Quick Notes

Quick Notes

Mathematics Chapter 3: Money
3.3 Insurance and Takaful
3.2  Insurance and Takaful
 
RECOGNIZE ASSETS, LIABILITIES, INSURANCE & TAKAFUL
 

Assets and Liabilities

Words Meaning
Assets What is owned such as cash and property.
Liabilities Financial liability or debt.

 

Insurance and Takaful

Insurance and takaful can protect us if something happens to ourselves, family members or our property.

Insurance Takaful

The concept of buying and selling

Buyer / Seller \(\Longrightarrow\) Buy RM 1000

  • The risk is borne by the insurance company.
  • Company owned insurance premium.
  • Supervised by government laws.
  • Sharia compliance is not mandatory.

Contribution Concept

Contributor / Agent \(\Longrightarrow\) Contibute RM 1 000

  • The risk is borne by the participants as a group.
  • Donations belong to the Takaful Fund.
  • Takaful operators only manage funds.
  • Supervised by sharia law and the government.
  • Sharia must be obeyed.