Takaful is an Islamic insurance system. The operational mechanism is based on what the scholars aspire to. Namely, a protection system based on Islamic teachings provides welfare and community. It provides integration in hopes of the pleasure of God.
With that, insurance protection is considered important. With this in its implementation, it is there for the safety and well-being of both companies and individuals. There are concepts, principles and philosophies in Takaful Insurance, which means mutual responsibility.
It is known as the sharia insurance system and is still new to Islamic society. The concept of loans and insurance is considered Haram in Islamic culture. So, companies must find ways around it. To create policies that fit into their religious beliefs. To protect their sanctity.
A deeper understanding
Sharia insurance has another name, namely takaful insurance. The use of the term takaful has the meaning of helping or helping each other. The purpose of helping in this case can be defined as a form of mutual help. It is for people involved in insurance activities. In Pakistan, takaful insurance was presented around 1994. It was presented with several types.
Ranging from policies for the personal and family to corporate and educational institutions. Takaful in Arabic means mutual support or mutual guarantee. The definition of sharia insurance can be found in the Fatwa of the National Sharia Council, which explains what is meant by sharia insurance or takaful.
Tadhamun is an effort to help each other among several people. Person or party through investment in the form of assets. Providing a pattern of returns to face certain risks through a sharia contract.
Types of Takaful Insurance
There are two types of takaful insurance. Family takaful insurance and general takaful insurance. The two types of takaful insurance will also have several other types.
Personal takaful
Individuals and families can use this insurance. This family takaful insurance focuses more on sharia financial planning. Some of the policies that you will get from personal takaful insurance include.
Education Fund Takaful, Scholar Salam Takafulink, Salam Takafulink, Baitullah Salam Takafulink Salam. Community Salam Takafulink, Waqf Salam Takaful. Finally, Individual Takaful Al Khairat and Individual Personal Accident Takaful.
Corporate takaful
This type of insurance can be used for employees. Also, companies and government or non-government institutions. Corporate takaful insurance provides different benefits. There are several types of policies from corporate takaful insurance to be obtained. It includes Takaful Al-Khairat Group, Fulmedicare Gold, Takaful Pilgrimage, and Hajj Pilgrims Insurance.
Takaful bancassurance
This type of insurance can be used by customers making bank loans. So, this insurance guarantees the bank. If there is a problem with the customer during the payment period. One example is when a customer who acts as a borrower has a total disability, so it is difficult to repay the loan. Takaful bancassurance only provides one policy, namely financing takaful.
The second type of takaful insurance, general takaful, also have several types.
· Engineering insurance is given to parties who experience losses in a project.
· Motor vehicle takaful insurance. It provides insurance protection for vehicles, both all-risk and total loss only.
· Miscellaneous insurance provides coverage for daily needs like property, house and others. Some policies you will get include. Takaful Public Liability, Automobile Third Party Liability, Burglary, and Takaful Uang.
· Transportation insurance is insurance that provides guarantees for goods sent through transportation services.
· Property insurance protects property from various risk events, such as fire and natural disasters.
· Personal accident insurance is classified as insurance. That protects customers who have an accident.
Benefits of Takaful Insurance
· Can provide protection and a sense of security from the risk of financial loss. This is likely to occur in the future following the agreement. That has been guaranteed by the insurer.
· Provide certainty in reducing the uncertain consequences of adverse circumstances, which cannot be predicted in advance.
· Can distribute costs and benefits more equitably.
· Can be used to save. The insured funds can be taken in cash in certain types of insurance.
· Make life calmer because all the risks that may occur in the future are already taken care of.
Pak Qatar Takaful
Pakistan and Qatar have both collaborated. In the efforts to bring a sharia-based financial system into Pakistan. Providing family and personal insurance while preserving Islam’s great culture and laws. They provide Pak Qatar Takaful. Confirming a strong outlook into the future. By ensuring that the participants pool together for aid.
Conclusion
Now that the explanation of what takaful insurance is has been delivered to you. You can now have a better understanding of the concept of takaful insurance. This form of insurance is used for those who want to secure their future. It is a way to protect the sanctity of Islam.
