2 Advantages of Takaful Motor Vehicle Insurance

Insurance is one way to minimize the financial losses that unexpected and can happen to anyone at any time, including motor vehicles. In Takaful types of risks insured under a motor vehicle insurance is roughly equal to the motor vehicle insurance on conventional insurance, but there are things that distinguish between different contract limits its use. The use of motor vehicle for activities related to matters such as those involving pornography illegal, pornographic, can not be insured on Takaful.

Islamic insurance companies to allow the return of surplus tabarru 'if participants do not have to make a claim motor vehicle insurance or if the amount of the claim does not reach certain agreed value. This concept is also found in conventional insurance which is called the 'no claims discount' or 'no claim bonus', but they are required to extend the motor vehicle insurance policy for the next period. While the Takaful participants do not have to extend the motor vehicle insurance policy to get a refund of surplus tabarru '.

 

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0 Benefits of Insurance Financing

What are the benefits of insurance financing ? ... Employees with tenure of 5 years are able to apply on bank financing to purchase a home or vehicle. Future installments for the purchase of vehicles between 3-5 years and for home purchases between 5-15 years. Remaining Payments on bank  will decrease according installments already paid. If employees do not have insurance financing and died before financing is paid off, the remaining funding be borne heirs left behind, if the heirs can not pay the bank will foreclose and sell the vehicle or home mortgage.

Therefore, it is necessary financing insurance program for employees who filed financing. Financing insurance benefits is to provide a death benefit for the rest of the bank's liability and compensation directly handed over to the bank. So the heirs inherit the house in a state vehicle or paid off.

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2 4 Reasons why Takaful is better than conventional insurance

The following are reasons why takaful is better than conventional insurance:

1. Takaful is defined as an effort to protect each other and mutual help among people through investing in funds tabarru 'giving patterns return to a particular risk through the contract Shariah compliance. Basically Takaful and conventional insurance have the same goal, which is to manage and cope with risk. However, fundamental differences in the initial contract makes Takaful more fair compared to conventional insurance. Applying conventional insurance contract of sale, while the Takaful contract applying mutual assistance among member insurance. In other words, takaful using the principle of risk-sharing , whereas in the conventional insurance is a risk transfer that occurs from the client to the insurance company.

 2. Takaful fund management through to avoid the forbidden elements of usury (interest), gharar (uncertainty of funds), and maysir (gambling). Mudharabah appropriate, namely the cooperation agreement in which participants provide capital, to be managed by the Takaful company profit-sharing contract. If there are Islamic insurance claim, the funds to pay claims deducted from the account tabarru 'all participants. Unlike conventional insurance where the funds to pay claims from insurance companies.

3. Excess Takaful, are not familiar with the term forfeited funds like conventional insurance .Takaful participants can get their money back even if not yet due. Because the concept is a deposit, refunded from the account Takaful participants who have been separated from the account tabarru '. This is reasonable because the operational costs incurred Takaful policyholders are limited in the range of 30% of the premium, so the formation of the cash value in the first year has reached 70% of the premium. Unlike conventional insurance where the total operational costs borne by the policyholder, so the formation of the cash value to be slow, the first year is equal to zero.

4. Profit-sharing in the company and the Takaful insurance participants using the principle of sharing as prescribed. While in conventional insurance all the advantages of being the property of the company. 

 

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