Takaful eTIQA

noreply@blogger.com (JaJa) — Wed, 9 Mar 2011 06:40:00 -0800

Satu plan perlindungan serta simpanan dengan PENDAPATAN, melalui pembayaran berkala (setiap 3 tahun sekali) yang menepati kehendak kewangan semasa peserta. - PELAN PRIMA

Plan jangka masa panjang dengan kadar PERLINDUNGAN serta SIMPANAN yang tinggi. - PELAN MESRA

Program tabung untuk waris yang "ditinggalkan" dengan SIMPANAN yang SANGAT TINGGI. - PELAN WARISAN

Perlindungan MAKSIMUM dengan jumlah sumbangan yang RENDAH (tanpa simpanan)- PELAN EHSAN

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Bagaimanakah Dana pilihan anda dan apakah pulangan yang anda harapkan?

- Perlindungan sahaja tanpa simpanan. Sumbangan RM30 - RM60

- Perlindungan dan Simpanan. Tanpa Medical Card. Sumbangan RM70 - RM100

- Perlindungan dan Simpanan bersama Medical Card. Sumbangan RM100 - RM200

- Perlindungan dan Pendapatan berkala. Sumbangan RM150 - RM300

- Perlindungan dan simpanan untuk tinggalan kepada Waris, Sumbangan RM100 - RM300

- Dana Pendidikan Anak-anak. Sumbangan RM50 - RM300

How Takaful Diff from Insurance

noreply@blogger.com (JaJa) — Wed, 9 Mar 2011 06:36:00 -0800

There are several differences between Takaful and conventional insurance. The main differences are that in Takaful, the Participants donate to a shared Takaful Fund to provide protection for each other against risks, whereas in conventional insurance the premium is paid to the insurance company which bears all of the risk.

In addition, any surplus in the Takaful Fund is distributed among Participants and shareholders on the basis of Mudaraba and Wakala models, whereas all profits in conventional insurance belong to the shareholders of the insurance company only. As such, Takaful is based on mutual cooperation whereas conventional insurance is based more on commercial factors.

The third major difference is that Takaful companies adopt strict Shari’a principles in all aspects of their operations, avoiding prohibited concepts such as Riba (interest), Al-Gharar (uncertainty) and Al-Maisir (gambling), supervised by an external Shari’a Supervisory Board

eTiQa Medical Card

noreply@blogger.com (JaJa) — Sat, 10 Jan 2009 07:38:00 -0800

Life is full of uncertainties, but it is possible to be prepared for them. Now you can be assured of immediate medical care with Maybank’s Takaful MediRider. With it, you are not only covered in an emergency, you also have a choice of better treatment and greater peace of mind.

Takaful MediRider is based on the takaful concept. Takaful MediRider is a medical rider that can be attached to selected Maybank individual or family takaful certificates. It offers a range of basic plans, which provide you with essential medical coverage. You have the option to add to that coverage with an extended plan, which means extra benefits during hospitalisation, such as added facilities and even the privacy of your own room so you can recover in comfort. You also receive a medical card that allows you hassle-free admission into panel hospitals and immediate medical attention. For all these excellent benefits, you pay a highly affordable contribution that covers you up to age 75, which is among the longest coverage available.

So take a step towards preventing unnecessary worries. Be assured of hassle-free hospitalisation with Takaful MediRider. Features With Takaful MediRider, you have a specially-designed protection scheme that gives you comprehensive medical coverage as well as these benefits:

• All In-patient hospitalisation and surgical benefits

• Emergency out-patient treatment benefits

• Choice of extension of coverage

• A medical card for hassle-free admission to panel hospitals
• Affordable contribution rates on excellent benefits

• Guaranteed renewable up to age 75 Choice of Plans Takaful MediRider gives you a choice to take up an extended plan on top of the basic plan.

You can choose from a range of Takaful MediRider basic plans to cover your fundamental medical needs and then opt to extend that coverage with a Takaful MediRider Plus plan. So not only are you covered for your basic medical needs, but you also have resources for extra benefits during hospitalisation.

