Takaful (Shari’ah Compliant Insurance)
As National Amanah we are proud to offer Shari’ah Compliant products to our clientele.
Our National Bank Insurance Agency is an agent of Takaful Insurance of Africa (TIA), and other insurance companies. As an Agent of TIA we are able to offer Shari’ah Compliant products such as Motor, Family Takaful covers and many others.
Takaful is an Arabic word meaning “guaranteeing each other” or joint guarantee. The basic fundamentals underlying the Takaful concept are very similar to cooperative and mutual principles. The cooperative and mutual model is the one that is accepted under Shari’ah. The principles of Takaful Insurance are as follows:
- Policy holders cooperate among themselves for their common goal.
- Every policyholder pays his subscription / contribution to help those that need assistance.
- Losses are divided and liabilities spread according to the community pooling system.
- Uncertainty is eliminated in respect of subscription and compensation.
- It does not derive advantage at the cost of others.
- The pooled funds are invested in Riba free investments hence Halal.