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Etiqa is an insurer and takaful operator in ASEAN. It is a member of the Maybank Group, offering life and general insurance policies, as well as, family and general takaful plans. It has over 10,000 agents, 46 branches, 17 offices, and a bancassurance network consisting of over 490 branches, cooperatives, brokers , and online platforms across ...
Takaful (Arabic: التكافل, sometimes translated as "solidarity" or mutual guarantee) [1] is a co-operative system of reimbursement or repayment in case of loss, organized as an Islamic or sharia-compliant alternative to conventional insurance, which contains riba (usury) and gharar (excessive uncertainty).
Other services include leasing, equity markets, investment funds, insurance (takaful), and microfinance. [ 60 ] [ 44 ] These products—and Islamic finance in general—are based on Islamic commercial contracts ( aqad i.e. a commitment between two parties) and contract law, [ 61 ] with products generally named after contracts (e.g. mudaraba ...
If policy conditions are not met, the insurer can deny the claim. [26] [29] Policy form - The definitions, insuring agreement, exclusions, and conditions are typically combined into a single integrated document called a policy form. [25] Some insurers call it a coverage form [25] or coverage part. When multiple coverage forms are packaged into ...
An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
Takaful Malaysia was established on 29 November 1984 when the Government of Malaysia set up a task force to study the feasibility of establishing an Islamic insurance company in Malaysia. [2] The incorporation of Takaful Malaysia as the first takaful operator in the country was in the same year as the Takaful Act was enacted. [3]
The company is a provider of both family and general takaful. For six successive years since 2011, PruBSN has been the Number 1 Family Takaful Operator and in 2016, our company achieved New Business Production of RM446 million with a 32.5% market share as confirmed by the industry rating agency, Insurance Services Malaysia. [ 3 ]
Other Islamic finance products replacing conventional bonds (Sukuk), insurance (Takaful), promise to avoid not only riba but Islamically forbidden concepts such as Maysir (gambling or speculation) and Gharar ("uncertainty" or "ambiguity"). Replacements have been suggested for the use of a bank (interest) rate for monetary policy.