Eligibility You may take up Takaful MediRider as long as you are between the ages of 1 and 59 years old (next birthday). The maximum expiry age is 75 years old (next birthday). Payment Modes You may choose to pay monthly, quarterly, semi-annually or annually via Maybank Auto Debit or Credit Card.

Feel free to contact me at slieza2711@gmail.com

Mengapa Perlu Insurans

noreply@blogger.com (JaJa) — Fri, 5 Dec 2008 00:56:00 -0800

Muhammad Hisyam bin Mohamad

Fellow: 16/01/2007 -( Berita Harian )

Musibah adalah ketentuan daripada Allah s.w.t. Ia merupakan satu ujian atau cubaan ke atas umat manusia bagi menguji tahap kesabaran mereka. Ini dijelaskan oleh Allah s.w.t melalui firmannya di dalam surah al-Baqarah ayat 155-157 yang bermaksud:

"Demi sesungguhnya! Kami akan menguji kamu dengan sedikit ketakutan, kelaparan dan kekurangan dari harta benda dan jiwa serta hasil tanaman.Dan berilah khabar gembira kepada orang yang sabar [155].Orang yang apabila mereka ditimpa oleh sesuatu kesusahan, mereka berkata: Sesungguhnya kami kepunyaan Allah dan kepada-Nyalah kami kembali [156].Mereka itulah orang yang dilimpahi dengan kebaikan dari Tuhan mereka serta rahmat-Nya; dan mereka itulah orang yang mendapat petunjuk hidayah-Nya [157].

Ada kalanya musibah ini merupakan satu ujian yang berpunca daripada perbuatan manusia itu sendiri. Lantas Allah s.w.t menurunkan balanya agar manusia kembali sedar akan kesilapan yang mereka lakukan dan kembali mengamalkan apa yang dianjurkan oleh al-Quran dan as-Sunnah. Hal ini dapat diperhatikan melalui firman Allah s.w.t di dalam surah ar-Ruum ayat ke-41 yang bermaksud:

Telah nampak kerosakan di darat dan di laut disebabkan perbuatan tangan manusia, supaya Allah merasakan kepada mereka sebahagian dari (akibat) perbuatan mereka, agar mereka kembali (ke jalan yang benar).

Sebagai hamba, kita perlu menerima ketentuan ilahi dan perlu pasrah kepada qada' dan qadarNya. Bagaimanapun ini bukan bermaksud kita perlu berdiam diri tanpa perlu berikhtiar untuk mengelak ia daripada terjadi atau mengurangkan risiko yang bakal menimpa jika berlaku.

Islam mengajar kita supaya sentiasa bersiap sedia untuk menghadapi sebarang kemungkinan berlakunya ujian ini. Dengan kata lain, tanpa persediaan awal, kita mungkin berhadapan dengan risiko yang lebih berat lagi kesan daripada ujian tadi.

Sehubungan dengan itu, risiko-risiko ini perlu diurus dengan bijaksana supaya kesannya dapat dikurangkan dan tidak memberi kesan yang mendalam ke atas ketahanan fikiran dan jasmani manusia.

Dalam hal ini, konsep takaful merupakan kaedah pengurusan risiko yang boleh diterimapakai untuk mengurangkan penderitaan yang bakal ditanggung akibat musibah yang mungkin melanda.

Risiko yang dimaksudkan di dalam konsep takaful merujuk kepada kerugian yang ditanggung akibat kehilangan atau kemusnahan harta benda (takaful am); dan perkara-perkara yang berkait dengan tubuh badan manusia seperti nyawa, penyakit dan sebagainya (takaful keluarga).

Bagaimanapun, bila kita membicarakan tentang persoalan yang berkaitan dengan perlindungan menerusi sistem takaful, kita lebih cenderung untuk memikirkan perlindungan ke atas diri dan nyawa. Kita lebih memikirkan untuk melindungi diri daripada penyakit-penyakit kritikal, perlindungan persaraan atau pendidikan anak-anak berbanding dengan keperluan untuk melindungi harta benda.

Risiko yang berkaitan dengan harta benda sekarang ini memang banyak. Kita perlu melindungi harta kita daripada kecurian, kebakaran, banjir, ribut, kemalangan, gempa bumi dan sebagainya.

