From Wikipedia it says : Takaful is an Islamic concept which is grounded in Islamic muamalat (banking transactions), observing the rules and regulations of Islamic law. This concept has been practised in various forms for over 1400 years. It originates from Arabic word Kafalah, which means "guaranteeing each other" or "joint guarantee". In principle, the Takaful system is based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants. It is a form of mutual insurance.
In Al-Quran it is mentioned in a few ayats as follows:
1. Basis of Co-operation Help one another in al-Birr and in al-Taqwa (virtue, righteousness and piety): but do not help one another in sin and transgression. (Surah Al-Maidah, Verse 2)
Allah will always help His servant for as long as he helps others. (Narrated by Imam Ahmad bin Hanbal and Imam Abu Daud)
2. Basis of Responsibility The place of relationships and feelings of people with faith, between each other, is just like the body; when one of its parts is afflicted with pain, then the rest of the body will be affected. (Narrated by Imam al-Bukhari and Imam Muslim)
One true Muslim (Mu’min) and another true Muslim (Mu’min) is just like a building whereby every part in it strengthens the other part. (Narrated by Imam al-Bukhari and Imam Muslim)
3. Basis of Mutual Protection By my life, which is in Allah’s power, nobody will enter Paradise if he does not protect his neighbour who is in distress. (Narrated by Imam Ahmad bin Hanbal)
“The basic fundamentals underlying the Takaful concept are very similar to co-operative and mutual principles, to the extent that the co-operative and mutual model is one that is accepted under Islamic Law."
I hope the above sheds light on what Takaful is about. Here, at eTiQa Takaful, it is open to all races and not to Muslims only. The concept here enables the participants themselves to assist each other. In return, participants gets a mudhrabah ( a portion of profit sharing), made from the pool of money invested into Syariah approved counters.
After a certain age, which we call maturity age, the participants will get to withdraw a lump sum of money, inclusive of the dividend sum declared over the years. In between the starting year and maturity period, the participant / next of kin / nominee/ trustee, will receive a covered protection sum in the event the participant suffers from total permanent disability (TPD) or dies. Other form of riders / benefits offered today are hospital allowance, medical card , critical illness claim (over 33 types of listed diseases), etcetera.
Showing posts with label takaful. Show all posts
Showing posts with label takaful. Show all posts
Friday, October 10, 2008
Saturday, July 5, 2008
Economy Downturn?
July 2008. Seems like the financial situation is getting from worrying to breaking out into worts!
The subprime issues and the petroleum prices soaring high are making the people in the street like us sweat. We wished that the Government would be more supportive and more generous in handing out subsidies.
We wished that we had more cash in our savings account to be ready for what is coming, a dark outlook or dark financial forecast. Look at how the stocks are doing.
Today, I was forwarded an email advising people to be more prudent in their spendings. Here are some tips, which I think could be applied to some of us:
1. Don't take any loans, buy homes, properties with loans, or even cash. Keep as much cash as possible.
2. Pay off as much of personal loans, private loans, as debt collection will be hastened.
3. Sell any stocks you can even at lower prices.
4. Take money off from Trust Funds.
5. Don't believe in huge sales forecast from customers, be extremely prudent, lowest inventories, reduce liabilities.
6. Don't invest in new capital.
7. If you are selling homes/properties/ cars, do it now , when you can get good prices, they are going to fall.
8. Don't invest in new business proposals.
9. Cancel holiday plans using credit cards.
10. Don't change jobs, as companies will retrenchbased on 'last in, first out'.
However, I remembered being taught in my Economics class ( I was the worst student), that if the people / economy do not spend any money and everyone just kept their money under their pillow or banks.... things would come to a standstill (or something like that). From this lesson, it says to go on spending your money but wisely. No more splurging or fancy buying.
If I had any debts, I would certainly clear off my credit cards first, because that is a killer. Now that there is this new ruling imposed, on certain charges for credit revolvers. Meaning that, if you pay your card on the minimal amount, for every new transaction, you will be charged an interest rate from the day it is posted to the credit card company. No more free 20 interest free days!
However, you can still buy or take up equities or unit trusts at such low prices. According to one expert in Australia, this IS a good time to invest. It is because all the premium stocks are now at a very low price. This will assist you in creating your future wealth.
Another way to create your wealth is to provide your family with financial protection instruments such as from eTiQa Takaful. Let's say down the road, you are only saving RM100 per month with a financial institution. Let's say an accident happens, then you might need to take out your savings to pay your bills. So, what is left? If, you were to take up an eTiQa Takaful policy, be rest assured, it will help you lessen your burden. It pays for your hospitalisation, settle your debts, gives you some pocket allowance and also gives you dividends over your savings. Another good point, zakat is taken care of,too. A RM100 might add on to your wealth, up to RM30,000 to RM50,000 depending on your age.
For more info, email to kaiyisah@yahoo.com
The subprime issues and the petroleum prices soaring high are making the people in the street like us sweat. We wished that the Government would be more supportive and more generous in handing out subsidies.
We wished that we had more cash in our savings account to be ready for what is coming, a dark outlook or dark financial forecast. Look at how the stocks are doing.
Today, I was forwarded an email advising people to be more prudent in their spendings. Here are some tips, which I think could be applied to some of us:
1. Don't take any loans, buy homes, properties with loans, or even cash. Keep as much cash as possible.
2. Pay off as much of personal loans, private loans, as debt collection will be hastened.
3. Sell any stocks you can even at lower prices.
4. Take money off from Trust Funds.
5. Don't believe in huge sales forecast from customers, be extremely prudent, lowest inventories, reduce liabilities.
6. Don't invest in new capital.
7. If you are selling homes/properties/ cars, do it now , when you can get good prices, they are going to fall.
8. Don't invest in new business proposals.
9. Cancel holiday plans using credit cards.
10. Don't change jobs, as companies will retrenchbased on 'last in, first out'.
However, I remembered being taught in my Economics class ( I was the worst student), that if the people / economy do not spend any money and everyone just kept their money under their pillow or banks.... things would come to a standstill (or something like that). From this lesson, it says to go on spending your money but wisely. No more splurging or fancy buying.
If I had any debts, I would certainly clear off my credit cards first, because that is a killer. Now that there is this new ruling imposed, on certain charges for credit revolvers. Meaning that, if you pay your card on the minimal amount, for every new transaction, you will be charged an interest rate from the day it is posted to the credit card company. No more free 20 interest free days!
However, you can still buy or take up equities or unit trusts at such low prices. According to one expert in Australia, this IS a good time to invest. It is because all the premium stocks are now at a very low price. This will assist you in creating your future wealth.
Another way to create your wealth is to provide your family with financial protection instruments such as from eTiQa Takaful. Let's say down the road, you are only saving RM100 per month with a financial institution. Let's say an accident happens, then you might need to take out your savings to pay your bills. So, what is left? If, you were to take up an eTiQa Takaful policy, be rest assured, it will help you lessen your burden. It pays for your hospitalisation, settle your debts, gives you some pocket allowance and also gives you dividends over your savings. Another good point, zakat is taken care of,too. A RM100 might add on to your wealth, up to RM30,000 to RM50,000 depending on your age.
For more info, email to kaiyisah@yahoo.com
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