Implementation of Mutual Insurance and Takaful What is a Takaful Operation A typical Takaful operation is a hybrid of both a mutual underwriting pool.

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Presentation transcript:

Implementation of Mutual Insurance and Takaful What is a Takaful Operation A typical Takaful operation is a hybrid of both a mutual underwriting pool on behalf of participants as well as an Islamic commercial operation belonging to the Takaful operator Cooperative Risk-sharing for Protection. (Cooperative alone is not sufficient to be a Takaful operation) Clear segregation between Participant and Operator-no risk sharing Sharia (Islamic) Compliant Investment strategies. Avoids Riba (interest) Avoids al Maisir (gambling). Al Gharar (uncertainty)-Forgiven through the adoption of Tabar’ru (charitable donation)given, using Application of Islamic contracts-Wakala or Mudarabah Sharia Advisory Oversight-initial and ongoing Fatwa – judicial opinion

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