0 The Concept of profit Sharing and Risk Sharing Offered Takaful

Takaful besides obviously halal also embody justice between parties to a transaction, it is because the application of the principles and ease of transacting syar'i offered. Two concepts that offer Islamic insurance companies, profit-sharing system and risk management system, can be explained as follows:

1. Profit sharing system against the management of the Takaful fund.

Insurance as well as investing an attractive option. Usually when someone follows the insurance, he must pay a premium, with no separation between where the funds are to benefit if the insured event occurs later, and where the funds benefit the final contract amount has been determined since the beginning. However, where the insured to terminate the contract in the early years, the insured may not obtain any benefit from the premiums they pay to the insurance company (fund forfeited).

Concepts like that cause harm to the participants and the profits for insurers. For that Takaful provides a solution to the separation of funds. Funds are divided into two different accounts that tabarru funds' and investment funds. Tabarru funds' intended to fund benefits when there is other insurance participants were affected, while the investment funds are managed in accordance with the agreement that has been made.

Funds collected insurance participants and invested in businesses that match syar'i. The fund will be returned to the participants if the agreement has expired, the participant resigns, or when the participant dies. In addition participants will also benefit from the investment of the fund.

Regarding premiums, insurance participants may choose payment monthly, quarterly, semiannual, or all at once.

 2. Risk management systems in Takaful.

In order to provide sufficient funds to benefit the Takaful participants who experienced the disaster, tabarru funds' invested in a business suit syar'i. If at the end of the contract underwriting surplus, the amount of funds tabarru 'plus the investment return is greater than the number of claims and the costs imposed on the fund, the surplus is shared with a variety of options:
1. Entirely reserved funds back in the account tabarru '
2. Some returned to the participants and some of the funds are reserved tabarru '
3. Some returned to the participants, mostly paid to the Islamic insurance companies, and some are reserved in the fund account tabarru '

If the Islamic insurance companies feel risk-managed beyond its capacity, some risks will be shared with the company Retakaful. Consequently some of the funds tabarru 'run will also be paid to the Islamic reinsurance company (Retakaful).