Friday, August 19, 2011

History Takaful

History of the formation of Takaful was started in 1979 when an insurance company in Sudan, namely Sudanese Islamic Insurance Takaful was first introduced. Later that same year of a life insurance company in the UAE also introduce sharia in the Arab region.

After that in 1981 a life insurance company in Switzerland called Dar Al-Maal Al-Islami to introduce sharia in Geneva. Accompanied by the issuance of sharia in Europe in the second introduced by Islamic Takafol Company (ITC) in Luxembourg in 1983, and was followed in several other countries.

Until now, the Takaful more widely known and enjoyed by the community and the countries of both Muslim and non-Muslims.

Understanding Takaful

Understanding Takaful based Nasioanl Sharh Council (DSN) and the Indonesian Ulema Council (MUI) is an effort to protect each other and mutual help among people through investment in assets and / or tabarru 'which gives the pattern of returns to face a particular risk through appropriate contract with sharia.

Takaful is a system where participants donate part or all of the contributions / premiums they pay to be used to pay claims for disaster experienced by some participants.

Process participants and corporate relationships in the mechanism of insurance coverage on sharia is sharing of risk or "bear one another's risk". In the event of disaster, then all participants Takaful bear one another. Thus, there is no risk transfer (transfer of risk or "risk transfer") of the participants to the company as in conventional insurance.

Role in the Takaful insurance companies is limited as a fiduciary to manage and invest funds from the contributions of participants.

So in Takaful, the company acts only as an operational manager, not as an underwriter as in conventional insurance.

Tabarru '

Tabarru definition 'is a donation or donations (in the definition Isalam is Grant).Contributions or donations (grants) or benevolence fund is administered by the participants and the Takaful diikhlaskan if at any time will be used to pay claims or other insurance benefits.

With the funds tabarru 'of the participants are Takaful then all the funds to cover the risk accumulated by the pesrta own. Thus the policy contract on Takaful placing participants as the party who bears the risk, not the insurance companies, as in conventional insurance.

Because funds are collected and used by and from the participant and must be managed in terms of both administrative and investment, to the participants membarikan authorize the insurer to act as an operator on duty to manage these funds properly.

So it is clear here that the position of insurance companies just as the manager or operator only and NOT as the owner of the funds. As a manager or operator, the function of insurance companies only MANAGING fund participants, and managers should not use these funds if there is no power from the participants.

Thus, the element of vagueness (Gharar) and chancy (Maysir) would be lost because of:

1. The position of the participants as the owner of the funds to be more dominant than the company's position as a fund manager who only participants only.

2. Participants will receive profit sharing from the fund tabarru 'collected.

This course is unbelievably different from conventional insurance (non-Islamic) where the policyholder did not know exactly how much the premiums collected by the company, whether the amount is greater or smaller than that waged in the payment of claims, because here the company, as insurer, free to use and invest anywhere.

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