Should you take up a Motor Takaful or Motor Insurance? No doubt both help you in mitigating your risk and has almost similar coverage benefits. However, the key difference is that in Takaful, you make a contribution toward a takaful pool, which payout to those in need, and most importantly, the management of the funds is subject to strict compliance accordingly to the Shariah principles.
By taking up Motor Takaful instead of conventional motor insurance, your asset is well protected and at the same time, you know you have fulfilled your religious conscious. This is because Takaful is about mutual assistance as both gains and losses are shouldered by all participants of the fund, thus upholding the principle “bear ye one another’s burden.” Takaful provides one the opportunity to perform “ibadah” or acts of devotion – Surah Al-Baqarah, verse 25.
As the Takaful Fund belongs to all contributing participants and not the insurance company as in conventional insurance, surplus in the funds due to profit from Shariah-compliance investment will be returned to participants as renewal bonus.
Takaful is open to all to participate. To get your Motor Takaful, please complete the form here: