Takaful - Study guides, Class notes & Summaries

Takaful Exam Questions and Answers 100% Correct Contractual Relationship between Participants and the Takaful Operator - Correct Answer ️️ --Mudharabah -Wakalah -Ju'alah -Wadi'ah Yad Damanah Mudharabah - Correct Answer ️️ --means giving specified amount of capital to another person who will trade with the capital for the purpose of sharing the profits generated according to a pre-agreed ratio. -participants contribute money to fund. takaful operator manages fund. -profit shar...

Contractual Relationship between Participants and the Takaful Operator - Answer--Mudharabah -Wakalah -Ju'alah -Wadi'ah Yad Damanah Mudharabah - Answer--means giving specified amount of capital to another person who will trade with the capital for the purpose of sharing the profits generated according to a pre-agreed ratio. -participants contribute money to fund. takaful operator manages fund. -profit shared between participants and takaful operator based on pre-agreed ratio or percentag...

Takaful Exam Questions and Answers 100% Correct Contractual Relationship between Participants and the Takaful Operator - Correct Answer ️️ --Mudharabah -Wakalah -Ju'alah -Wadi'ah Yad Damanah Mudharabah - Correct Answer ️️ --means giving specified amount of capital to another person who will trade with the capital for the purpose of sharing the profits generated according to a pre-agreed ratio. -participants contribute money to fund. takaful operator manages fund. -profit shar...

Islam and Insurance - Answer-Insurance operation did not confirm to Islamic Law due to the existance these elements. Element that make insurance did not confirm in Islam - Answer-Gharar- uncertainty Maisir- gambling Riba- usury/ interest Gharar - Answer-- what being bought is not clearly defined/uncertainty - existance of uncertainty in contract : 1. premium payment nsation payment e of contract (aleotary) monetary value exchnage may not same. Maisir - Answer-participants might purchas...

Takaful definitions Questions with 100% Correct Answers Risk Management - Correct Answer ️️ -Identification analysis and economic control of those risks which can threaten the assets or earning capacity of an enterprise. Insurable Interest - Correct Answer ️️ -The legal right to insure arising out of a financial relationship, recognised at law, the subject matter of insurance. Insurance Contract - Correct Answer ️️ -An agreement, enforceable by law, between two or more persons ...

IBF- Topic #11 Takaful Questions and Answers 100% Correct 3 Concepts of Insurance - Correct Answer ️️ -1- transfer of risk from individuals to insurance operator. 2- Ensure against pure risk only, not speculative risk. 3- Insurance as business, with profit maximization objectives. 4 Reasons why conventional insurance is not shari'ah compliance - Correct Answer ️️ -1- Element of Riba. 2- Element of Gambling. 3- Element of Uncertainty. 4- Gharar in modern day financial transactions...

Takaful : Underwriting and Claims Management Exam Questions and Answers 100% Correct Principles of Insurance that can be applied to takaful - Correct Answer ️️ -(1) permissible takaful interest (insureable interest) (2) utmost good faith (3) indemnity (4) subrogation (5) contribution (6) proximate cause. Underwriting - Correct Answer ️️ -Sign and accept liability under an insurance policy, thus guaranteeing payment in case of loss or damage occur. Insureable interest/permissible ...

Risk Management - Answer-Identification analysis and economic control of those risks which can threaten the assets or earning capacity of an enterprise. Insurable Interest - Answer-The legal right to insure arising out of a financial relationship, recognised at law, the subject matter of insurance. Insurance Contract - Answer-An agreement, enforceable by law, between two or more persons to do, or abstain from, some act or acts, their intention being to create legal relations and not merely ...

Takaful : Underwriting and Claims Management Exam Questions and Answers 100% Correct Principles of Insurance that can be applied to takaful - Correct Answer ️️ -(1) permissible takaful interest (insureable interest) (2) utmost good faith (3) indemnity (4) subrogation (5) contribution (6) proximate cause. Underwriting - Correct Answer ️️ -Sign and accept liability under an insurance policy, thus guaranteeing payment in case of loss or damage occur. Insureable interest/permissible ...