Takful Report

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Top 20 FREQUENT WORDS

takaful 39 islamic 16 insurance 7 financial 6 institutions 6 model 5 asia 4 based 4 challenges 4 countries 4 markets 4 operators 4 participants 4 products 4 riba 4 shariah 4 agency 3 arab 3 bedouin 3 business 3 camel 3 companies 3 estimated 3 growth 3 malaysia 3 movement 3 operator 3 risk 3 role 3 sharia 3 specific 3 uncertainty 3 wakalah 3


DOCUMENT KEY POINTS

  • it provide provides mutual protection and joint risk sharing in the event of a loss by one of its member
  • introduction takaful is the sharia compliant brand name for the islamic alternative to conventional insurance
  • from the holly quran i R the need for insurance is shown in the following verse of the quran
  • those of you who die and leave widows should bequeath for their widows a year s maintenance and residence
  • he asked the bedouin why don t you tie down your camel the bedouin answered i put my trust in allah swt
  • from the hadiths i R by anas bin malik one day prophet muhammad pbuh notced a bedouin leaving his camel without tying it
  • riba in insurance i R direct riba excess on one side in case of exchange between the amount of premium
  • i R indirect riba the interest earned on interest based investments
  • the concept of takaful i R taburro contribution from the participants policy holders i R partnership among the participants
  • i R need of an operator i R investment in sharia compliant modes
  • i R the role of the shariah board is vital in meeting the specific demand of a public who would not insure otherwise
  • shariah compliance i R shariah compliance is an essential element in takaful
  • i R wakalah model an agency agreement is made between participants and operators on the basis of wakalah agency agreements i R wakalah based on waqf model the participant s donate the fund and operator charge an agency fee
  • different models of takaful i R pure mudarabah model the participants and operator enter into modarabah contract
  • takaful pioneers i R takaful started some years ago in the middle east with the launching of two companies i R the islamic arab insurance co
  • of sudan i R but it took some time for the movement to take shape
  • i R this was instrumental in the successful launching of the takaful movement in malaysia and in other countries of south east asia
  • takaful pioneers i R later in malaysia played a pioneering role in setting the first legal framework specific to takaful takaful act
  • other islamic takaful legislations i R other markets such as the sudan and iran have islamic regulatory environments and became naturally takaful markets
  • i R in the gulf countries specific takaful legislations are coming through in bahrain and in saudi arabia
  • on average i R world takaful contributions are conservatively estimated at around us billions of which i R general takaful i R family takaful
  • takaful premium i R takaful is one of the fastest growing segments in insurance at around pa
  • i R 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 R despite the challenges facing this new industry exciting times are ahead once the latent potential is unleashed
  • i R the success of takaful largely depends on that of islamic financial institutions on a global basis


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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

28


Published Date

2016-09-17 01:21:15


Full Document

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