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KULLIYYAH OF ECONOMICS AND MANAGEMENT SCIENCES

SEMESTER 2 (2018/2019)

COURSE TITLE:
PRINCIPLES AND PRACTICES OF TAKAFUL AND RE-TAKAFUL

Mind-mapping Notes:
Introduction to Takaful

NAME : HUMAIRA BINTI AHMAD 1621646

SECTION : 1

LECTURER : NURDIANAWATI IRWANI BT. ABDULLAH

DATE OF SUBMISSION : 30/9/2019


DEFINITION OF TAKAFUL

From Arabic Word

Kafala Takafala Takaful

•Mutual guarantee, indemnity, &


Takafala protection
• To be responsible, •-Participants mutually contribute
guarantee, • Join guarante, to the same fund and mutually
indemnify shared guarantee to indemnify fellow
responsibility, participants in the event of harm
Kafala collective assurance or peril.

Takaful

The Origin of Takaful

Takaful is practiced during the time of the Prophet. Prophet approved


this practice whereby the family of the killer contributes money to the
immediate family of the dead.

The practice of Aqīlah was continued by the companions of the


Prophet Muhammad. For instance, Sayyedana ‘Umar (commanded that
a Diwan of Mujahidin provide mutual help among themselves if
anyone of them commits murder.

During the 19th Century, a Hanafi lawyer Ibn Abidin (1784 –1836)
became the primeval Islamic philosopher to develop the importance,
general notation or idea and legal basis of an insurance agreementa and
starting from that time, insurance practices were based on legal
institutions, not based on customary practice.
Islamic jurists started issuing fatāwas on the illegitimate nature of
conventional insurance and introduced Takaful as an alternative to
insurance in the 20th century. According to these scholars, Takaful
should be based on the contract of donation instead of the
conventional commercial contract of exchange.
The Development of Takaful in Malaysia

1st Phase 2nd Phase 3rd Phase


• Oct. 1982 - Setting up of  Oct. 1993 - MNI-  Feb. 2001 -
Special Task Force to Takaful Sdn. Berhad Establishment of
explore the viability of commenced Islamic Banking and
setting up an Islamic operations. Finance Institute
insurance company  Oct. 1995 - Setting Malaysia.
• Nov. 1984 - Incorporation up of ASEAN Takaful  Mar. 2001 -
of Syarikat Takaful Group. Launching of the
Malaysia Sdn. Berhad  May 1997 - Financial Sector
(STMB). Appointment of Masterplan.
• Dec. 1984 - Takaful Act members of the  July 2002 - Mayban
1984 gazetted. National Shariah Takaful Berhad
• Aug. 1985 - STMB Advisory Council for commenced
commenced operations. Islamic Banking and operations.
• May 1988 - Bank Negara Takaful.  Nov. 2002 -
Malaysia entrusted with  May 1997 - Establishment of
the regulatory and Incorporation of the Malaysian
supervisory role over the ASEAN Retakaful Takaful Association.
insurance and takaful International (L) Ltd.  July 2003 - Takaful
industries in the International Ikhlas Sdn. Berhad
Offshore Financial commenced
Centre, Labuan. operations.
 Nov. 1998 - MNI-  Nov. 2004 -
Takaful changed its Approval in
name to Takaful principal granted to
Nasional Sdn. Commerce Asset-
Berhad. Holding Berhad to
conduct takaful
business.

Development of Takaful Globally


•According to Bank Negara Malaysia, with Takaful's rapid annual growth of between 15-
20%, the global takaful industry is one of the fastest growing components of the insurance
market.
•Based on the 2007 Oliver Wyman Report, the potential premium for takaful worldwide, is
at least USD20 billion annually, while the current figures for premium is estimated at USD4
billion. The report also estimates that up to 20% of the takaful revenues originated from
non-Muslim customers.
LEGAL DEFINITION OF TAKAFUL

IFSA 2013
An arrangement based on mutual assistance under which takaful
participants agree to contribute to a common fund providing for mutual
financial benefits payable to the takaful participants or their beneficiaries
on the occurence of pre-agreed events.

Takaful Act 1984


A scheme based on brotherhood, solidarity and mutual assistance which
provide for mutual financial aid and assistance to the participants in case
of need whereby the participants mutually agree to contribute for the
purpose.

Item 2 of Shariah Standard No. 26, AAOIFI 2008


A process of agreement among a group of persons to handle the injuries
resulting from specific risks to which all of them are vulnerable which
involve payment of contributions as donations and leads to the
establishment of an insurance fund that enjoys the status of legal entity
and has independent financial stability.

An Islamic insurance company operating a takaful fund must operate under the
following principles:

It must operate A reinsurance The insurance


2.

3.
1.

according to commission may company must


Islamic only be received maintain two
principles. from or paid out separate funds :
to Islamic i)a participant
insurance and and policyholder
reinsurance fund
companies. ii)a shareholder
fund
JURISTICS VIEW ON TAKAFUL

•..and help one another in goodness and piety, and do not help one another in sin
and aggression; and be careful of (your duty to) Allah; surely Allah is severe in
requiting (evil). ( Surah Al-Maidah verse 2)
•Takaful is a form of mutual help (ta'awun) in futhering good/virtue by helping others
Al-Quran who are in need.

•One day our Prophet Muhammad S.A.W noticed a bedouin left his camel without
tying it. Prophet Muhammad asked the bedouin, "Why don't you tie your camel?“
The bedouin answered, "I put my trust in Allah“ Then Prophet Muhammad said, "Tie
your camel first and then put your trust in Allah“ (Riwayat At-Tirmizi)
Hadith • This Hadith impilied a strategy to reduce risk.

•Damage or Harm must be removed- if damage


already occured, efforts should be made to
remove it.
•Do not create or respond to harm.
•Takaful is a form of efforts to remove
Legal Maxims harm/damage and should be a tool which is
harmful to participants.

BENEFITS OF TAKAFUL

Coverage & Peace Of Mind Saving Mobilization


-benefits to policyholder of -upon maturity
beneficiaries -very useful for retirement

Opportunity to do Collectively Participate


Halal Investment
Charitable Work in Economy
-Make investment into
- Proportion of - pooling resorces
a Syariah-compliant
contribution will be
portfolio
given away as charity

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