General Takaful Business
The General Takaful scheme is purely for mutual financial help on a short term basis, usually 12 months to compensate its participants for any material loss, damage or destruction that any of them might suffer arising from a misfortune that might inflict upon his properties or belongings.
If at the end of the period of Takaful, there is a net surplus in the general Takaful Fund, the same shall be shared between the participant and the operator in accordance with the principle of Al Mudaraba provided that the participant has not incurred any claim or has not received any benefits under the General Takaful Certificate.
The various types of General Takaful schemes provided by the Takaful operators include:
- Fire Takaful scheme,
- Motor Takaful Scheme,
- Accident / Miscellaneous Takaful Scheme,
- Marine Takaful Scheme and
- Engineering Takaful Scheme.