What Is Family Takaful

Under a takaful arrangement individuals come together and contribute towards the common objective of protecting each other against financial losses by sharing the risk on the basis of mutual assistance.

What is family takaful. Takaful is an arabic word which means joint guarantee. A family takaful plan is an arrangement which rests on key shariah principles of mutual cooperation solidarity and well being of a community. Takaful is a type of islamic insurance wherein members contribute money into a pool system to guarantee each other. The scope of takaful items offered falls into two.

Takaful means guaranteeing each other in arabic. Takaful branded insurance is based on sharia or islamic religious law and covers. Generally in pakistan family takaful operators are issuing membership under various types of unit linked plans. From your pa.

Takaful protects muslim from things that contravene to sharia law or against islamic principles such as riba which conventional insurance is known for practicing and charging interest meanwhile on the other hand takaful insurance is based on tabarru where a portion of the contributions made by participants is treated as a donation. It is an islamic system of mutual insurance built around the concept of tabarru donation gift. A family takaful rider is an extension of the basic family takaful. Takaful investment plans unit linking system.

It is a community pooling system based on the principles of brotherhood and mutual cooperation where participants contribute in a common fund to help those who need it the most. The rider provides coverage against personal accident and disability medical and health. We offer life and general insurance as well as family and general takaful products. Tabarru contributions are made into al hilal takaful s takaful fund with the intention to help other participants faced with difficulties.

What is family takaful. التكافل sometimes translated as solidarity or mutual guarantee is a co operative system of reimbursement or repayment in case of loss organized as an islamic or sharia compliant alternative to conventional insurance which takaful proponents believe contains forbidden riba usury and gharar excessive uncertainty. Etiqa is the takaful market leader and one of the top conventional insurers in malaysia. It is a contract of taburru where non zakat gift is made in customary interims to the waqf fund by the members.