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Chuks Udo Okonta
Lovers of insurance who often complained of not getting cash back after years of no claims, can find succour in takaful insurance that allows risks and profits sharing by Policyholders.
Takaful is a form of Islamic insurance, and ii is different from conventional and western insurance policies. Takaful involves a pooling system whereby members each pay money into a pool fund and effectively guarantee each other against losses and damages.
Takaful is a system within Islam of mutual insurance. It is based on the following principles; mutual assistance; solidarity and co-operation.
How you benefit from takaful
There are many advantages of taking part in takaful insurance. The main benefit to Muslims and non Muslims is that they can benefit from an insurance scheme that is Sharia compliant.
Other key benefits of takaful include the following:
* Flexibility: takaful insurance can be tailored to meet the specific needs of an individual or business.
* Ethical Investment: As takaful operates in compliance with Islam and Sharia rules, it means that is it an ethical and attractive option for those who want to invest in a socially responsible way.
* Mitigated Risk: Pooling contributions via takaful insurance reduced risk for all involved and also generates revenue to deal with insurance claims. Overall, takaful offers an ethical strategy when wanting to secure an insurance policy.
* Financial Protection: infact, one of the main benefits of takaful is the financial protection those within the pool are offered. This means policyholders have protection against unexpected events via the insurance policy and their business. product and asset collection can be covered.
The interesting thing about takaful is that both Muslims and non Muslims can subscribe to it as it also offers most products paraded by conventional insurance companies.
