PROVISION RELATING TO TAKAFUL
CERTIFICATES: SCHEDULE 8
YOUR SUBJECT
Presentation by
Your Name
Provisions Relating to Takaful Certificates: Schedule 8
What is Schedule 8?
Schedule 8 is a part of the takaful certificate that details what is covered and
what is not covered under the certificate. It is important to refer to the Schedule
to understand the full list of exclusions under the certificate. Schedule 8 refers to
a crucial section within takaful (Islamic insurance) regulations.
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Provisions Relating to Takaful Certificates: Schedule 8
Takaful Certificate Essentials
Fundamental components of takaful contracts
Made up of several components, including the Schedule, the
Certificate of Takaful, and the Explanatory Notes
Represent participants' ownership in the takaful fund and their
entitlement to benefits.
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Provisions Relating to Takaful Certificates: Schedule 8
Benefits of Schedule 8
Consumer Protection
Enhanced Trust
Islamic Compliance
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Provisions Relating to Takaful Certificates: Schedule 8
Effective Data
The effective date is the date provided in the takaful Schedule when the cover
provided by the certificate is operative. The takaful contract includes a duty of
disclosure, which requires the participant to disclose all relevant information to
the takaful operator. The takaful certificate provides coverage for specific risks,
depending on the type of certificate. For example, a Contractors' All Risks Takaful
Certificate provides coverage for risks related to construction projects
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Provisions Relating to Takaful Certificates: Schedule 8
Key Provisions in Schedule 8
Disclosure Requirements
Sharia Compliance
Nomination and Assignment
Surrender and Termination
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Provisions Relating to Takaful Certificates: Schedule 8
Case Study
IFSA 2013
The IFSA 2013 includes provisions relating to
takaful certificates, including provisions relating
to permissible takaful interests and the payment
of takaful benefits
Research Result
This research aims to provide a clear Sharīʿah analysis for the issues stated under
Schedule 10 of IFSA with regard to nomination. The Sharīʿah analysis will be useful
to practitioners and lawyers wanting to know the Sharīʿah basis for such
promulgations. Furthermore, one of the expected outcomes of this research
would be to attain and disseminate knowledge regarding the actual practices of
nomination in the Malaysian takāful market.
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Provisions Relating to Takaful Certificates: Schedule 8
Regulatory Compliance
• Takaful operators
must strictly adhere
to Schedule 8
provisions.
• Regulatory bodies
monitor and enforce
compliance to
safeguard the
interests of
participants.
Transparency and
Accountability
• Schedule
8
emphasizes
transparency
in
takaful operations.
• Participants have the
right to understand
the
terms
and
conditions of their
certificates fully.
Conclusion
• Schedule 8 plays a vital role in
shaping the takaful industry.
• It promotes transparency,
accountability, and
compliance with Sharia
principles.
• Understanding its provisions
is essential for both takaful
operators and participants.
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