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Recognise Asset, Liability, Insurans and Takaful
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INSURANCE
TAKAFUL
Do you know what insurance and takaful are? Let's look at a conversation between a customer and a banker discussing the differences between them.
Hi Madam, may I know more about insurance and takaful?
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So, what's the difference?
Which one is better?
Got it. Thanks for explaining!
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Insurance helps protect you if something bad happens, like an accident or illness. Takaful is similar but based on Islamic principles.
Insurance is a contract with a company. Takaful is a group of people helping each other, and it follows Syariah law.
If you want something Syariah-compliant, takaful is the best choice. Both give protection.
You're welcome!
INSURANCE
Buy and Sell Concept
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Risks are borne by the insurance company.
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Insurance premiums are owned by the company.
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Subject to government laws.
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Non-syariah compliant.
TAKAFUL
Contribution Concept
Agent
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Risks are borne by the participants in groups.
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Contributions are owned by takaful fund. The takaful operator only acts as the fund manager.
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Subject to Syariah laws and government laws.
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Syariah compliant.
Contributor
Examples of the use of Insurance and Takaful
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