| |
Takaful
| Products | Portfolio Development |
What is Takaful?
In Arabic, Al-Takaful means ‘Joint Guarantee’. This refers to the assurance that some form of financial help is available to address any misfortune, accident or disaster, events commonly known as risks.
Takaful operates on the basis of the pooling of resources and expertise of two groups of people - policyholders who require financial help to address their misfortune and insurers who manage such assistance. Essentially, Takaful is governed by the principles of equitability and transparency and is anchored by the spirit of collective responsibility and cooperation. This is to create relationship that is mutually beneficial to all parties.
In Takaful, the premium paid by the policyholders will be kept in a fund called Tabaruu Fund or Donation (for designated purposes) Fund. This fund will be used to pay for claims and costs for operating the scheme. The fund will be managed by a team of risk managers from UOI.
Takaful is an alternative to Conventional Insurance.
Who can purchase Takaful products?
Anyone. Takaful is a form of Islamic Insurance but it does not restrict the purchase to the Muslim community.
|
|
