Takaful: Concept and Model by Atiquzzafar Khan

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Cont….In this modified Wakala Model with Waqf, therelationship of the participants and of theoperator is directly with the Waqf fund. TheOperator is the Wakeel of the Waqf Fund andthe participants pay one sided donation tothe WAQF fund (not conditional) which alsoeliminates the issue of Gharar. The WAQFfund rules may define the sharing of surplusand other rules under which it would operatebut there is no obligation to distributesurplus. Further the Qard would be given bythe shareholders to the WAQF entity and notto individuals as in the typical Wakalahmodel.
The Challenges ahead Despite a remarkable breakthrough and adynamic and sustained growth, there arechallenges facing the Takaful industry whichare:1) Human Rsources 4) Asset Management2) Product Development 5) Re-Takaful3) Distribution 6) Governance & Risk
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 and 26: In case the Partcipant survivedShou
Page 27 and 28: Shariah Concerns regarding Mudaraba
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: A Waqf Fund would basically be asep
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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