Takaful/ Insurance
In life, there are always risks that things may go wrong. And if it happens, you may need money to meet any incurring costs. Takaful and insurance can provide assistance in meeting your unexpected losses, either by compensation (e.g. reimbursing your medical bills), or reinstatement (e.g. restoring your burnt house).
Takaful and insurance can also assist you when you travel abroad and lose your luggage, or fall seriously ill. Therefore, with Takaful/insurance you can avoid chaos in your finances and would be able to avoid the risk of having to face those costs yourself.
Takaful provides financial protection based on Syariah principles by sharing risks between participants while insurance works on the principle of transferring your risks to the insurance company.
Takaful and insurance are basically contracts that come in two types:
| General Takaful or Insurance |
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| Covers properties such as your motor vehicles, house, business, employees and money. Policies include Motor Takaful or insurance, Fire Takaful or insurance, and others. |
| Family Takaful or Life Insurance |
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| Helps you to plan your finances for retirement, savings and investment, and protection of your loved ones. Policies include Whole Life insurance, Individual Family Takaful, and others. |
