Faq

Takaful is a system of insurance based on the Islamic principles of mutual assistance (ta’awun) and donation (tabarru). Takaful means joint guarantee, whereby a group of participants contribute towards a pool of money and mutually agree to protect each other by compensating those participants who suffer from an insured peril.

 

Takaful

Conventional Insurance

Organisation principles

Based on mutual cooperation

Commercial relationship between insurance company and insured.

Basis

Co-operative risk-sharing

Risk transfer

Contract form

Combination of donation and profit-sharing contract

Exchange contract

Laws

Shari’ah laws and Government/local laws

Government/local laws

Ownership

Participants

Shareholders

Capital used

Participants’ fund; in case of shortfall access to shareholders’ equity on a qard hasan basis

Share capital

Management

Operator

Company management

Investment

Shari’ah compliant

No restrictions except prudential

Surplus

Participants’ account

Shareholders’ account

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For many years, the FISO Company has been serving policyholders – protecting businesses, mitigating losses, defending claims. Renters .