Takaful - Savings Through Family Takaful
Takaful - Savings Through Family Takaful Family Takaful can combine protection and savings/investment within the same arrangement. Instead of the entire gross contribution going into the Participants’...
Takaful - Tabarru’ as a Unilateral Commitment and Compensation as a Conditional Obligation
Takaful - Tabarru’ as a Unilateral Commitment and Compensation as a Conditional Obligation The concept of iltizam bi al-tabarru’ helps explain why Takaful is not simply regarded as a bilateral exchange...
Takaful - Obligatory Nature of Tabarru’ (Iltizam bi al-Tabarru’)
Takaful - Obligatory Nature of Tabarru’ (Iltizam bi al-Tabarru’) An important Shari’ah discussion in Takaful concerns the obligatory nature of tabarru’. The main question is: If a participant makes...
Takaful - Is Takaful Similar to a Lucky Draw?
Takaful - Is Takaful Similar to a Lucky Draw? Takaful may appear superficially similar to a participant-funded lucky draw because many people contribute money into a common pool while only some eventually...
Takaful - Existence of Gharar in Takaful
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Takaful - Distribution of Underwriting Surplus Is Not Allowed
Takaful - Distribution of Underwriting Surplus Is Not Allowed Another approach to the treatment of underwriting surplus is that the surplus should not be distributed at all. Under this approach, neither...
Takaful - Distribution of Underwriting Surplus Only to Participants
Takaful - Distribution of Underwriting Surplus Only to Participants Another approach to the treatment of underwriting surplus is that the surplus may be distributed to the participants only, rather than...
Takaful - Distribution of Underwriting Surplus to Participants and the Takaful Operator
Takaful - Distribution of Underwriting Surplus to Participants and the Takaful Operator An important issue in Takaful is determining who is entitled to receive the underwriting surplus that arises in...
Takaful - Role of an Actuary in Takaful
Takaful - Role of an Actuary in Takaful An actuary plays an important role in ensuring that a Takaful operation is financially sound, properly priced, adequately provided for, and fair to participants....
Takaful - Role of an Actuary in Pricing
Takaful - Role of an Actuary in Pricing Pricing is an important part of Takaful because participants normally pay their contributions in advance, at the beginning of the coverage period, before anyone...