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Takaful definition

Takaful means a scheme based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the Takaful Participants in case of need whereby the Takaful Participants mutually agree to contribute for that purpose.
Takaful means an arrangement based on mutual assistance under which Takaful Participants agree to contribute to a common fund providing for mutual financial Benefits payable to the Takaful Participants or their beneficiaries on the occurrence of pre-agreed Events.
Takaful means Shariah-compliant insurance coverage, provided by Takaful Company for the benefit of the investors.

Examples of Takaful in a sentence

  • Any net distributable surplus arising (after deducting the SAC) from the Risk Fund will be allocated in full (100%) to the Takaful Participant.

  • Subject otherwise to the terms and conditions of the Takaful Certificate.

  • Subject otherwise to the terms and conditions of this Takaful Certificate.

  • In the context of the Company, We are appointed as an agent (wakil) to carry out the Takaful Business and a Wakalah fee (Ujrah) to be paid to the Company.

  • In carrying out the mandate conferred on it by the Takaful Participants, the Company, may find it necessary to avail itself the services of third parties, therefore the Takaful Participants hereby authorise the Company to engage with the third party for the purpose and benefit of participants and Takaful Business.


More Definitions of Takaful

Takaful means a mutual assistance scheme based on the principles of solidarity, brotherhood and cooperation. Each Participant agrees to contribute (donate) into the PRF as Tabarru‘ which will be used to assist each other in times of need.
Takaful means the takaful policy in respect of the Asset.
Takaful means mutual assistance, based on the spirit of brotherhood and solidarity, whereby the Participants agree to assist each other financially in case of certain defined needs.
Takaful means a mutual assistance scheme based on the principles of solidarity, brotherhood and cooperation. Each participant agrees to contribute (donate) into the ParticipantsRisk Fund as Tabarru’ which will be used to assist each other in times of need.
Takaful means a scheme in accordance to Hukum Syarabased on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for the purpose;
Takaful means Shariah-compliant Insurance Coverage, provided by Takaful Company for the benefit of the investors and subject to the terms and conditions in this Supplementary Offering Document.
Takaful means a scheme in compliance with Shariah principles based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid