Takaful explained
Historically
Islamic concept of Takaful was introduced about 30 years ago. Started in Malaysia, in 1984,but must have been developed years before.So the concept is fairly new. However, it did not bring anything new.The concept was already there in the Quran and Sunnah.
Proof form Quran and Sunnah
The concept was already there like paying the blood money. The Islamic system of insurance embodies the elements of shared responsibility, joint indemnity, common interest and solidarity.
Muslim jurists conclude that it should be on the basis of mutuality and co-operation. In conventional insurance, indemnity and profits are not shared.
Rulings and Regulations
1. Policy holders cooperate among themselves and share common goals.
2. The subscription of each policy holder is like a donation and intended to spread the cost and liability across community pooling system.
3. No advantage at the cost of others.
4. Not like conventional Insurance to pay and recieve nothing in case of loss.
5. In conventional insurance, one is treated as a client, while in Takaful, one is a partner.
6. All funds must be invested in halal investments.
7. Part of the money is considered as Tabarruh (donation) and part of the money is invested.
8. The Tabarruh part covers in case of loss, while the invested part is invested and you get a return on it proportionate as agreed with the operator of Takkaful.
9. In case one dies before maturity of his takaful, he will receive whatever he has paid prior to his death from participant's account, and also his share of profits from the investments which have been credited to the participant's account. From His special account any outstanding takaful instalments which would have been paid by the deceased participant should he survive would be calculated from the date of death to the date of maturity of his takaful plan and also be given
Proof of Tabarruh
1. Bukhari narrates that the companions would put all their food into one central basket while on their jihad or dawah. They would eat from it and in case of leftover would divide it equally. This was called Al-Nahar.
2. Gifts to take back. Abu Bakr gave a portion of dates from his farm to Ayesha. She did not claim, so he took it back and advised to divide it after his death among all his children. It was like Tabbaruh, where the left over is dividing among the participants.
Types of Takaful Business
1. Family Takaful Business, General Takaful Business, Commercial Business
Difference Between Conventional Insurance and Takafful
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