Friday, February 15, 2013

0 Takaful : Insurance Options, Safer, and Reassuring

Before discussing about Takaful's good we reviewed the insurance first. Insurance is "an agreement between two or more parties, with the insurer to bind themselves to the insured, by accepting the insurance premiums, to provide reimbursement to the insured for loss, damage or loss of profits expected, or legal liability to third parties which may be suffered by the insured, arising from an uncertain events, or for payment based on the death or life of the insured. " In other words, insurance is a risk management concept by way of transfer the risks that may arise from specific events that are not expected to others who could replace the losses suffered in return receive a premium. 

Insurance companies as an underwriter, with a particular technique to estimate the magnitude of risk, and thus the amount of insurance premiums can be estimated. The amount of the premium received by the insurance company more than enough to cover the losses of the insured, this is called underwriting profit, which is one source of conventional insurance benefits. Sources of other advantages for conventional insurance comes from the difference of technical interest rate of return.

In Takaful both insured and the insurer are the participants . Takaful company in this case acting as a manager, in charge of taking care of the problem of membership data administration, managing risk, managing funds, and pay claims according the agreement. In return the company earned from wages and profit sharing fund management is done and got part of the underwriting surplus suitable agreed.

Takaful and conventional insurance use the same mechanism in order to spread the reinsurance risk management. The difference, Takaful use sharing of risk, whereas conventional insurance using the concept of transfer of risk.

Takaful as a company is a business applying the principles of shar 'i so clearly halal status. Excellence principles shar 'i is the realization of justice between parties to a transaction as well as the conveniences ex-ease in Bertran's action. Two tings to offer Islamic insurance companies are: 
• System share the results of the management of funds
System of risk sharing among participants
Funds paid to the sharia immediately separated in a different account, that account tabarru funds' and fund accounts of participants, if any. The funds tabarru 'is used as a means of sharing the risks by providing compensation if any participant of the unfortunate as they are agreed. The funds will be invested and the participants recorded in the accounts as the benefits of the participants at the end of the contract or when participants terminate the agreement. With Takaful we get three at once the benefit is insured, charity and invest.

In a fatwas on general guidelines for Takaful Indonesia Ulema Council decided as follows :

First: General Provisions

  1. Takaful (ta'min, Takaful, Tadhamun) is an attempt to protect each other and help each other among a number of people / parties through investments in the form of assets or tabarru 'giving patterns return to a particular risk through the contract (engagement) in accordance with sharia.
  2. Shariah compliance covenants referred to in point (1) is that it does not contain gharar (lack of clarity), gambling, riba (interest), zulmu (persecution), risywah (bribes), illicit goods and sinners.
  3. Akad tijaroh are all forms of contract are undertaken for commercial purposes.
  4. Akad tabarru 'are all forms of agreement made ​​with the aim of kindness and mutual assistance, not merely for commercial purposes.
  5. Premiums are liability insurance participants to provide funds to the insurance company as agreed in the contract.
  6. The claim is the right insurance participants must be given by the insurance company as agreed in the contract.

Second: Akad in Insurance

  1. Akad made ​​between the participants and the company consists of akad tijarah and akad tabarru '.
  2. Akad tijarah referred to in subsection (1) is mudaraba, while akad tabarru 'is a grant.
  3. In the contract at least be mentioned:
a.        The rights and obligations of participants and the company.
b.       The manner and time of payment.
c.        Type of akad  tijarah and or akad  tabarru 'and the conditions agreed upon according to the type of insurance.

Third: the status of the parties to the akad  Tabarru' and  Tijarah  

  1. In contract tijarah (mudaraba), the company acts as mudharib (manager) and the participants act as shahibul mall (the policyholder).
  2. In contract tabarru '(grant) participants provide grants that will be used to help other affected participants. The company as a grants manager.

Fourth: The provision in the contract Tijarah and Tabarru '

  1. Tijarah contract type can be converted into a contract tabarru 'if the parties retained their rights willingly waived his right to abort obligations that the parties have not fulfilled their obligations.
  2. Tabarru contract type 'can not be converted into a type of contract tijarah.

Fifth: Type of Insurance and agreement 

  1. In terms of type of insurance, it is composed of general insurance and life insurance.
  2. The contract for the two types of insurance are mudaraba and grants.

 


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