Takaful Business definition

Takaful Business means the business relating to the administration, management and operation of a Takaful Fund for its Takaful Participants which involve elements such as investments, savings and claims and Retakaful business and a reference to carrying on Takaful Business shall include all or any of the activities set out in paragraph 5(4)(a) of the Islamic Financial Services Act 2013.
Sample 1Sample 2Sample 3
Takaful Business means business of takaful whose aims and operations do not involve any element which is not approved by the Syariah;
Sample 1Sample 2Sample 3
Takaful Business means the business of takaful whose aims and operations are in compliance with Shariah principles;
Sample 1Sample 2

Examples of Takaful Business in a sentence

  • In carrying out the mandate conferred on it by the Takaful Participants, the Company, may find it necessary to avail itself the services of third parties, therefore the Takaful Participants hereby authorise the Company to engage with the third party for the purpose and benefit of participants and Takaful Business.

  • In the context of the Company, We are appointed as an agent (wakil) to carry out the Takaful Business and a Wakalah fee (Ujrah) to be paid to the Company.

  • This means the business relating to the administration, management and operation of a Takaful Fund for its Participants which involve elements such as investments, savings and claims and Retakaful business and a reference to carrying on Takaful Business shall include all or any of the activities set out in paragraph 5(4)(a) of the Islamic Financial Services Act 2013.

  • This section also applies to an Insurance Intermediary or InsuranceManager that carries on Insurance Intermediation or Insurance Management for a Takaful Operator.Guidance: Application to Takaful BusinessAll provisions in this section 8.5 of AIFC COB rules apply to Insurance Intermediation or Insurance Management activities carried out for a Takaful Operator or for a Takaful Business.

  • In carrying out the mandate conferred on it by the Participants, the Company, may find it necessary to avail itself the services of third parties, therefore the Participants hereby authorise the Company to engage with the third party for the purpose and benefit of participants and Takaful Business.

  • A Takaful Entity shall set off the net surplus or deficit attributable to Takaful Business for an Accounting Period against Chargeable Profits of the same Accounting Period.

  • Takaful Business Takaful Business means the business of conducting either or both of the following activities: (a) effecting Takaful Contracts as Principal;(b) carrying on Takaful Contracts as Principal.

  • Expense liabilities are maintained in the Shareholders' fund in accordance with the requirements stated in the Guidelines on Valuation Basis for Liabilities of General Takaful and Family Takaful Business issued by BNM.

  • Actuarial liabilities are recognised when contracts are entered into and contributions are charged as determined by the annual actuarial valuation are based on the Islamic Financial Services Act, 2013 as well as the relevant statutory requirements stated in the Guidelines on Valuation Basis for Liabilities of Family Takaful Business.

  • In carrying out the mandate conferred on it by the Takaful Participants, the Company, may find it necessary to avail itself the services of third parties, therefore the Takaful Participants hereby authorize the Company to engage with the third party for the purpose and benefit of participants and Takaful Business.


More Definitions of Takaful Business

Takaful Business means the business of takaful whose aims and operations are in accordance with Hukum
Sample 1
Takaful Business means business of Takaful whose aims and operations do not involve any element which is not in consonance with the injunction of Islam as laid down in the Shariah;
Sample 1Sample 2
Takaful Business means business of takaful whose aims and operations do not involve any element which is not approved by Shariah. For the purposes of these Guidelines, takaful business shall be divided into two classes namely, Family Solidarity Business which, in addition to all takaful business concerned with solidarity certificates shall include, in the case of any takaful operator, any type of takaful business carried on as incidental only to the operator's other solidarity business; and General Business that is to say, all takaful business which is not family solidarity business. Takaful business includes undertaking takaful activities through an agent or as an agent.
Sample 1
Takaful Business means business of takaful whose aims and operations do not involve any element which is not approved by the Syariah”It is known that conventional insurance is totally different from Islamic insurance (takaful). Conventional insurance has three elements that contradict takaful. According to Lim, Jacky, Muhammad Fahmi Idris, and Yura Carissa (2010), conventional insurance is prohibited due to the elements of Riba (interest), Gharar (uncertainty) and Maisir (gambling). Malaysia has achieved significant milestones in the development of its takaful industry. With the enactment of the Takaful Act 1984, the first takaful company was established in 1985. Since then, Malaysia's takaful industry has been gaining momentum and increasingly recognised as a significant contributor to Malaysia's overall Islamic financial system (Bank Negara, 2014).Takaful is one of the protection schemes under Islamic wealth management. The objective of the takaful is to provide protection and assurance against a specific risk that befalls an individual‟s life or possessions (Aris et al., 2012; Abdullah,2012; Ahmed,2013). Besides that, takaful also counters poverty and deprivation (Fisher, 1999; Patel, 2004; Erlbeck, 2010; Bakhtiari, 2013; Hasim, 2014; Sheila et al., 2015). However, majority of takaful operator in Malaysia focuses more on middle and high income group instead of lower income group (Sheila et al., 2015). This happens because the majority of lower income group choose to lapse their policy if there is an increase in their takaful plan (Toh, 2017).According to the department of statistics Malaysia, majority of Malaysians come from middle and high income group. Therefore, it is relevant for takaful operators to focus on middle and high income group. Despite that, government and private insurers already develop an insurance and takaful scheme for lower income group especially for health insurance (The Star, 2018). This event leads to the increasing opportunity of lower income group subscribing to takaful plan. Moreover, takaful operators may initiate new products suitable for lower income group such as micro takaful (Erlbeck, 2010; Bakhtiari, 2013; Hasim, 2014, Sheila et al., 2015).Majority of Malaysians subscribe to medical and health takaful as the cost of getting treatment is expensive especially in private hospitals and for critical illnesses. There are 36 critical illness included in medical and health takaful such as heart disease, cancer, stroke and others. However, ment...
Sample 1Sample 2

Related to Takaful Business

  • the Business means the usual work and activities carried on by the Insured pertaining to his business as specified in the Schedule and no others.

  • Subject Business means the policy or policies that are the subject of the Insurance Business Transfer Plan.

  • Principal Business means the primary activity as determined by analyzing the amount of capi- tal, labor, time, attention, and floor space devoted to each business activity and by analyz- ing the sources of net income and gross income. The name, appearance, and advertising of the entity may also be taken into consideration if they are given less weight.

  • Parent Business has the meaning set forth in the Separation and Distribution Agreement.

  • Cannabis business means any business activity involving cannabis, including but not limited to cultivating, transporting, distributing, manufacturing, compounding, converting, processing, preparing, storing, packaging, delivering, testing, dispensing, retailing and wholesaling of cannabis, of cannabis products or of ancillary products and accessories, whether or not carried on for gain or profit.

  • Supply Business means the licensed business of the Licensee and anyaffiliate or related undertaking of the Licensee as a Supplier but shall not include the business carried out by the Board in its capacity as public electricity supplier;

  • Micro Business means a company which either:

  • Relevant Business means any business or part thereof howsoever carried on involving the supply of Restricted Goods and/or Services;

  • Public business means and includes all matters which relate in any way, directly or indirectly, to the performance of the public body’s functions or the conduct of its business.

  • Additional Business Centre(s means the city or cities specified as such in the relevant Final Terms;

  • Retail business means a business which sells its product directly to a consumer.

  • Resident Business or “Resident Contractor” means an entity that has a valid resident certificate issued by the NM Taxation and Revenue Department pursuant to Section 13-1-22 NMSA 1978.

  • Business has the meaning set forth in the Recitals.

  • food business means any undertaking, whether for profit or not and whether public or private, carrying out any of the activities related to any stage of production, processing and distribution of food;