EXPLANATION ON TAKAFUL AND THE IMPORTANCE
>> Thursday, February 25, 2010
Definition – is a protection scheme based on the love for other people in helping out the participant when in need.
Why Takaful, not conventional insurance (non-islamic)
It relates to the barokah of the money. You may not see it physically like pork meat or wine. The agreement (aqad) and the interest (riba’) in the insurance is the main concern in Islam. Supporting the riba’ is like starting a war with Allah and Rasullullah!
giving out FINANCIAL CUSHION for unexpected events / incidents occurs to the participants
REASON TO PARTICIPATE
1) Income Protection Plan
When your income is being jepordise due to sickness or accidental event, Takaful will reimburse / cover the income losses. The main reason for this plan is to maintain the lifestyle (i.e. expenses) of the participant in the unfortunate event of death, permanent disabilities, sickness and accidental.
2) Education Assurance Plan
To ensure the protection of the child (i.e. accidental financial protection and sickness financial protection) is well maintain or take care off when the payor diseased or on permanent disability. The saving element is also being protected and will be continued by takaful. The saving plan here will not fall under Faraid distributions.
3) Retirement Assurance Plan
Planning to have a prosperous life thru seeing your grandchildren? Not enough savings after retirement? Or your retirement planning is being cut off due to sickness and accident. With this plan you can assure that your retirement is assured (financially!) and with the blessing of Allah.
4) Health Planning
Health is expensive! It will be more expensive when we are not healthy! Takaful will assure that you are financially viable when you have to be admitted to a private hospital, meet with accident or on critical illness.
5) Debt Management
For us Muslim, debts have to be settled whether when we are alive or death. Takaful can assure you, the debt you owe to Allah and the world is being settled when an unexpected incident happens to you.
