{"id":5640,"date":"2020-08-16T21:38:56","date_gmt":"2020-08-16T21:38:56","guid":{"rendered":"https:\/\/cometinsure.com\/blog\/?p=5640"},"modified":"2020-10-19T11:40:35","modified_gmt":"2020-10-19T11:40:35","slug":"takaful-insurance-a-crucial-need","status":"publish","type":"post","link":"https:\/\/cometinsure.com\/blog\/takaful-insurance-a-crucial-need\/","title":{"rendered":"Takaful Insurance: A Crucial Need?"},"content":{"rendered":"<div  class=\"tatsu-ggau0nu5jl1r4aa8 tatsu-section  tatsu-bg-overlay   tatsu-clearfix\" data-title=\"\"  data-headerscheme=\"background--dark\"><div class='tatsu-section-pad clearfix' data-padding='{\"d\":\"15px 0px 15px 0px\"}' data-padding-top='15px'><div class=\"tatsu-row-wrap  tatsu-wrap tatsu-row-one-col tatsu-row-has-one-cols tatsu-medium-gutter tatsu-reg-cols  tatsu-clearfix tatsu-ggau0nu5tzehhx2n\" ><div  class=\"tatsu-row \" ><div  class=\"tatsu-column  tatsu-bg-overlay tatsu-one-col tatsu-column-image-none tatsu-column-effect-none  tatsu-ggau0nu63l6ab2m8\"  data-parallax-speed=\"0\" style=\"\"><div class=\"tatsu-column-inner \" ><div class=\"tatsu-column-pad-wrap\"><div class=\"tatsu-column-pad\" ><div  class=\"tatsu-module tatsu-text-block-wrap tatsu-ggau0nu6cn5r1cm5  \"><div class=\"tatsu-text-inner tatsu-align-center  clearfix\" ><style>.tatsu-ggau0nu6cn5r1cm5.tatsu-text-block-wrap .tatsu-text-inner{width: 100%;text-align: left;color: rgba(0,0,0,1) ;}.tatsu-ggau0nu6cn5r1cm5 .tatsu-text-inner *{color: rgba(0,0,0,1) ;}<\/style>\n<p><span style=\"font-weight: 400;\">The several effects that this pandemic has brought with it are still changing rapidly and are extremely severe and harsh. Hence, it is during such times that we realize how important and valuable it is for us to protect our lives as well as our livelihoods.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One thing that this outbreak has taught everyone is that do not overlook <\/span><a href=\"https:\/\/cometinsure.com\/pk\/life-insurance\"><span style=\"font-weight: 400;\">life insurance<\/span><\/a><span style=\"font-weight: 400;\"> or <\/span><a href=\"https:\/\/cometinsure.com\/pk\/health-insurance\"><span style=\"font-weight: 400;\">health insurance<\/span><\/a><span style=\"font-weight: 400;\"> no matter what the circumstances. Life is unpredictable and hence you must be prepared for whatever possible that could come your way. However, while choosing how to have yourself covered it is vital for buyers of insurance coverage policies to understand the benefits and advantages they can derive from the various insurance products that are up for grabs in the market from <\/span><a href=\"https:\/\/cometinsure.com\/pk\/\"><span style=\"font-weight: 400;\">insurance companies in Pakistan<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This leads us to branch out and explore Islamic insurance or takaful which is primarily based on the foundations of help. Takaful, derived from the word kafalah refers to a joint guarantee, takes into account the principles of mutuality where there is shared responsibility, interest as well as solidarity. Furthermore, it also focuses on how unforeseen events can lead to various losses.\u00a0<\/span><\/p>\n<p><b>What does a Takaful policy do?\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">A takaful policy entails and incorporates a cooperative model with shared risk. Through this people who have purchased this policy pitch in their money in a pool of funds. The benefit is only derived if the pool results in a surplus. The assets are very clearly divided with clear demarcation and segregation between those of the insurer and those of the policy owner.\u00a0 Moreover, the risk is then managed by the <\/span><span style=\"font-weight: 400;\">insurance company<\/span><span style=\"font-weight: 400;\"> of the takaful policy.<\/span><\/p>\n<p><b>How are operational risks handled?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Since takaful benefits are derived when the pool goes into a surplus, when it does not and instead goes into a deficit in order to pay the loans a zero-interest loan is taken up. This is known as \u201cQard Hassan\u201d and is then repaid from the future surpluses that will arise. If for example there are no surpluses then this loan is also forgiven.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Insurance has now become vital. It has become more important with time especially with this ongoing global pandemic and has been classified as a necessity. Hence, the demand for sharia-compliant insurance coverage has just risen and increased over time as the Islamic principles lay great emphasis on ethical, moral, and social values and promote equality in society.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In compliance with the basic principles of Sharia the cooperative model is gaining popularity throughout the world. As expected, the demand for takaful policies is expected to grow to $40 billion by 2023. Takaful policies have become way more popular and their popularity is constantly increasing. Hence, buyers of insurance coverage plans should take it into account as insurance has now become unavoidable, especially health and life insurance.\u00a0 <\/span><\/p>\n<\/div><\/div><\/div><\/div><div class = \"tatsu-column-bg-image-wrap\"><div class = \"tatsu-column-bg-image tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-column-overlay tatsu-animate-none\" ><\/div><\/div><style>.tatsu-row > .tatsu-ggau0nu63l6ab2m8.tatsu-column{width: 100%;}.tatsu-ggau0nu63l6ab2m8.tatsu-column > .tatsu-column-inner > .tatsu-column-overlay{mix-blend-mode: normal;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-top-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-bottom-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-left-divider{z-index: 9999;}.tatsu-ggau0nu63l6ab2m8 > .tatsu-column-inner > .tatsu-right-divider{z-index: 9999;}<\/style><\/div><\/div><\/div><\/div><div class=\"tatsu-section-background-wrap\"><div class = \"tatsu-section-background tatsu-bg-lazyload\" data-src = \"\"><\/div><\/div><div class=\"tatsu-overlay tatsu-section-overlay\"><\/div><style>.tatsu-ggau0nu5jl1r4aa8 .tatsu-section-pad{padding: 15px 0px 15px 0px;}.tatsu-ggau0nu5jl1r4aa8 > .tatsu-bottom-divider{z-index: 9999;}.tatsu-ggau0nu5jl1r4aa8 > .tatsu-top-divider{z-index: 9999;}.tatsu-ggau0nu5jl1r4aa8 .tatsu-section-overlay{mix-blend-mode: normal;}<\/style><\/div>\n","protected":false},"excerpt":{"rendered":"<div><a href=\"https:\/\/cometinsure.com\/blog\/takaful-insurance-a-crucial-need\/\" class=\"exp-read-more exp-read-more-underlined\">Read More<\/a><\/div>\n","protected":false},"author":4,"featured_media":5661,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[30,32],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Takaful Insurance: A Crucial Need? | Cometinsure<\/title>\n<meta name=\"description\" content=\"The several effects that this pandemic has brought with it are still changing rapidly and are extremely severe and harsh. 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