FAQs - التكافل للتأمين

Frequently Asked Questions

Welcome to our Frequently Asked Questions (FAQ) page! Here you will find clear and comprehensive answers to the most common questions about our services, insurance, and the companies we work with. If you have any additional inquiries, please don’t hesitate to contact us.
Is individual health insurance available, and what are the costs?
The Takaful health insurance provided by Palestinian Takaful Insurance is offered only to groups within institutions or companies.

What is family insurance?

Family insurance is the Sharia-compliant alternative to life insurance in conventional companies. It acts as a means of securing income, providing a dignified life for the affected family in case of disability or death.
The Takaful insurance offered by Takaful relies on donation-based contributions to distribute risk among policyholders (participants). Through this system, the policyholder becomes a participating donor in the profits, unlike conventional insurance, which depends on the probability of occurrence.

Is individual health insurance available, and what are the costs?

The Takaful health insurance provided by Takaful is insurance offered only to groups within institutions or companies.

What distinguishes Takaful (Islamic insurance services) from conventional insurance companies is the following:

Promote the concept of cooperation and solidarity, achieving the principle of justice and fairness between shareholders and policyholders, as well as among the policyholders themselves.
Fully ensure avoidance of prohibited interest-based (riba) transactions in the company’s investments.
Maintain accuracy and speed in providing insurance services and claims, in line with the company’s objectives.
The company maintains two types of accounts:
1. Shareholders’ Account: Represents the company’s capital.
2. Policyholders’ Account: Consists of insurance premiums (donations/contributions) from policyholders.
The company keeps policyholders’ insurance premiums in a single account to embody the idea of solidarity among them. Losses suffered by any policyholder are compensated from this account, reinforcing the meaning of Takaful.
The company ensures justice and fairness between shareholders and policyholders by distributing profits as follows:

1. Shareholders’ Profits:

Returns from capital investments after deducting related expenses.
Their share of the surplus from insurance premiums, considering their role as capital investors.
A pre-determined percentage of contributions (premiums) announced at the beginning of each financial year as a fee for managing the company’s insurance operations. Shareholders cover all general administrative expenses such as salaries, rent, and other administrative costs.

2. Policyholders’ Profits:

Insurance surplus resulting from various insurance operations.
Their share of the surplus from contributions (premiums), as they are the owners of these funds.
Returns due from Takaful reinsurance agreements.
Profit distribution to policyholders is done according to a ratio approved by the company’s Sharia Supervisory Board.

How is the concept of Takaful connected to Islamic Sharia?

Islam, through all its legislation, calls for establishing a society based on cooperation and solidarity.

Allah Almighty says: And cooperate in righteousness and piety, but do not cooperate in sin and aggression. (Surah Al-Ma’idah, 5:2)

The Prophet Muhammad (peace be upon him) said: The believer to the believer is like a building whose parts support each other.(Narrated by Al-Bukhari and Muslim)

He also said: The example of the believers in their mutual love, compassion, and sympathy is like one body; when any limb aches, the whole body reacts with sleeplessness and fever. (Narrated by Imam Muslim)

Takaful Insurance Company operates according to the concept of cooperative insurance endorsed by Islamic scholars as a legitimate alternative to conventional commercial insurance.
Cooperative insurance is fundamentally based on the principle of policyholders’ cooperation by paying contributions (premiums) in the form of donations, which in turn help compensate those who suffer accidental losses.