JPWALL is very experienced in Takaful and has been heavily involved in the development of the Takaful industry, in particular with regards to the Takaful Operational Framework and the implementation of the RBC for Takaful Operators in Malaysia.
Takaful is an Islamic insurance concept observing the rules and regulations of Sharia law. It is a co-operative system amongst participants, guaranteeing each other against risks. Takaful products are gaining popularity due to greater awareness, attractive packages and conformation to Islamic principles.
|Concept||Based on mutual cooperation||Based on commercial factors|
|Operation||Free from interest, gampling, and uncertainty||Includes elements of interest and uncertainty|
|Governance||Subjected to Governing Laws and Sharia Supervisory Board||Subjected to Governing Laws only|
|Surplus||Surplus from Takaful Fund is shared among participants of the fund||All profits belong to the shareholders of the company|
|Deficit||Takaful Operators provides free interest loan to the Participants Risk Fund||Insurance company bears all deficits|