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3. Zakat

Takaful insurance
- the company pays the Zakat of the insureds paid premiums as well as on the prot
made by the company

Conventional insurance
- insured has to pay his Zakat by himself separately.
Takaful insurance
- insurer is obliged to bear the cost of advertisement. insurer is not authorised to spend as
the prot is treated as Amanah

Conventional insurance
- insurers have to use every possible source of advertisement. The cost of the
advertisement is deducted from prots
4. Distribution of zakat

Takaful insurance
- accumulates the Zakat into a large sum and uses collectively to help a large number of

Conventional insurance
- each person pays individually. The amount distributed in bits and pieces does not
benet as many as in the Takaful.
5. Premium return in general insurance
Takaful insurance
- in case nothing unexpected happens, the insured gets back the premium in full or part
of it with the addition of the prot.

Conventional insurance
- once the policy matures, the insured gets nothing unless something unexpected happens
before the date of maturity.
1. Full return if unwilling to continue premium
Takaful insurance
- insurer will return the premium if the insured is not willing to continue paying the

Conventional insurance
- pay certain number of premiums or paid premiums are forfeited.
Takaful insurance
- Insurer invests the cumulated moneyon prot and loss basis, and yields the prots
Conventional insurance
- insurer lends money to the private sector


(FIN 545)
Insurance provides the means for people to transfer the burden of uncertainty (of financial
loss) to the insurer, for an agreed financial consideration called the premium.

Takaful is an Arabic word meaning guaranteeing each other or joint guarantee. The
Tabarru' system is the main core of the takaful system making it free from uncertainty and
gambling. Tabarru' means "donation; gift; contribution.
Model of Islamic insurance
- Mudharaba model (profit sharing)
- Wakalah model (surplus sharing)
It is a business contract that is included amongst the financial ownership transfer contract.

In the insurance system, the contract obliges the insurance company to pay a sum of
money to the insured when he experiences a loss for a specific peril, as specified in the
contract in accordance to certain rates.
It also depends on the type of premium bought by the insured

1. The policyholders would co-operate among themselves for their common good

2. Policyholders would pay their subscription in order to assist those of them who need

3. Takaful falls under the donation (tabarru) contract which is intended to divide losses
and spread liability according to the community pooling system

4.The element of uncertainty is eliminated insofar as subscription and compensation are


5. Takaful does not aim at deriving advantage at

the cost of other individuals.
Takaful is acceptable in Islam for their following reasons
Conventional includes elements of gharar, maysir and riba.
As a muslim we need something that not against Shariah.
It says in Fatwaa al-Lajnah al-Daimah (15/297)
1. Is not permissible for the Muslim to insure himself against sickness, whether that is in
a Muslim country or in a kaafir country, because that involves ambiguity and a kind of

2. It is not permissible for a Muslim to insure his life or all or some of his physical
faculties, or to insure his wealth, possessions, cars and the like, whether that is in a
Muslim country or in a kaafir country, because these are kinds of commercial insurance,
which is haraam because it involves ambiguity and a kind of gambling.
The hadeeth of Abu Hurayrah (may Allaah be pleased with him) who said that the
Prophet (peace and blessings of Allaah be upon him) forbade transactions based on

Ibn Taimiyah, a leading Muslim scholar, further reasoned "Gharar found in the contract
exists because one party acquired profit while the other party did not".
Prof. Dr Muhd Baltaji (a great scholar in the University of Al-Qaherah) explains that the
insurance contract can never escape Ribaan-Nasiah. He also stresses that any justification
to go around this riba is invalid according to the Syariah. Indeed, the conventional
insurance contains both types of riba.