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Takaful Quote

 Islamic Bank | Takaful | Business Oportunity Forum :: Takaful - Islamic Insurances
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 Subject :Re:Takaful and General Insurance...... 2011-03-09 10:00:44 
johnson
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Joined: 2011-03-03 16:00:55
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Takaful is an Islamic version of conventional insurance but with a slight edge. It based on the principle of sharing mutual profits and helping others in losses. These undertakings in Takaful are based on Shari’s law.
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 Subject :Re:Takaful and General Insurance...... 2011-03-07 10:14:33 
jessica
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Takaful is an ancient Islamic concept related to Muamalat, a word for banking transactions. For more than 1400 years, this concept of banking has been practiced in different forms. The main aim of this concept was that of shared responsibility the foundation of which was laid down by the Muslim jurists, who believed in the system of Aquila, practiced between the Muslims of Mecca and Medina.


Takaful can be called as an Islamic version of general Insurance that exists in different forms. Based on the concept of mutual sharing and solidarity it is more of a two-tier structure formed into a commercial company. The undertakings present in Takaful are based on the principle of Shari`s law, which also has its control in areas of management and supervision.
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Last Edited On: 2011-03-07 10:55:29 By jessica for the Reason
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 Subject :Re:Takaful and General Insurance...... 2011-03-04 09:28:12 
martin
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Joined: 2011-03-03 16:06:25
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Takaful-
Based on mutual co-operation and ’Tabarru’
Free from ’riba’, ’gharar’ and ’maisir’.
Syariah Advisory Council (SAC).
Profit will be shared among operator (company) and participant on Mudharabah basis or Performance Investment Fee.


General Insurance-
Based solely on commercial factors
Abundant with ’riba’, ’gharar’, and ’maisir’.
No Syariah Advisory Council (SAC).
Interest practice.
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 Subject :Re:Takaful and General Insurance...... 2011-03-03 18:16:55 
johnson
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Some of the formalities of Takaful are quite similar to that of insurance but the benefits of Takaful are entirely different from that of a general insurance. For instance, the partners share the profit that they get from the business done, which is not there in case of general insurance. As per the principles and guidelines of Islamic Insurance, the insurer has to return the premium amount of the Insured person if he or she is not willing to continue or is not in a condition to proceed. Takaful is free from interest that is the insurer gets the amount on the profit or loss basis of the business.

I HOPE THIS HELPSSS
CHEERS
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 Subject :Re:Takaful and General Insurance...... 2011-03-03 17:33:29 
tarannum
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schgrv Wrote on 2011-03-03 17:28:52:
Hi,

Can anyone tell me the difference between Takaful and General Insurance???

Thanks in advance

Hey even i am also looking for this... Hope that i'll get few ideas from here ..
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 Subject :Takaful and General Insurance...... 2011-03-03 17:28:52 
schgrv
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Joined: 2011-02-24 17:21:50
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Hi,

Can anyone tell me the difference between Takaful and General Insurance???

Thanks in advance
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