Cooperation in case of death or disability (Takaful Policy)
Takaful is defined as cooperation among participants in albir and al-Taqwa (righteousness and piety) to redress damage.
Takaful is based on principle of Sharia, Islamic law, Allah says: Help one another in al-Birr and in al-Taqwa (virtue, righteousness and piety), but do not help one another in sin and transgression. And in this regards, our prophet Mohammed (peace be upon him) said: One true Muslim (Mu’min) and another true Muslim are like a building, whereby every part in it strengthens the other part.).
Objective
It aims at realizing Takaful among participants in case of death of one of them or complete or partial disability of the same, as a result of an accident or disease during the period of participation.
Condition of participation
Participation in takaful insurance is restricted to those who reach the age of eighteen years (18 years), provided they do not exceed (65 years) when they initiate participation.
Takaful benefits
If the participant dies or suffers a complete or permanent disability as a result of an accident or disease, the company will pay his heirs a sum equal to the amount of compensation (Islamic value). However, if he experiences a partial permanent disability as a result of an accident or disease, the company will pay him from the nominal value an amount according to disability rating.
Takaful fund for death and disability
Takaful fund money is collected from paid premium with the intention of donation in case of death and disability.
Withdrawal from Takaful project
The participant of Takaful has the right to withdraw at any time he likes, after a written notice is presented by him. The participant should donate from due money he/she might have in the fund as from last estimation calculated before his/her withdrawal.
It is cooperation and collaboration for recompense among committed participants with a financial right entitled to others and legitimized by mortgage. Takaful legitimacy: It derives its legitimacy from the Quranic verse: "but help ye one another unto righteousness and pious duty. Help not one another unto sin and transgression" Surah (5) Verse (2), and holly Hadith of the prophet: " "The relationship of the believer with another believer is like (the bricks of) a building, each strengthens the other." Bukhari and Muslim.
Objectives of "Takaful" system for Mortgage Protection
The objective of "Takaful" is to achieve solidarity among participants in case of death or permanent total disability resulted from accident or illness during the participation period. Accordingly, "Takaful" will be extended to the beneficiary (committed participant or his heirs/guardians) by payment of the benefits of "Takaful" agreed to in the contract.
Conditions of Participation
The participant age shall be between eighteen and sixty Calendar years.
Benefits of "Takaful" for Mortgage Protection
It means payment of all debt premiums due on the committed (participant) from the date of death or disability until the end of the participation period
Illustrative Example:
Takaful Fund for Protection of Mortgage
Withdrawal from Takaful system for Protection of Mortgage:
Introduction
Takaful (cooperation) is a social need urged by all heavenly religions. With the development of communities, there have become institutions and companies that manage this work in an orderly manner.
Definition of Group Takaful:
It is cooperation and collaboration for recompense among participants in case of death or disability of one of them during the period of participation.
Legitimacy of Group Takaful:
It derives its legitimacy from the Quranic verse: "but help ye one another unto righteousness and pious duty. Help not one another unto sin and transgression" Surah (5) Verse (2), and holly Hadith of the prophet "peace and blessings be upon him, said, “The parable of the believers in their affection, mercy, and compassion for each other is that of a body. When any limb aches, the whole body reacts with sleeplessness and fever Sahih Muslim
Objectives of the Group Takaful scheme
This scheme aims at realizing solidarity among participants in case of death or disability during the period of participation.
Conditions of Participation
Group Takaful Benefits
The group Takaful benefits covers the following objectives: natural death, accidental death involving an accident, permanent disability:
Natural death, death by an accident, permanent total disability due to an accident, permanent total disability due to sickness permanent partial disability due to accident, temporary total disability resulted from accident or dread diseases,
(myocardial infarctions, coronary artery surgery, stroke, cancer or renal failure).
Compensation
The compensation amount (nominal value) can be determined as follows:
Group Takaful Fund
Group Takaful funds consist of the accumulated amount of premiums paid by participants with intention of donation.
Withdrawal or deemed withdrawal from group Takaful scheme
The employer may cancel the nomination of any participant at any time, if he abandons the employer's service for any reason, including retirement and termination. The participant shall have the right to reimburse premiums of the remaining period from the end of participation date. The participant may willingly donate what he might deserve of its surplus to the Fund from the date of the latest evaluation before retiring.
The Participating Institutions
Several institutions and companies joined the project and benefited from its advantages prompting them to continue participation. Such institutions include, but not limited, banks, factories, voluntary organizations, trade unions, associations, agencies, transport companies and oil companies.
Family Takaful
It is cooperation and collaboration for recompense among participants.
Legitimacy
It derives its legitimacy from the Quranic verse: "but help ye one another unto righteousness and pious duty. Help not one another unto sin and transgression" and holly Hadith of the prophet: " "The relationship of the believer with another believer is like (the bricks of) a building, each strengthens the other."
Family Takaful Objectives
It aims at realizing solidarity among the participants (family members) in case of death or disability of the husband/wife or a family member during the of participation period.
Family Members: They include parents, sons, daughters, and grand children.
The participation conditions
The participants age shall be between eighteen and sixty calendar years. The husband's/wife's age shall not exceed sixty calendar years at the commencement of the participation. The dependents' ages shall not be less than one calendar year more than eighteen calendar years, if he is not a student, and not more than twenty four calendar years if a full time student at higher education stage at the commencement date of the participation period.
(Dependents): means unemployed participants dependents mentioned in the family members' contract.
Family Takaful Benefits
Payment of due amounts in case of disability or death of husband/wife or one of a family member as stated in the Takaful system.
The money of family Takaful fund are consist of collection of the participants premiums paid with the intention of donation.
Withdrawal from Family Takaful system
The participants may withdraw at any time, at his discretion, by a written notification to the company.
The withdrawing participant may donate with what he might be entitled to of the fund's surplus from the date of the last assessment before he withdrawal from the family Takaful system.
Khartoum, Ali Abd Elatif Street, IIC Tower