Takaful Knowledge

Which definition is the most accurate about takaful?

• A system based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants.

• A contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses.

Which one is the main regulatory body of Takaful?

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What are the main sources of Takaful Law?

• IFSA 2013

• Takaful Act 1984

• TOF 2019

• Al-Quran and As-Sunnah

There is a similarity between Takaful and Conventional Insurance. Choose the correct one.

• Transfer of risk

• Based on mutual cooperation

• Provide protection in the event of unforeseen events and

  contributions must be made to start the coverage

• Claims paid from participants’ fund

All these elements include in conventional insurance except

• Al-Gharar

• Hibah

• Riba’

• Al-Maysir

There are four types of takaful business models. All of them are the types of takaful business models, except

• Wakalah

• Hybrid

• Mudharabah

• Cooperative

• Tawarru’

· Provide short-term mutual financial assistant

· Contribution usually paid on annual basis

· Contribution is wholly on the basis of Tabarru’

The features above are about ...

• General takaful

• Family takaful

All of them are general takaful product, except

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Which definition is correct for Family takaful?

• A long-term saving and investment instrument which provide a mutual guarantee of financial assistance to participants in the event of death to the participant or any defined misfortunes

• Contract of joint guarantee, short term (usually covers a period of one year) in the event of material loss/damage/bodily injury consequent upon the happening of a peril, inflicted upon properties, material belongings or mankind

Regular savings for a definitive period with the view of creating a retirement fund for old age.

This statement refers to ....

• Family takaful

• General takaful