Financial transactions according to Islamic principles to bring a sense of security for some people. Gap is then spawned many Islamic products, including life insurance.Not just safe, Takaful others also have more value.
Takaful participants will get a surplus at year-end that can be agreed. Whetherdistributed in cash, or into the next premium.
Losses were divided equally among the participants. Although in its development,the company provides no-interest loans to cover losses while premiums collectedagain until a later date.
Principled Islamic insurance benefit for participants to get profit sharing. In 1-2years, the life insurance sector grew rapidly. The insurance company that seriouslyproviding these products is also growing. But keep in mind characteristic of Takaful products. The main character lies in the policy contract.
Islamic life insurance do not transfer risk to insurance companies. The risk is bornejointly by the participants. In this case the insurance company managing it and nottake risks. Whereas in conventional insurance, participants turned to the insurancecompany. According to Islamic principles, the system is not justified.
If the development is not a lot of claims, the risk of either collected, insurance companies will be benefited. Meanwhile, if performance is poor, firms raise capitalto pay claims. In contrast to conventional insurance principles are contrary to Islamic principles.
