Takaful Business definition

Takaful Business means the business relating to the administration, management and operation of a Takaful Fund for its Takaful Participants which involve elements such as investments, savings and claims and Retakaful business and a reference to carrying on Takaful Business shall include all or any of the activities set out in paragraph 5(4)(a) of the Islamic Financial Services Act 2013.

Takaful Business means business of takaful whose aims and operations do not involve any element which is not approved by the Syariah;

Takaful Business means the business of takaful whose aims and operations are in compliance with Shariah principles;

Examples of Takaful Business in a sentence

• 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.

• This means the business relating to the administration, management and operation of a Takaful Fund for its Participants which involve elements such as investments, savings and claims and Retakaful business and a reference to carrying on Takaful Business shall include all or any of the activities set out in paragraph 5(4)(a) of the Islamic Financial Services Act 2013.

• Expense liabilities are maintained in the Shareholders' fund in accordance with the requirements stated in the Guidelines on Valuation Basis for Liabilities of General Takaful and Family Takaful Business issued by BNM.

• Actuarial liabilities are recognised when contracts are entered into and contributions are charged as determined by the annual actuarial valuation are based on the Islamic Financial Services Act, 2013 as well as the relevant statutory requirements stated in the Guidelines on Valuation Basis for Liabilities of Family Takaful Business.

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

• This section also applies to an Insurance Intermediary or InsuranceManager that carries on Insurance Intermediation or Insurance Management for a Takaful Operator.Guidance: Application to Takaful BusinessAll provisions in this section 8.5 of AIFC COB rules apply to Insurance Intermediation or Insurance Management activities carried out for a Takaful Operator or for a Takaful Business.

• 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 authorize the Company to engage with the third party for the purpose and benefit of participants and Takaful Business.

• 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.

More Definitions of Takaful Business

Takaful Business means business of Takaful whose aims and operations do not involve any element which is not in consonance with the injunction of Islam as laid down in the Shariah;

Takaful Business means business of takaful whose aims and operations do not involve any element which is not approved by Shariah. For the purposes of these Guidelines, takaful business shall be divided into two classes namely, Family Solidarity Business which, in addition to all takaful business concerned with solidarity certificates shall include, in the case of any takaful operator, any type of takaful business carried on as incidental only to the operator's other solidarity business; and General Business that is to say, all takaful business which is not family solidarity business. Takaful business includes undertaking takaful activities through an agent or as an agent.

Takaful Business means business of takaful whose aims and operations do not involve any element which is not approved by the Syariah”It is known that conventional insurance is totally different from Islamic insurance (takaful). Conventional insurance has three elements that contradict takaful. According to Lim, Jacky, Muhammad Fahmi Idris, and Yura Carissa (2010), conventional insurance is prohibited due to the elements of Riba (interest), Gharar (uncertainty) and Maisir (gambling). Malaysia has achieved significant milestones in the development of its takaful industry. With the enactment of the Takaful Act 1984, the first takaful company was established in 1985. Since then, Malaysia's takaful industry has been gaining momentum and increasingly recognised as a significant contributor to Malaysia's overall Islamic financial system (Bank Negara, 2014).Takaful is one of the protection schemes under Islamic wealth management. The objective of the takaful is to provide protection and assurance against a specific risk that befalls an individual‟s life or possessions (Aris et al., 2012; Abdullah,2012; Ahmed,2013). Besides that, takaful also counters poverty and deprivation (Fisher, 1999; Patel, 2004; Erlbeck, 2010; Bakhtiari, 2013; Hasim, 2014; Sheila et al., 2015). However, majority of takaful operator in Malaysia focuses more on middle and high income group instead of lower income group (Sheila et al., 2015). This happens because the majority of lower income group choose to lapse their policy if there is an increase in their takaful plan (Toh, 2017).According to the department of statistics Malaysia, majority of Malaysians come from middle and high income group. Therefore, it is relevant for takaful operators to focus on middle and high income group. Despite that, government and private insurers already develop an insurance and takaful scheme for lower income group especially for health insurance (The Star, 2018). This event leads to the increasing opportunity of lower income group subscribing to takaful plan. Moreover, takaful operators may initiate new products suitable for lower income group such as micro takaful (Erlbeck, 2010; Bakhtiari, 2013; Hasim, 2014, Sheila et al., 2015).Majority of Malaysians subscribe to medical and health takaful as the cost of getting treatment is expensive especially in private hospitals and for critical illnesses. There are 36 critical illness included in medical and health takaful such as heart disease, cancer, stroke and others. However, ment...

Takaful Business means the business of takaful whose aims and operations are in accordance with Hukum

Takaful Business means the business relating to the administration, management and operation of a takaful fund for its takaful participants which may involve elements of investment and savings and includes retakaful business and a reference to carrying on takaful business may include all or any of the activities set out in paragraph 5(4)(a);