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TAKAFUL

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Takaful is a co-operative system of reimbursement in case of loss, paid to people and companies concerned about hazards, compensated out of a fund to which they agree to donate small regular contributions managed on behalf by a Takaful Operator. It is defined as an Islamic insurance concept which is grounded in Islamic muamalat (Islamic banking), observing the rules and regulations of Islamic law. This concept has been practised in various forms since 622 CE. Muslim jurists acknowledge that the basis of shared responsibility (in the system of aquila as practised between Muslims of Mecca and Medina) laid the foundation of mutual insurance. Islamic references

These fundamentals are based on the sayings of the Islamic prophet Muhammad. Based on the hadith and Qur'anic verses mentioned below, Islamic scholars have decided that there should be a concerted effort to implement the concept of takaful as the best way to resolve these needs. Some examples are: Basis of Co-operation: Help one another in al-Birr and in al-Taqwa (virtue, righteousness and piety), but do not help one another in sin and transgression. (Surah Al-Maidah, Verse 2)[Quran 5:2] God will always help his servant for as long as he helps others. 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. One true Muslim (Mu’min) and another true Muslim are like a building, whereby every part in it strengthens the other part. Basis of Mutual Protection: By my life (which is in God’s power), nobody will enter Paradise if he does not protect his neighbour who is in distress. The fundamentals underlying takaful are very similar to co-operative and mutual principles, to the extent that the co-operative and mutual model is one that is accepted under Islamic law. Some Muslims believe insurance is unnecessary, as society should help its... Show More

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