Takaful and Retakaful Challenges

Takaful and Retakaful Challenges

2nd Grade

10 Qs

quiz-placeholder

Similar activities

complementary treatment for burns

complementary treatment for burns

2nd Grade

13 Qs

ICT Quiz

ICT Quiz

2nd Grade

10 Qs

Quiz on Emerging Trends in Business Credit

Quiz on Emerging Trends in Business Credit

2nd Grade

10 Qs

chap 1

chap 1

1st - 5th Grade

12 Qs

Pai 8

Pai 8

1st - 5th Grade

14 Qs

Takaful and Retakaful Challenges

Takaful and Retakaful Challenges

Assessment

Quiz

Others

2nd Grade

Medium

Created by

Sharifah Balqis

Used 2+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main challenge faced by Takaful operators in using Retakaful companies?

Retakaful companies charge higher premiums than conventional reinsurance companies

There are limited Retakaful companies available to cover large claims

Retakaful companies operate under different Shariah principles

Retakaful companies are only available in specific regions

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is the use of conventional reinsurance by Takaful operators considered a Shariah issue?

Conventional reinsurance companies have higher fees

Conventional reinsurance involves prohibited elements like riba, gharar, and maysir

Conventional reinsurance does not pay claims in a timely manner

Conventional reinsurance operates without international standards

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why are retakaful companies relatively fewer than reinsurance companies?

Because the retakaful market is relatively niche compared to conventional reinsurance, so there might be less incentive for new players to enter the market.

Because retakaful companies are not allowed to operate internationally.

Because conventional reinsurance companies offer better compliance with Islamic principles.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do takaful operators need to go to retakaful companies?

To share and manage risks that are too large for a single operator to handle alone.

To increase their profits through interest-based investments.

To avoid offering products that comply with Islamic values.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a commission (in a retakaful contract)?

payment made by retakaful operator

payment received by takaful operator

payment received by retakaful operator

claims received by takaful operator

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What element might potentially be removed from the retakaful contract, for the commissions received?

tabarru'

gharar

'adl

shura

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the benefits mentioned by having collaboration with the authorities & professional organisation?

Incentives for new entrants

Promote the advantages of retakaful

Accelerating licensing process

Uphold the reputation of the organisation

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?

Similar Resources on Wayground