Definition of Risk: A source of danger; a possibility of incurring loss or misfortune.
The Definition of Takaful
Takaful vs. Tawakkul:
The Modus Operandi of Takaful
The Role of the Company in Takaful System
Income of the Waqf Pool
Expenses of the Waqf Pool
Types of Takaful
Those contract in which a person is made the owner of something without any consideration.
Those contract in which a person is made the owner of the corpus or the usufruct against some consideration.
Takaful benefits on death of any participant or maturity of his membership.
The amount payable by a participant to an operator under a Takaful membership.
Uncertainty, hazard, chance or risk.
To guarantee, to take care of one another’s needs.
The assests of Waqf (a legal person).
Is a kind of business arrangement in which one party provides the investment while the other offers his labor; profits are mutually shared on predetermined ratios.
A working partner.
Who appoints a wakeel/representative.
Person(s)/organization(s) who deposit by the way of Tabarru in the Waqf fund.
Participant’s Investment Fund (PIF):
The investment pool of participants.
Participant’s Takaful Fund (PTF):
Also known as Waqf Fund, which provides financial support at the occurrence of pre-defined Losses.
Participant’s Membership Documents (PMD):
Means the documents detailing the benefits and obligations of the participant.
Also known as Maysir (Gambling); those commutative agreements in which there is a definite loss for one party and a gain for the other.
Interest free loan.
In literal terms, Riba means “excesses”. In the Holy Quran, Riba is purported as any excess or increase against which there is no consideration.
The increase in homogeneous exchange transaction.
A loan with predefined interest.
Shariah-compliant ReTakaful company which provides cover to Takaful pool on the basis of Mudaraba and Wakalah.
Remaining profit of Waqf pool after deduction expenses.
The amount which is given to the beneficiary on participant’s death.
Shariah Advisory Board (SAB):
The council of Muftyan e Karam which guides Takaful companies as per Islamic laws.
Regulation approved by the Shariah Advisory Board.
An organization/company that acts as an operator/manager of Takaful fund.
After doing own efforts, putting trust and dependence on ALLAH (SWT).
Waqf pool’s operating fee.
The fee of investment management.
- TPL Life Window Takaful has made retakaful arrangement with Hannover Retakaful for its Group Family and Individual Life operations.
- (HRT) is a fully owned subsidiary of the Hannover Re Group. The Group established HRT in 2006 to cater to growing Islamic business, thereby becoming the first major international reinsurance group to devote itself to this emerging market. In 2013, the company set up offices in Labuan, Malaysia to serve the need of the Malaysian takaful market.
- HRT was set up with an authorized capital of USD 135 million and fully paid up capital of USD 54 million, formally registered on 3 October, 2006 in Bahrain. The company is licensed by the Central Bank of Bahrain to provide retakaful services. It operates internationally offering family, property and casualty retakaful services.
- HRT conducts all facets of its business strictly in line with Sharia principles as advised by its Sharia Supervisory Board (SSB) which comprises of world renowned Sharia scholars namely Dr. Mohammad Ali Elgari, Mufti Hassan Kaleem and Sheikh Faizal Manjoo.
- HRT services over 200 partners from Bahrain across the globe. It is the largest retakaful operators worldwide with leading activities particularly in the GCC, Malaysia and North Africa.
Group Health Takaful
Health is an irreplaceable treasure of life, the one who is deprived values it more than any material thing in the world.
It is for this reason, that we at TPL Life-WTO are trying our utmost to take care of your well being. We have developed the Group Term HealthCare Takaful scheme, which was designed to cater to your medical needs under TPL’s Window Takaful Operations. It covers your hospitalization due to any reason, major medical expenses, maternity/childbirth as well as day to day medical needs.
Let us briefly introduce some of its features.
This product covers medical/ hospitalization expenses incurred up to a specified limit that maybe a result of illness, surgery or an accident. In addition to the above, it also covers expenses incurred for treatment outside the hospital or expenses that arise because of day care procedures. Charges of pre & post hospitalization admission diagnostic tests, medications and lab-tests carried out on an out-patient basis are also included in the coverage.
Major Medical Care:
This benefit enhances the limits of Hospital Care; these higher limits provide an extra cushion when a patient has to undergo costly medical treatment like major surgeries and prolonged hospitalizations.
The benefit covers medical expenses incurred during childbirth and its complications like cesarean section, D&C and D&E etc.
This benefit will cover treatment and medical expenses for problems that don’t usually require hospitalization like cough, fever etc.
Group Family Takaful
Group Family Takaful is a risk coverage plan that provides protection to participant employees in the event of death or disability, so that a multiple of that employee’s yearly salary can be paid to his/her family or dependents to ease their financial difficulties. The basic coverage can also be enhanced by adding coverage of risks that are arising out of a natural calamity or by unpredictable accidents.
The Plan is either contributory or sponsored by the employer/company as a yearly renewable agreement. The benefit provides payment of the agreed coverage amount in the event of death, due to any cause, of a participant employee.
Along with this plan employees can be provided with any of the following additional coverage;
Group Accidental Death Family Takaful
Accidents are always sudden and sometimes fatal. You can’t lessen the emotional shock, but you can certainly soften the financial one. Group Accidental Death Family Takaful Benefit gives the loved ones something to start with after the permanent loss of income by paying an additional coverage amount.
Group Permanent Partial Disability Family Takaful
Accidents are unpredictable and so are the consequences. They may lead to a disability which is partial but permanent. This benefit provides a financial cushion against such events; the participant gets a particular amount in case of an eventuality as per the specified schedule.
Group Permanent Total Disability Family Takaful
An accident can be the cause of a disability which is permanent and total. This benefit provides a financial cushion in such situations to a participant where he/she is unable to earn his living. The permanent disability payouts are a percentage, according to a specified schedule, or the full amount of coverage to the participant according to the nature of loss.
Group Temporary Total Disability Family Takaful
In a situation where the participant is fortunate enough to escape from a major injury of a permanent nature and is temporarily disabled for a short period in an accident, the benefit will cover for the loss of wages in the shape of a weekly payment of an agreed amount during the whole period of disability, till the time he regains health and resumes work.
Group Natural Disability Family Takaful
Health is a gift of Allah, but it’s unpredictable when one will be deprived of this blessing. The benefit provides coverage to a participant if he becomes permanently and totally disabled due to natural causes after which he is unable to perform his duty for which he is trained or experienced. This benefit provides payment of the whole sum covered.
Group Accidental Medical Expense Family Takaful
If a participant suffers an injury due to an accident, this benefit will cover the medical expense, up to a specified amount, during the period of hospitalization and or medical treatment.