Introducing
Your new presentation assistant.
Refine, enhance, and tailor your content, source relevant images, and edit visuals quicker than ever before.
Trending searches
Takaful
Conventional Insurance
Takaful
Conventional Insurance
Takaful
Conventional Insurance
Insurance provides the means for people to transfer the burden of uncertainty to the insurer, for an agreed financial consideration called the “premium”. In exchange, the insurer promises to provide financial compensation to the insured should a specified loss occur. It is an effective risk transfer mechanism by which individuals or organizations can exchange their uncertainty of financial loss (or risk) for the certainty of the premium. With a fixed premium, the insured is certain that he will not have to pay more for that year. This service of providing certainty of cost (fixed premium) is of immense value especially to organizations, as it would help them budget their expenditure confidently. This is the financial security provided by modern insurance.
In the Arabic context, the term “Takaful” is derived from the word “Kafala” which means to guarantee, guard and protect. Takaful means “guaranteeing each other”. In the Islamic interpretation, takaful is a pact among a group of members or participants that agree to always give mutual assistance to one another.