What is Takaful life insurance?

Takaful is a type of Islamic insurance wherein members contribute money into a pool system to guarantee each other. Takaful-branded insurance is based on sharia or Islamic religious law and covers health, life, and general insurance needs. Any claims made by participants are paid out of the takaful fund.

What is Jubilee Family Takaful?

Takaful is a Shariah Compliant System for future financial security & planning, wherein all participants contribute the funds in a pool and share the risks according to rules of mutual understanding, cooperation and contribution.

What are the benefits of takaful?

Benefits to takaful certificate and insurance policy owners

• PIDM protects you against the loss of your eligible takaful or insurance benefits should an insurer member fail.
• The protection is provided by PIDM automatically – no application is required.

What is takaful operator?

Takaful operators which are part of Islamic financial institutions (IFIs) derive their fundamental principles from shariah. These religious based institutions are expected to fulfill the two important roles in their business operations: commercially profitable and socially responsible.

How does takaful operate?

Takaful operations are based upon the principles of mutuality, whereby each participant makes a donation to a Takaful fund. In the event of its loss, the participant will receive the amount of its claim. On top of that, unlike conventional insurance, the participants retain an ownership interest in the takaful fund.

What is the difference between insurance and Takaful?

In conventional insurance, the risk is transferred from the insured to the insurer. Takaful, on the other hand, is based on shared risk. Each participant donates to a Takaful fund and in the event of loss, the participant will receive the amount of its claim.

Is Takaful more expensive?

One isn’t necessarily cheaper than the other, but in terms of ‘extra risk premiums’, takaful insurance may be better in terms of cost.

Who owns Jubilee Kenya?

Shareholding