Group Family Takaful is an arrangement based on key Shariah principles of mutual cooperation, solidarity, and community well-being.
Here’s how it works:
Mutual Assistance
Under a Takaful arrangement, individuals come together to protect each other against financial losses.
Participants contribute to a pooled fund, which is managed according to Islamic principles.
The essence is mutual assistance: everyone shares the risk, and benefits are distributed as needed.
Coverage for Families:
Family Takaful plans offer financial protection to individuals and their families.
These plans cover events like death, disability, or illness.
Participants pay regular contributions (premiums) into the Takaful fund.
Islamic Principles:
No Interest (Riba): Takaful avoids interest-based transactions, adhering to Islamic finance principles.
Shared Risk: The risk is distributed among participants, fostering a sense of community
Transparency: Takaful operations are transparent, ensuring trust among members.