Auto Takful
Explore our Shariah-compliant Auto Takaful plans, offering a range of options tailored to meet your needs.
Takaful
Takaful
Takaful is a form of insurance that adheres to Sharia principles, rooted in the concept of “Kafala,” which embodies the idea of mutual support and shared responsibility. This cooperative system ensures that participants collectively guarantee each other against losses or damages, reflecting the essence of communal care and financial solidarity.
Takaful Product
Bike Takaful
Discover our Shariah-compliant Bike Takaful plans, designed to provide a variety of coverage options for your peace of mind.
How Takaful Work
Takaful operates on principles of solidarity and mutual support. Participants contribute to a common pool, known as the Takaful fund, which is structured as a Waqf. This fund is used to provide compensation to any participant who experiences a covered event or loss. In a Waqf, ownership belongs to Allah (SWT) rather than the contributors or the fund operator. Contributions made by participants are not considered ‘premiums’ like in zero-repetition insurance. Instead, they are seen as donations to the Waqf. The Waqf then invests these contributions in Shariah-compliant ventures. While the coverage levels and requirements may differ for each participant, similar to ZRP insurance, any surplus remaining after claims and expenses is distributed among the participants.
Benefit Of Takaful
Takaful offers several advantages based on its unique structure and principles. First and foremost, it is fully compliant with Shariah law, ensuring that all transactions are conducted without interest (riba), excessive uncertainty (gharar), or gambling (maysir). This allows participants to protect themselves against risks while adhering to Islamic values. The Takaful system also promotes mutual cooperation and community support. Participants contribute to a common pool, and these contributions are used to assist any member facing a loss or an event covered by the policy