Presentation (4) b maths Islamic banking.pptx

Presentation of the Islamic banking rules and procedures

1. Insurance policy (Takaful)

2. Islamic Banking insurance policy (Takaful) Takaful an Arabic word meaning “guaranteeing each other “is the same as Insurance but approved under Islamic sharia guidelines. It represents the concept of Insurance based on mutual cooperation and solidarity Of people by participating in a takaful scheme.

3. Is Takaful sharia compliant: The development of the Takaful industry in Malaysia in the early 1980’s was inspired by the prevailing needs of the Muslim public for a sharia complaint alternative to conversation Insurance.

4. Takaful policy: Takaful is type of Islamic insurance where in members contribute money into a pool system to guarantee each other against loss and damage. Takaful insurance is based on sharia or Islamic religious law which explains how individuals are responsible to cooperate and protect one another

5. What is insurance in Islamic banking Islamic insurance (Takaful) means the act to group of people reciprocal granting each commercial profit sharing contract between the providers of funds for a business venture and entrepreneurs who rationally conduct the business

6. Is Takaful insurance Halal or Haram Takaful often referred to an ‘ Islamic insurance ‘is a way for businesses to mitigate the financial risk of unforeseen events. Takaful is based on social solidarity and cooperation it is a part among a group of people who agree to jointly indemnify loss or damage from a fund they donate to collectively.

7. Difference between Takaful and insurance Transferred from the insured to get insurance the Takaful insurance mutual risk is shared amongst the participants Takaful operations are based upon the principles of mutuality

8. Type of Takaful Their are main 2 types of Takaful 1_ family Takaful plans ( term life Takaful) ,universal general Takaful products on the other hand, provide coverage for the loss or damage of assets such as property, vehicle, machines due to accidents or natural disaster and more.

9. For instance Here we can see in Pakistan their are so many banks whom using Islamic banking system one of the biggest example is Askari Islamic Banking and bank Islamic. They can safe us from interest loans and other stuff which is prohibited in Islam.

10. Conclusion of the topic Islamic Banking In the start of the presentation as we learn about concept of Banking and then we learn about the other side of Banking which is Islamic Banking system. After that we heard about that why we need Islamic Banking in our country also the advantages and disadvantage and modes of Islamic banking globally. We learn about interest policy, loan policy and insurance policy under the umbrella Islamic banking.