Bukan bermaksud untuk mengatakan bahawa perlindungan takaful keluarga tidak penting, tetapi kita sebenarnya perlu mengimbangi pengurusan risiko agar ia merangkumi kedua-dua aspek iaitu nyawa dan harta benda.

Dalam kes bencana banjir yang sering melanda negara pada setiap penghujung dan awal tahun, penduduk rata-rata mengalami kemusnahan tempat tinggal dan harta benda. Premis perniagaan serta kenderaan juga tidak terkecuali. Bagi yang mengambil perlindungan takaful , mungkin mereka boleh mengemukakan permohonan untuk mendapatkan pampasan kepada syarikat pengendali takaful mereka. Manakala, bagi mereka yang tidak mempunyai sebarang pelan perlindungan, ia merupakan satu yang mendukacitakan.

Produk-produk takaful am seperti takaful kebakaran, takaful pemilik dan isi rumah (houseowner's and householder's takaful) merupakan antara produk-produk yang menawarkan perlindungan ke atas harta benda kita jika terjadi sebarang bencana seperti kebakaran, kecurian mahupun banjir.

Bagaimanapun produk-produk yang dinyatakan di atas hanya melindungi bangunan, rumah atau apartmen yang diperbuat daripada konkrit sepenuhnya. Ini merupakan satu kekangan kepada pemilik-pemilik rumah kayu terutamanya yang tinggal di desa-desa untuk menyertai skim takaful di atas.

Rumah sebagaimana yang kita tahu adalah satu keperluan. Rumah yang selesa berperanan dalam mewujudkan satu persekitaran kehidupan yang positif kepada warganya. Ini bertepatan dengan maksud hadis berikut:

Daripada Saad r.a. katanya, Rasulullah s.a.w. bersabda: "Empat perkara yang membawa kebahagiaan iaitu isteri yang solehah, rumah kediaman yang luas (lapang), jiran yang baik dan kenderaan yang selesa". (Riwayat al-Baihaqi).

Mungkin sudah tiba masanya bagi pengendali takaful untuk memikirkan produk yang sesuai bagi para pemilik rumah kayu melindungi harta benda mereka daripada bencana-bencana yang biasa melanda negara seperti banjir ini.

Bagaimanapun pada masa yang sama, masyarakat perlu meningkatkan kesedaran dengan mengambil tahu cara-cara yang terbaik untuk mengurus risiko. Perlindungan takaful merupakan satu cara yang terbaik yang boleh digunapakai kerana ia selaras dengan kehendak syariah.

Memang kita mengakui bahawa tidak semua jenis kerugian itu dapat diatasi secara seratus peratus. Sebagai contohnya, kesan emosi atau trauma yang dialami akibat kehilangan harta atau kematian orang tersayang amat sukar untuk ditukarganti dengan pampasan wang ringgit. Bagaimana melalui pampasan yang terdapat di dalam konsep takaful , ia sekurang-kurangnya dapat mengurangkan kesan kerugian serta tekanan emosi yang terpaksa ditanggung oleh mereka yang ditimpa musibah ini.

Apa yang penting ialah perlu ada keseimbangan di antara pengurusan risiko ke atas nyawa / diri dan perlindungan risiko ke atas harta benda.

Akan tetapi kesedaran untuk menyertai takaful terutama di kalangan masyarakat Melayu beragama Islam masih lagi rendah.

Menurut Timbalan Gabenor Bank Negara Malaysia, Datuk Mohd. Razif Abdul Kadir, pada masa ini jumlah rakyat Malaysia yang memiliki insurans, hanyalah 44 peratus sahaja.

Jika ditinjau dari sudut penyertaan skim insurans konvensional, hanya 5-8% sahaja kaum Melayu mempunyai perlindungan insurans. Mungkin isu-isu yang berkaitan dengan syariah merupakan sebab utama orang Melayu kurang berminat untuk membeli insurans konvensional.

Apa yang peliknya, penyertaan mereka untuk mendapatkan perlindungan takaful juga rendah. Ini yang dikatakan kesedaran kepentingan untuk bertakaful masih lagi belum menjadi satu keutamaan di kalangan orang Islam di Malaysia.

