Al-Takaful, which is Arabic for “joint guarantee”, refers to the assurance that some form of financial help is available to address any misfortune, accident or disaster.

An alternative to conventional insurance, Takaful involves the pooling of resources and expertise of two groups of people – those who require financial help to address their misfortune and Takaful Operators who manage such assistance. It is governed by the principles of equitability and transparency, and driven by the spirit of collective responsibility and cooperation. This is to create relationship that is mutually beneficial to all parties.

In Takaful, contribution paid by policyholders will be kept in a fund called Tabaruu Fund or Donation (for designated purposes) Fund. Managed by our team of risk managers, this fund will be used to pay for claims and costs for operating the scheme.

UOI experience with Takaful can be traced back to 2004 when the we took over the business of another insurance company who operated a takaful window. Since then, we recognised that the niche market for Takaful is a growing one and we want to be there in the forefront driving this growth.

Over the past 10 years, UOI had been building the business infrastructure to support the selling and servicing of syariah-compliant products. We worked closely with selected business partners who have the necessary expertise and who can add value to what we do.

By working with like-minded partners, we have been able to provide competitive general Takaful products for you.

Though it is a form of Islamic Insurance, purchase of Takaful products is not restricted to the Muslim community.



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