View source for Takaful for Microfinance




== Top 20 FREQUENT WORDS ==
takaful 79
insurance 30
waqf 27
islamic 21
fund 17
participant 16
contract 13
profit 13
surplus 11
business 10
investment 10
model 9
operational 9
participants 9
based 7
shareholders 7
expenses 6
loss 6
products 6
account 5
countries 5
financial 5
management 5
muslim 5
payment 5
profits 5
psa 5
risk 5



== DOCUMENT KEY POINTS ==
*all human activities are subject to risk which may lead to financial or physical losses to him
*risk and insurance risk and uncertainty are fundamental facts of life

*a those who accept the concept of insurance but find prohibited elements in its present practice
*shariah position of insurance opinion of shariah scholars is divided on insurance

*a council of grand ulama of saudi arabia a majlis tahqiqat e shari yah lucknow india a islamic fiqh academy of rabita alaa lam e islami a al majma al fiqhi alislami of oic a council of islamic ideology pakistan
*rulings of collective fiqhi bodies about insurance a islamic research institute of al azhar uni

*islamic substitute i the islamic substitute of conventional insurance according to these fiqhi bodies may be some scheme based on mutual cooperation and joint responsibility
*i that alternative is introduced under the title of takaful in recent past

*takaful pioneers i takaful started some years ago in the middle east with the launching of two companies in a the islamic arab insurance co
*of sudan i but it took some time for the movement to take shape

*i this was instrumental in the successful launching of the takaful movement in malaysia and in other countries of south east asia
*takaful pioneers i later in malaysia played a pioneering role in setting the first legal framework specific to takaful takaful act malaysia

*other islamic takaful legislations i other markets such as the sudan and iran have islamic regulatory environments and became naturally takaful markets
*i in the gulf countries specific takaful legislations are coming through in bahrain and in saudi arabia

*takaful drivers i islamic banks and financial institutions play a strategic and important role in the distribution of takaful products especially life takaful products
*i just as bancassurance played an important role in the distribution of personal lines insurance products bancatakaful is an important driver for takaful

*on average i world takaful contributions are conservatively estimated at around us billions of which a general takaful a family takaful
*takaful premium i takaful is one of the fastest growing segments in insurance at around pa

*the members of the group agree to guarantee jointly that should any of them suffer a catastrophe or disaster he would receive certain sum of money to meet the loss or damage
*in a practical sense takaful can be visualized as a method of joint guarantee among a group of members or participants against loss or damage that may inflict upon any of them

*working of the takaful business the malaysian case i takaful business is based on the concepts of mudarabah and tabarru
*i in family takaful each takaful installment is divided and credited into two separate accounts namely the participants account pa and the participants special account psa

*expenses takaful contract investment profit based on mudarabah pa pa payment from pa participant ftf payment from psa psa psa
*mudarabah model profit attributed family takaful to shareholders company company s admin manag

*payment of claims should the participant die or suffer permanent and total disability in the fifth year of participation takaful benefit will be paid in the following manner i i
*from participant s account rm rm x profit if any say rm i ii

*in case the partcipant survived should the participant survive until the maturity of his ftp payment of takaful benefit will be made to him as follows i
*from his participant s account rm rm x profit from investment rm ii

*i in technical meaning waqf means to allocate or donate some property or cash for a specific purpose to get pleasure of allah and not to let it go through consumption or sale
*i the waqf property comes into ownership of allah swt and waqif will have no property rights on it

*i waqf may be general purpose or specific purpose like waqf a ala al aulad or waqf a ala al aqarib
*i waqif has right to set the rules for waqf and manage the waqf

*i the objectives of the waqf fund would be to provide relief to participants against defined losses as per the rules of the waqf fund
*i the donation can be of any reasonable amount shariah board may specify such an amount

*the operator is the wakeel of the waqf fund and the participants pay one sided donation to the waqf fund not conditional which also eliminates the issue of gharar
*the waqf fund rules may define the sharing of surplus and other rules under which it would operate but there is no obligation to distribute surplus

*i a two digit growth in the range of to can be reasonably sustained for at least the next years in the existing markets far and middle east
*billions of which around are based in asia and africa

*conclusions i despite the challenges facing this new industry exciting times are ahead once the latent potential is unleashed
*i the success of takaful largely depends on that of islamic financial institutions on a global basis


 ''Please note, This is an auto generated summary based on sentances position in the document and other factors''
== DOCUMENT WORD ANALYSIS ==
=== Main Category ===
: AlHuda Material\takaful


=== KeyWords ===
taka islam insur malaysia productdeferred shariah countries muslim financial retakaful model growth custom partner developed service mutual bankable provided scheme



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== DOCUMENT REFERENCES ==


=== Number of Pages ===
46


=== Published Date ===
2016-09-17 01:20:24


== Full Document ==


[http://45.40.136.134/~hodhood/HodHoodDocuments/IslamicFinance/Takaful/Takaful%20Concepts%20and%20Models%20by%20Atiquzzafar%20Khan.pdf Read the Full Document]


[[Category:Islamic Finance]]

[[Category: Takaful]]