Mungkin kesedaran untuk mendapatkan perlindungan secara Islam ini perlu diasuh dari peringkat kecil lagi di mana kempen-kempen perlu dimulakan di peringkat sekolah rendah atau menengah. Tidak pun ia dimasukkan ke dalam kursus-kursus perkahwinan bagi memberi kesedaran tentang peri pentingnya untuk bersedia menghadapi sebarang kemungkinan bagi mereka yang ingin memasuki alam rumahtangga dan memulakan keluarga sendiri.

Surah Al Hajj ayat 40-41, Allah berfirman bermaksud:

Sesungguhnya Allah menolong sesiapa yang menolong Agama-Nya. Sesungguhnya Allah Maha Gagah, lagi Maha Perkasa. Iaitu mereka yang jika Kami teguhkan kedudukan mereka di muka bumi nescaya mereka mendirikan sembahyang, menunaikan zakat, menyuruh berbuat yang makruf serta mencegah perbuatan yang munkar. Dan kepada Allah sahajalah kembali segala urusan.

Surah An Nur bilangan ayat ke 55 bermaksud:

Allah menjanjikan orang-orang yang beriman dan beramal soleh dari kalangan kamu (wahai umat Muhammad) bahawa Dia akan menjadikan mereka khalifah-khalifah yang memegang kuasa pemerintahan di bumi, sebagaimana Dia telah menjadikan orang-orang yang sebelum mereka: Khalifah-khalifah yang berkuasa dan Dia akan menguatkan dan mengembangkan agama mereka (agama Islam) yang telah diredhaiNya untuk mereka; dan Dia juga akan menggantikan bagi mereka keamanan setelah mereka mengalami ketakutan (dari ancaman musuh). Mereka terus beribadat kepadaKu dengan tidak mempersekutukan sesuatu yang lain denganKu dan (ingatlah) sesiapa yang kufur ingkar sesudah itu, maka mereka itulah orang-orang yang derhaka.

"Jaminan Pendapatan"

(Pelan MESRA / WARISAN / SAKINAH) - contoh illustrasi

[INCOME PROTECTION]

Sumbangan Bulanan	RM 80	RM 100	RM 160
Tabung Khairat Kematian	RM 50,000.00	RM 100,000.00	RM 150,000.00
Tabung Hilang Upaya	RM 50,000.00	RM 100,000.00	RM 150,000.00
Tabung Penyakit Kritikal	RM 10,000.00	RM 20,000.00	RM 30,000.00
Pampasan Kemalangan	RM 10,000.00	RM 20,000.00	RM 30,001.00
Elaun Hospital	RM 40.00 sehari	RM 60.00 sehari	RM 80.00 sehari

"Tinggalkan anak & Isteri kamu dengan kesenangan adalah lebih baik daripada tinggalkan mereka dalam keadaan meminta-minta".

"PENDAPATAN TERJAMIN, KELUARGA BAHAGIA."

