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| Wealth Protection |
| Ditulis oleh Nor Azmi Omar | ||||||
| Sabtu, 07 Oktober 2006 00:47 | ||||||
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There are no translations available. People are exposed to different type and level of risks. Risk may be defined as "uncertainty about a financial loss from an exposure. Risks of loss are always associated with the risk of premature death, disability and also living too long. Premature death of a breadwinner can cause grave financial problems to the surviving family members since their share of the decease breadwinners income is permanently loss. DEFINITION OF TAKAFUL It is a protection scheme based on feelings of responsibility, humanity, cooperativeness and assurance among the participants. Its philosophy stresses on sincerity where participants agree to give a portion of their contribution to help other participants in the Takaful scheme. WHY TAKAFUL AND NOT INSURANCE The Takaful system is based on the Islamic Law which uses the akad concept in which the participants agree with the concept and the protection plan given. The concept is very different from the insurance contract. The National Fatwa Committee on 15 February 1979 clearly stated that life insurance is not in accordance with the Islamic Principles as it has the values of: Gharar (Uncertainty) – there is something hidden by one party which causes injustice to other parties. The information on the Sum Covered and Surrender Value when the contract ends is not given due explanation. Maisir (Gambling) – Participants pay small amount of money with the hope of greater returns and gaining something easily. Riba (Interest) – the act of giving loan to the policy holder and charging interest to gain greater profit and invest in instrument which is not in accordance to the Islamic Law. WHY DO YOU NEED TAKAFUL/PROTECTION Each person needs Takaful/Protection plan. Below are the factors explaining why a person needs to plan his or her finance and why Takaful is really needed in each individual’s life. TRAGEDY
The Islamic concept stresses that each individual needs to work hard to get what they want before giving it up all to God. By having Takaful protection, the individual not only has protection for himself but also helping other participants in difficulties or tragedy. If nothing happens to the participants, they shall receive savings returns and high returns of investment and that can be used for own needs or future plans. Participants get benefits as the investment is clean, pure and legitimate according to Islam. Profit sharing is high with the ratio of 80:20 (80% to the participant: 20% to the company). Participants also benefit in terms of good deeds through the concept of Tabarru’ where the participants donate to help other participants indirectly. Business tithes are also paid by the company for the duration of the saving. Participants also have income tax exemption from the amount of contribution paid.
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