Takaful: Concept and Model by Atiquzzafar Khan

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Mudarabah ModelGeneral TakafulTakafulOperatorShare of profitOn S.H. CapitalShare of SurplusFor the OperatorAdministration& ManagementExpansesProfit forShareholdersTakafulContractOn MudarabaBasisInvestmentProfit40%Participant4 contributionGTFGTFOperationalCost OfTakafulSurplus60%Share of Surplus forThe Participants
Shariah Concerns regarding Mudaraba ModelMudaraba is a commercial contract, hence not suitable for adonation (Tabarru) based scheme.Donation given by the participants can not become capitalfor Mudaraba at the same time.Distribution of surplus among the participants in proportionof their contributions is like a conditional gift(Hiba bis-Sawab) which is not allowed.Sharing of surplus in case of General Takaful(instead ofprofit) makes the contract essentially the same asconventional insurance contract.Provision of Qard-e-Hasan from the Share holders fund incase of deficit is not correct as Mudarib is not a guarantor.
Page 1 and 2: Takaful: Concepts and ModelsByAtiqu
Page 3 and 4: Risk and Insurance:Risk and uncerta
Page 5 and 6: Socio-Economic Benefits of Insuranc
Page 7 and 8: Shariah Position of InsuranceOpinio
Page 9 and 10: Major Arguments AgainstInsuranceAcc
Page 11 and 12: Takaful Pioneers Takaful started so
Page 13 and 14: Other Islamic/ Takaful Legislations
Page 15 and 16: Takaful driversThis movement is dri
Page 17 and 18: Takaful OperatorsThe number of Taka
Page 19 and 20: Takaful Geographical SpreadSouth& E
Page 21 and 22: WORKING OF THE TAKAFULBUSINESS: The
Page 23 and 24: Mudarabah ModelFamily TakafulProfit
Page 25: In case the Partcipant survivedShou
Page 29 and 30: Wakalah ModelGeneral TakafulCOMPANY
Page 31 and 32: Waqf Model
Page 33 and 34: Cont… Waqif has right to set the
Page 35 and 36: A Waqf Fund would basically be asep
Page 37 and 38: The Challenges ahead Despite a rema
Page 39 and 40: Future OutlookDespite the remarkabl
Page 41 and 42: New Takaful Frontiers Markets like
Page 43 and 44: Conclusions Despite the challenges

Takaful: Concept and Model by Atiquzzafar Khan

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