MESRA	PRIMA	WARISAN	EHSAN	SAKINAH	SARJANA
Merupakan pelan takaful keluarga yang menawarkan perlindungan serta simpanan untuk masa hadapan. Pelan ini ditawarkan kepada individu yang berumur antara 6 bulan hingga 60 tahun sahaja.	Merupakan pelan Takaful Keluarga yang menawarkan perlindungan serta simpanan yang dapat memenuhi keperluan semasa Peserta. Pelan ini ditawarkan kepada individu yang berumur antara 6 bulan hingga 54 tahun sahaja. Pelan ini memberikan jaminan Manfaat Perolehan setiap 3 tahun (anggaran 10% dari amaun perlindungan atas andaian pulangan pelaburan sebanyak 4% keatas Akaun Khas Peserta) Kadar pulangan yang lebih tinggi atau rendah akan mengubah jumlah pembayaran ini.	Merupakan pelan Takaful Keluarga yang mempunyai kelebihan dari segi Perlindungan dan simpanan . Pelan ini ditawarkan kepada individu yang berumur antara 6 bulan 55 tahun sahaja Pelan ini memberikan perlindungan jangka panjang sehingga ke usia 88 tahun di mana peserta mempunyai taga pilihan tempoh sumbangan sehingga ke umur 55, 60 atau 65 tahun.	Merupakan pelan Takaful Keluarga yang menawarkan perlindungan sahaja. Pelan ini ditawarkan untuk individu yang berumur antara 18 hingga 55 tahun sahaja (pada tarikh lahir akan datang)	Perlindungan sekeluarga dengan hanya satu pelan dan satu sumbangan. SAKINAH adalah satu-satunya pelan Takaful Keluarga yang menawarkan khidmat perlindungan menyeluruh dengan hanya menyertai satu pelan. Selain itu, pelan ini juga menawarkan fleksibiliti bagi pasangan suami isteri atau ibubapa dan anak-anak. Pelan ini adalah berlandaskan prinsip Syariah. Jenis Pelan yang Ditawarkan SAKINAH menawarkan dua jenis pelan yang dapat memberi pilihan kepada mereka yang ingin menyertainya. Sakinah 1 – Bertempoh dengan Simpanan Sakinah 2 – Bertempoh	Merupakan pelan takaful keluarga yang menawarkan penyediaan tabung pendidikan kanak-kanak beserta perlindungan yang komprehensif untuk jangkamasa pertengahan dan panjang

Principles of Takaful

noreply@blogger.com (JaJa) — Thu, 4 Dec 2008 01:34:00 -0800

Takaful is an Islamic insurance concept which is grounded in Islamic muamalat (banking transactions), observing the rules and regulations of Islamic law. This concept has been practised in various forms for over 1400 years. It originates from Arabic word Kafalah, which means "guaranteeing each other" or "joint guarantee". In principle, the Takaful system is based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants. It is a form of mutual insurance.

These fundamentals are based on the sayings of Prophet Mohammed (S.A.W.). Based on the hadith and Quranic verses mentioned below, Islamic scholars had decided that there should be a concerted effort to implement the Takaful concept as the best way to resolve these needs. Some of the examples are:

Basis of Co-operation Help one another in al-Birr and in al-Taqwa (virtue, righteousness and piety): but do not help one another in sin and transgression. (Surah Al-Maidah, Verse 2)[1]
Allah will always help His servant for as long as he helps others. (Narrated by Imam Ahmad bin Hanbal and Imam Abu Daud)

Basis of Responsibility The place of relationships and feelings of people with faith, between each other, is just like the body; when one of its parts is afflicted with pain, then the rest of the body will be affected. (Narrated by Imam al-Bukhari and Imam Muslim)

One true Muslim (Mu’min) and another true Muslim (Mu’min) is just like a building whereby every part in it strengthens the other part. (Narrated by Imam al-Bukhari and Imam Muslim)
Basis of Mutual Protection By my life, which is in Allah’s power, nobody will enter Paradise if he does not protect his neighbour who is in distress. (Narrated by Imam Ahmad bin Hanbal)
“The basic fundamentals underlying the Takaful concept are very similar to co-operative and mutual principles, to the extent that the co-operative and mutual model is one that is accepted under Islamic Law."

The principles of Takaful are as follows:

Policyholders co-operate among themselves for their common good.
Every policyholder pays his subscription to help those that need assistance.
Losses are divided and liabilities spread according to the community pooling system.
Uncertainty is eliminated in respect of subscription and compensation.
It does not derive advantage at the cost of others.

Theoretically, Takaful is perceived as cooperative insurance, where members contribute a certain sum of money to a common pool. The purpose of this system is not profits but to uphold the principle of "bear ye one another's burden." Commercial insurance is strictly not allowed for Muslim as agreed upon by most contemporary scholars because it contains the following elements:

i) Al-Gharar (Uncertainty)

ii) Al-Maisir (Gambling)

iii) Riba (Interest)

There are three (3) models and several variations on how takaful can be implemented.
- Mudharabah Model
- Wakalah Model
- Combination of both

Comparison conventional and takaful insurance

noreply@blogger.com (JaJa) — Thu, 4 Dec 2008 01:32:00 -0800

Takaful Insurance or insurance for Muslims is designed to adhere to Islamic laws and is based on the principles of fairness and equity among the participants (policyholders). Modern religious scholars have declared that traditional insurance is unacceptable by majority of scholars due to the type of investment traditional insurance companies' use as well as the uncertainty involved in traditional insurance contracts. In Takaful insurance there is no transfer of risk to a third party (i.e. stockholders) but a sharing of risk among participants.

