How does Takaful work in Malaysia?
Takaful operations are based upon the principles of mutuality, whereby each participant makes a donation to a Takaful fund. In the event of its loss, the participant will receive the amount of its claim. All investments managed by the takaful operator are made in accordance to the Shariah law.
What is Takaful Industry Malaysia?
The development of the takaful industry in Malaysia in the early 1980s was inspired by the prevailing needs of the Muslim public for a Shariah-compliant alternative to conventional insurance, as well as to complement the operation of the Islamic bank that was established in 1983.
What are the principles of Takaful?
Takaful is a form of mutual insurance based on the principles of cooperative risk sharing, mutual responsibility, mutual protection, and solidarity among groups of participants. Each takaful model (structure) may combine these principles in different ways, but a takaful product always is rooted in these four.
Who are the main players in the takaful industry?
The growth of the global market is mainly driven by the three main markets of Saudi Arabia, Iran and Malaysia, which account for nearly 80% of total global assets. Globally, there are an estimated 324 Takaful operators in the world.
What is family takaful?
Family takaful is comparable to conventional life insurance and provides financial coverage to you and your family to ensure a better life without monetary challenges. Investment – linked family takaful plans let you earn better investment returns while providing coverage and benefits for you and your dependents.