Takaful

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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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

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

· Syariah Advisory Council (SAC)

· Based On Mutual Co-Operation and Tabarruʼ

· Profit Will Be Shared Among Operator (Company) And Participant on Mudharabah Basis or Performance Investment Fee

These features refer to

• Conventional Insurance

• Takaful

What is the main principle behind takaful?

• Individual financial protection

• Mutual cooperation and assistance

Which type of insurance is based on the concept of tabarruʼ?

• Life insurance

• Takaful

What distinguishes takaful from conventional insurance?

• Profit-sharing model

• High premium rates

What is the key difference between takaful and conventional insurance?

• Profit-sharing model

• High premium rates