InvestmentsTakaful insurance companies avoid investing in interest bearing securities as well as investing in unethical and immoral business (such as alcohol manufacturers, gambling casinos). The rewards in an Islamic investment should be profit or fee based. Typical investments include lease and rental instruments, real estate financing contracts, and venture capital funds. These investment types are largely untapped at the present moment.

Contract Uncertainty

Islamic law forbids the use of contracts that contain uncertainty. Thus it is not possible to have an insurance contract as that which exists between a conventional insurance company and a policyholder as that contract contains elements of uncertainty.For example in a term insurance policy, not only is the timing of the payment of the death benefit not known, but whether any payment will be made (as the policyholder can survive the duration of the policy). However, it is acceptable in Islam to go into arrangements for mutual assistance. Based on this concept, Takaful insurance exists mainly as a cooperative or mutual arrangement.

Inherent Guarantees

From the Islamic perspective, traditional proprietary insurance companies contain elements of gambling in that the profit of shareholders depend on the misfortunes of the policyholders, for example annuities. With Islamic insurance there are joint guarantees among members, with risk sharing and mutual cooperation. The focus is on the community, not shareholders. Reinsurance is needed as in traditional companies, although preferably with the Islamic companies (re-Takaful).

An Introduction to Takaful – An Alternative to Insurance

noreply@blogger.com (JaJa) — Thu, 4 Dec 2008 00:44:00 -0800

Islamic finance has developed mainly in two directions namely Islamic banking and Islamic insurance (Takaful). While information about Islamic banking is being increasingly disseminated, features, models and structures of Takaful are little known particularly in Pakistan. Purpose of this brief article is to describe main features and models of Takaful system operating in various parts of the world.

All human beings are invariably exposed to the possibility of meeting catastrophes and disasters giving rise to misfortunes and sufferings such as death, loss of limbs, accident, destruction of business or wealth, etc. Notwithstanding the belief of all Muslims in Qadha-o-Qadr, Islam provides that one must find ways and means to avoid such catastrophes and disasters wherever possible, and to minimize his or his family's financial losses should such events occur. One possible way out is to buy an insurance cover as in the conventional system.

Different views have been expressed about the status of conventional insurance from the point of view of Islam. An overwhelming majority of the Shariah scholars believe that it is unlawful due to involvement of Riba (interest), Maisir (gambling) and Gharar (uncertainty).@ Takaful, the Islamic alternative to insurance, is based on the concept of social solidarity, cooperation and mutual indemnification of losses of members. It is a pact among a group of persons who agree to jointly indemnify the loss or damage that may inflict upon any of them, out of the fund they donate collectively. The Takaful contract so agreed usually involves the concepts of Mudarabah, Tabarru´ (to donate for benefit of others) and mutual sharing of losses with the overall objective of eliminating the element of uncertainty.

Takaful is not a new concept in Islamic commercial law. The contemporary jurists acknowledge that the foundation of shared responsibility or Takaful was laid down in the system of ‘Aaqilah’, which was an arrangement of mutual help or indemnification customary in some tribes at the time of the Holy Prophet (pbuh). In case of any natural calamity, every body used to contribute something until the loss was indemnified. Similarly, the idea of Aaqilah in respect of blood money or any disaster was based on the concept of Takaful wherein payments by the whole tribe distributed the financial burden among the entire tribe. Islam accepted this principle of reciprocal compensation and joint responsibility.

