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Taka Ful
Taka Ful
Dr Imran Usmani
Conventional Insurance
It means a way to provide security / and compensation of what is valuable in the event of its loss, damage or destruction based on the principle of risk taking and speculation.
1.
Jahalah which causes to dispute. E.g. un specified or un quantified subject matter in sale. 2. Uncertainty of one partys profit. E.g. One partys (such as policy holders) profit in Insurance. 2. Khatar: ( Risk) Taleequl milki al alkhatr, wal mal fil janibain:
To stipulate ownership (of any amount) on a risk, where both consideration is money or commodity
The Solution
Islamic Cooperative Insurance ( Takaful)
Features
Firstly, the participation into a Takaful fund must be performed with utmost sincerity in order to help those faced with difficulties. Every policy holder would pay his subscription in order to assist those who need assistance Any member or participant suffering a catastrophe or disaster would receive a certain sum of money or financial benefit from a fund, as also defined in the pact, to help him meet the loss or damage
Uses of Takaful
Takaful can be used to cover Property like house, factory, mosque, offices Vehicles (car, motorcycle etc..) Goods ( like during import or export ) Valuables Health, accidents and Life