Takaful is an insurance concept which is grounded in Islamic Muamalat, observing the rules and regulations of syariah.
In fact,this concept that has been in practice for over 1,400 years.
In principle, Takaful system is based on mutual cooperation, responsibility, assurance, protection and assistance between groups of participants.
In other words, it is the provision of shared contributions to help those who are in need.
These fundamentals are based on the sayings of Prophet Muhammad s.a.w. Some of the examples are:

Basis of Co-operation

  • Allah will always help his servant for as long as he helps others.(Narrated by Imam Ahmad and Imam Abu Daud)
Basis of Responsibility

  • The place of relationships and feelings of people with faith,between each other, is just like the body; when one of its parts is afflicted with pain, then the rest of the body will be affected. (Narrated by Imam al-Bukhari and Imam Muslim). One true Muslim (Mu'min) and another true Muslim (Mu'min) is just like a building whereby every part in it strengthens the other part. (Narrated by Imam al-Bukhari and Imam Muslim)
Basis of Mutual Protection
  • By my life, which is in Allah's power, nobody will enter Paradise if he does not protect his neighbour who is in distress. (Narrated by Imam Ahmad). Based on the above hadith, Islamic scholars had decided that there should be a concerted effort to implement the Takaful concept as the best way to resolve these needs
Understanding the Takaful Contract

  • The current Takaful practice uses a combination of two types of ‘Aqad (contract). These are the Tabarru' (donation) and Mudharabah (investment) contracts which are free from the elements of Riba (interest), Maisir (gambling) and Gharar (uncertainty).
  • In the Tabarru' contract, participants agree to donate or contribute to a fund with a sincere intention of helping each other to assume the monetary losses and misfortunes that may befall any of them.
  • In the Mudharabah contract, however, participants contribute to a fund that is managed by the Takaful company and share in the profits from such investment.
for more information, call 012-3497688 Mr. Hafiz Azemi, Islamic financial Advisor

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