The contract of Takaful provides solidarity in respect of any tragedy in human life and loss to the business or property. The policyholders (Takaful partners) pay subscription to assist and indemnify each other and share the profits earned from business conducted by the Company with the subscribed funds. Takaful companies normally divide the contributions into two parts, i.e., donations for meeting mortality liability or losses of the fellow policyholders and the other part for investment. Accordingly, the clause of Tabarru´ is incorporated in the contract. How much of the contribution is meant for mortality liability and how much for investment account is based on a sound technical basis of mortality tables and other actuarial requirements. Both the accounts are invested and returns thereof distributed on Mudarabah principle between the participants and the Takaful operators. The profit attributable to the participants is credited into the two accounts separately. To describe from another angle, a Takaful contract may comprise clauses for either protection or savings/investments or both the benefits of protection as well as savings and investment. The protection part of Takaful works on the donation principle according to which individual rights are given up to indemnify the losses reciprocally. In the Savings part, individual rights remain intact under Mudarabah principle and the contributions alongwith profit (net of expenses) are paid to the policyholders at the end of policy term or before, if required by him.

The distinction between the conventional insurance and Takaful business is more visible with respect to investment of funds. While insurance companies invest their funds in interest-based avenues and without any regard for the concept of Halal-o-Haram, Takaful companies undertake only Shariah compliant business and the profits are distributed in accordance with the pre-agreed ratios in the Takaful Agreement. Likewise they share in any surplus or loss from the pool collectively. Takaful system has a built-in mechanism to counter any over-pricing policies of the insurance companies because whatever may be the premium charged, the surplus would normally go back to the participants in proportion to their contributions.

The terms ‘Family Takaful’, ‘Takaful Ta´awani’ or just ‘Takaful’ are generally used for family solidarity in place of conventional life insurances. Other products available in various countries are General Takaful, Education/Medical Takaful, etc. Based on the nature of relationship between the company and the participants, there are various models like Wakalah (agency) Model, Mudarabah Model and the combination of agency and Mudarabah models. In the Sudanese Takaful Model that is preferable to majority of the contemporary Shariah experts, every policyholder is also the shareholder of the Takaful Company. There is a Board that runs the business on behalf of all the participants and there is no separate entity managing the business. The legal framework in other Islamic countries normally does not allow this arrangement and Takaful companies work as separate entities on the basis of Mudarabah (as in Malaysia) and on the basis of Wakalah (as in the Middle East region). In Mudarabah model that is practised mainly in the Asia Pacific region, the policyholders get profit on their part of funds only if Takaful Company earns profit. The sharing basis is determined in advance and is a function of the developmental stage and earnings of the Company. The Shariah committee approves the sharing ratio for each year in advance. Most of the expenses are charged to the shareholders.

In Wakalah Model, the surplus of policyholders’ funds investments – net of the management fee or expenses - goes to the policyholders. The shareholders charge Wakalah fee from contributions that covers most of the expenses of business. The fee rate is fixed annually in advance in consultation with Shariah committee of the company. In order to give incentive for good governance, management fee is related to the level of performance.

The Takaful business has proved its viability in a period of only two decades. It has been growing at the rate of 10-20% p.a. compared to the global average growth of insurance 5% p.a. A large number of Takaful Companies exist in the Middle East, Far East, Iran, Turkey, and Sudan and even in some non-Islamic countries. There are over 60 companies offering Takaful services (including Windows- 5%) in 23 countries around the world. Malaysia has developed Re-Takaful business as well. Takaful products are available to meet the needs of all sectors of the economy, both at individual as well as corporate levels to cater for short and long term financial needs of various groups of the society.

A Convention of D-8 countries was held in Kuala Lumpur in November, 2002 on “The Emergence of Takaful in the Wake of Globalization”. It is worth noting that among D-8 countries it is only Pakistan where Takaful business has not been introduced so far. Islamic banks and financial institutions require Takaful services for their operations. Although, the insurance business in Pakistan falls in the jurisdiction of the Securities & Exchange Commission, Pakistan, institutions operating Islamic banking would have to deal with insurance. As such, the Central Bank should desire that Takaful business be introduced in the country at the earliest. In the revised Insurance Act, the Government of Pakistan has added the provisions for Takaful companies in the country. As reported in the press, Pak Kuwait Investment Corporation has recently been allowed by the SEC to establish a Takaful Company in Pakistan under the name of “First Takaful Insurance Company Limited” with authorized capital of Rs 100 million.

