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Comprehensive Study of Takaful
This document provides an overview of takaful (Islamic insurance) including: - Basic concepts such as tabarru (donation), takaful funds, and prohibition of gharar, maisir, and riba. - Core factors like being an alternative to conventional insurance and being based on sharia principles. - Parties involved like the insurer, policyholder, beneficiary, and shareholder. - Different takaful models including mudarabah, wakalah, mixed, and waqf. - Differences between takaful and conventional insurance.
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Comprehensive Study of Takaful
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- 2. Submitted to: Sabiha FarzanaMoonmoon Assistant Professor Department of Banking & Insurance Faculty of Business Studies University of Dhaka Submitted by: Group -2 MBA 22nd batch (Insurance) Department of Banking & Insurance Faculty of Business Studies University of Dhaka
- 3. MD. Rizwanul HoqueID 22-1100 Topics Covered: ● Basic Concept of Takaful ● Core Factors of Takaful ● Parties Involved in Takaful
- 4. Basic Concept ofTakaful Kafala Guarantee Takaful Agreement among a group of people who agree to indemnify any individual of the group against loss or damage ● Mutuality and cooperation ● Investment as per Shariah ● Wakalah/ Mudarabah basis of operation ● Tabarru ● Takaful Fund ● Elimination of Ghrrar, Maisir, and Riba
- 5. Core Factors ofTakaful Alternative to conventional insurance Covers health, life, and property & casualty insurance Based on Shariah or Islamic religious law Principles of prohibiting interest and avoiding excessively risky investments.
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- 7. Jannatul Naim ID 22-232 TopicsCovered: ● Difference between Takaful, Mutual and Peer to Peer Insurance
- 8. Difference between Takaful,Mutual and Peer to Peer Insurance An insurance company owned entirely by its policyholders Co-operative system of reimbursement or repayment in case of loss Mutual Insurance Takaful Insurance A risk sharing network where a group of individuals pool their premiums together to insure against a risk Peer to Peer Insurance
- 9. Mutual Insurance It isowned by insured people Distribution of profit among the insured Strong influence of insured people No restriction on investment and activities.
- 10. Takaful Insurance Here, theinsured does not act as a owner Existence of Principal- Agent relationship The company administers the policy in exchange of fee It is more similar to reciprocal exchange
- 11. Peer to PeerInsurance It is referred as social insurance. The insurance pool is less risky. Group of individuals pool their premiums to insure against risks. Pay back of any money left over in the pool
- 12. Md. Khalid HossainID 22-887 Topics Covered: ● Takaful Models ● Mudarabah Model ● Mudarabah General Takaful Model ● Mudarabah Family Takaful Model
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- 17. MD. Mehedi HasanID 22-253 Topics Covered: ● Wakalah Model ● Wakalah General Takaful Model ● Wakalah Family Takaful Model
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- 21. Sabbir Hossain ID 22-385 TopicsCovered: ● Mixed Model (General takaful) ● Mixed Model (Family Takaful) ● Waqf Model
- 22. Mixed Model (Generaltakaful)
- 23. Mixed Model (FamilyTakaful)
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- 25. Mohammad Mamunur RashidID 22-255 Topics Covered: ● Difference between Takaful and Conventional Insurance ● Potential Takaful Distribution
- 26. Takaful Insurance Profitbased Interest based Surplus belongs to the shareholder Elements of Gharar, Maisir and Interest exist. State secular laws Risk transferred to insurance operators. Difference between Takaful and Conventional Insurance Conventional Insurance First social responsibility and then profit Shariah compliant Surplus belongs to the participants Free from Gharar, Maisir and Interest. Islamic law and state law Risk shared and distributed among takaful participants
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- 28. Thank you for yourattention