMIC INSURANCE (TAKAFUL)

  2. Takaful Takaful products The word “Takaful ” originates from the Arabic word Kafalah, which means "guaranteeing each other" or "joint guarantee“. Takaful is based on principles of mutuality and co-operation, encompassing the elements of shared responsibility, joint indemnity, common interest and solidarity. General Takaful Family Takaful gives protection to participant for losses arising from perils such as accident, fire, flood, liability and burglary secures the family conditions if anything happen to the head of the family in the future.

  3. Issues on Insurable Risk • Insurable risk is the chance of loss or the possibility of loss or uncertainty concerning the occurrence of a loss.

  4. Should the takaful be confined to Pure Risk? • All types of risks are insurable under takaful contract:- • Takaful is based on brotherhood, solidarity and mutual assistance. • Al-tabarruconcept- all types of risks are acceptable. • Speculative risk is not identical to gambling. Eg. Taxi driver who is driving his car with danger of accident.

  5. Issue on Insurable Interest Definition : Interest an individual must have in insurance coverage carried by someone else. Legal perspective : the party to the insurance contract who is the insured or policy holder must have a particular relationship with the subject matter of the insurance whether that be a life or property or a liability to which he might be exposed. The absence of this requirement under conventional insurance will render the contract illegal, void and simply unenforceable.

  6. Issues of Nomination • the process of oppointing a person or persons to receive the takaful benefit. PURPOSE To ensure that the loved ones of the participant are financially protected in case of an untimely accident or death of the participant.

  7. Status of Nominee Whether he is the sole beneficiary or simply an executor Resolution The takaful nomination form has to be standardized and must stipulated clearly the status of the nominee either as a beneficiary or an executor (wasi) or a trustee.

  8. Issue of Shariah in Takaful The validity of Hibah and its Applications Hibah can be defined as “a voluntary contract that results in uncompensated ownership transfer between living individuals”. In other words, it can be referred to as giving ownership of one’s property to another without any rewards in return. 1) Against the Nature of Hibah. According to Islamic concept of hibah, gifts can be given during the lifetime of an individual. But in family Takaful, the Takaful benefits are given as a gift if the policy holder dies before the maturity. Thus, it goes against the nature of hibah itself . Another point to be noted is that if Takaful benefit is distributed after the death of the participant, it must be done with subject to certain conditions. They are: • The distribution of estate must not surpass one-third of the estate minus the expenses and debts. • The distribution of estate after the death is considered as wassiyah and not as hibah

  9. 2) Ownership & Evasion of Fara’id • Regarding the money in the Participant Account, when a participant dies, it is part of his estate. • However, with regard to the money payable by the takaful operator taken from the Special Participant Account is still questionable. • The reason being the participant does not own the money in this fund. • Also the participant does not own the takaful benefit during his lifetime but the ownership of the takaful benefit is transferred to the donee after the death of the participant. • But based on the opinion of the Jurists, any property that was not owned by the deceased during his lifetime must be distributed according to the Islamic law of Inheritance (Fara’id). • As hibah cannot be implemented after death, some Jurists believe it is a tactic to avoid the Islamic Law of Inheritance and therefore it contradicts the Quran.

  10. CONCLUSION For further effort and the development made by Malaysia government leads Takaful industry in Malaysia to have its own step forward to solve the dispute of Islamic cases either Islamic banking and Takaful industries with in Muamalah Division within the civil court system.

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