Takaful Malaysia has to offer is one of the prominent insurance there is in Malaysia. Some people might have a misconception regarding Takaful Malaysia whereby Takaful insurance is exclusive only to muslims. However, it is nowhere near the truth that it is only exclusive for muslims. The Takaful system does not differentiate colour and creed because it only focuses on benefitting the participants regardless of their religious beliefs. Have you always wondered what are the differences between Takaful and Conventional Insurance? But in spite of that, everyone might have a rough idea that Takaful is representing Islamic principles and Conventional insurance are commercial products which is true as a fact!
Takaful Malaysia is a type of insurance system designed to comply with Sharia laws whereby it must be free from these factors; riba (usury), al-gharar (uncertainty) and al-maisir (gambling). Generally, the takaful system operates on a pooling system contributed by the participants. Particularly, the takaful stresses the spirit of co-operation and joint responsibility among participants to protect each other from loss or damage. On the contrary, conventional insurance is a policy where it shifts the risk to the insurance company and the company are free to invest in any legal instruments such as bonds, stocks and etc which there is a doubt that the pool funds might be invested to companies which for an instance, a company that produced non-halal goods where it breached the Sharia law. In other words, takaful Malaysia and conventional insurance policies work on the same basic system which is the pooling of funds to manage the risk of a group of people in which they serve the same purpose of yet the differences are pretty major.
What Are the Benefits of Takaful Malaysia?
Takaful is definitely the answer to muslims who are concerned with the issues involving riba (interest), al-gharar (uncertainty) and al-maisir (gambling) where it makes sure that everything against Islamic principles are addressed accordingly. In spite of that, non-muslims are also welcomed to purchase the takaful insurance if they think that takaful offers the best coverage among other insurances.
Takaful Malaysia provides a very wide protection range of protections to suits everyone’s diverse needs. Coverage for death, permanent disability due to accidents and etc. In addition, takaful Malaysia might better in terms of cost among the other insurance because takaful funds are generally fixed and only in severe situations where there are losses to the entire fund should the person be charged more. Apart from that, there will be no conflict of interest during claims with the operators because the Takaful operators will not profit for any unclaimed money. Thus, makes takaful Malaysia appealing to everyone regardless of their religion or beliefs.
Besides that, muslims are able to honour religious values as the takaful is free from the elements of Riba, Al-Gharar, and Al-Maisir and do not have to worry about it being haram By taking takaful also opens up the opportunity for muslims to perform an act of devotion (ibadah) to God as it complies with the Sharia laws. It is a symbol of subjugation towards Allah’s orders subsequently benefits muslims people in terms of spiritual.
How Does Takaful Malaysia Works?
Takaful has the same concept as the conventional insurance where it provides coverage/protection with a lump sum payment to the insured person or their loved ones in the event of untimely death, or permanent disability due to accidents, and many more coverage plans that are offered depending on the insurance company policy. Takaful Malaysia applies the Tabarru’ (donation) concept whereby the participant agrees to donate or contribute a specified amount to the fund as the objective is to give assistance and mutual aid to the participants when in time of needs.
Wakalah (agency) concept is also applied in takaful, whereby the participant appoints the insurer to act on behalf of him to handle the plan. The Wakalah fee is paid upon the service of administering the plan.
Should You Consider Getting Yourself a Takaful Insurance?
The answer is definitely a yes. With everything that has been laid out above, it is no doubt that you should get yourself and your loved ones protected with takaful insurance. There is no need for you to hesitate in getting yourself a takaful insurance because takaful insurance is the safest insurance system there to offer. The takaful system emphasize on the spirit of joint responsibility and co-operation among participants. With that being said, it is proven that Takaful Malaysia offers a very great deal and the main focus is to help each other among the participants and protect each other without thinking of one’s own profit and greed. Hence, stop procrastinate on getting yourself and your loved ones takaful Malaysia because we never know what is going to happen to us or to our loved ones in the future. Do not take advantage on what we have today just because we are still in a good condition because anything can happen in the blink of an eye without us realising. Gift your loved ones a peace of mind so that they can move on with their lives without having to held back onto anything even though you are not with them anymore. Remember, if you fail to plan, that means you are planning to fail. Individuals who are smart in managing their financial flow would always consider getting an insurance policy because at the end of the day, deep down they know that it will be beneficial not just for themselves but also for their loved ones too.
Therefore, plan your future wisely and consider buying this takaful insurance policy as it will definitely come in handy in the times of need for yourself and your loved ones. If you are looking for an affordable takaful insurance, Etiqa i-DoubleSecure Term Takaful plan would be the most suitable product as you only need to contribute RM 25 per month and will continually contribute the same amount through the term. Should you have more enquiries about the product, you can visit www.PolicyStreet.com or click here! Get a RM 50 rebate when you purchase the Etiqa i-DoubleSecure Term Takaful Plan with us at PolicyStreet!