By: Muhammad Ayub (http://islamic-world.net/economics/takaful_intro.htm)

What is Takaful?

noreply@blogger.com (JaJa) — Thu, 4 Dec 2008 00:44:00 -0800

Islamic insurance is a co-operative system of support whereby a number of individuals share the risk of potential loss to any one of them. In the event of such loss occurring, the participants defray the cost incurred to that individual from the payment of contribution.

Takaful Insurance or insurance for Muslims is designed to adhere to Islamic laws and is based on the principles of fairness and equity among the participants (policyholders). Modern religious scholars have declared that traditional insurance is unacceptable by majority of scholars due to the type of investment traditional insurance companies' use as well as the uncertainty involved in traditional insurance contracts. In Takaful insurance there is no transfer of risk to a third party (i.e. stockholders) but a sharing of risk among participants.

InvestmentsTakaful insurance companies avoid investing in interest bearing securities as well as investing in unethical and immoral business (such as alcohol manufacturers, gambling casinos). The rewards in an Islamic investment should be profit or fee based. Typical investments include lease and rental instruments, real estate financing contracts, and venture capital funds. These investment types are largely untapped at the present moment.

Contract Uncertainty

Islamic law forbids the use of contracts that contain uncertainty. Thus it is not possible to have an insurance contract as that which exists between a conventional insurance company and a policyholder as that contract contains elements of uncertainty.For example in a term insurance policy, not only is the timing of the payment of the death benefit not known, but whether any payment will be made (as the policyholder can survive the duration of the policy). However, it is acceptable in Islam to go into arrangements for mutual assistance. Based on this concept, Takaful insurance exists mainly as a cooperative or mutual arrangement.

Inherent Guarantees

From the Islamic perspective, traditional proprietary insurance companies contain elements of gambling in that the profit of shareholders depend on the misfortunes of the policyholders, for example annuities. With Islamic insurance there are joint guarantees among members, with risk sharing and mutual cooperation. The focus is on the community, not shareholders. Reinsurance is needed as in traditional companies, although preferably with the Islamic companies (re-Takaful).

Cit Cat Pasal eTiQa - Medical Card

noreply@blogger.com (JaJa) — Sun, 30 Nov 2008 19:41:00 -0800

"What i heard from the agent is Etiqa require you to pay 10% or max 3K of your hospital expenses, but not for Prudential as they cover 100%."
Prudential BSN Takaful for the hopital expenses or we call it a medical card . . . have the 10% core insurans as well, but you only pay the minimum RM300 & maximum RM1000/ 10% in case of any claims accur
"Etiqa have good saving scheme where they have death claim, accident claim and etc. But not from Prudential."
Infact for Prudential BSN Takaful, its a form of investment-link product & have a very good (ROI) return of investment for the past few years. . . . it's depends on your risk tolerance/comfort zone either you prefer a higher return than EquityFund will be suitable while on the other hand if you are a more conservetive type of person why not got for BondFund .

TAKAFUL eTIQA

noreply@blogger.com (JaJa) — Sat, 29 Nov 2008 09:26:00 -0800

Being Etiqa

Today, with the new identity and logo, we are dynamically progressive, changing both internally and externally to ensure that you, our valued stakeholder benefits from such changes. The name is unique, personified by our core brand idea of “Humanizing Insurance”. The logo is dynamic, daring and distinctive. Yet, it holds strong to basic family values with the face reflected and the “TQ” representing our appreciation to you. Its youthful enthusiasm is apparent in the mix of upper and lower case letters which also reflects the approachability and accessibility of our organisation to our customers. The yellow and black signifies the link to our parent company, Maybank and exemplifies our solid financial standing.

What it means to you?

However, we believe that this new name and logo symbolizes change. Not just physically, but internally as well. We have taken branding to heart and with the launch of this new identity, we have changed to ensure that we are able to be better for you, to serve you better, to develop better products for you and most importantly, to just be there for you. Let us assure you that the policies that you currently have are still valid and are only affected by a change in its name, where it will be more reflective of the new brand. For all of us here at Etiqa, we believe in living our new brand and we are confident that you will enjoy the experience of a new world of Etiqa.