Takaful

We appreciate how much time and perseverance it took to build up your possessions which is why you can count on us to devote the same skill and dedication to protecting it with Takaful.

We have made it our business to find a way to ensure that your possessions are protected in a Shariah Compliant manner. Now, we will make it our business to understand your requirements when it comes to protecting those possessions. We have adopted stringent codes to establish delivery standards that meet the needs of each individual client. We further commit to maintaining these standards by constantly measuring our performance to ensure consistent client satisfaction.

The result is service delivery that is tangible, transparent and measurable.

This attentiveness to service, coupled with our ability to structure a product to protect your property in a Shariah Compliant way, will enable us to be a flag bearer in the Islamic Economic environment.

Reputation is a priceless asset

We are committed to integrity and transparency, as well as the creation of long-term partnerships based on trust and respect. To fulfill our mission we have developed strategic relationships to ensure that Takaful maintains the highest standards.

Takaful seems exactly the same as conventional insurance?

In terms of Shariah, insurance is based on a buy-sell agreement whereas Takaful falls under the contract of Tabarru (Voluntary contribution) The Shariah requirements for these two types of contracts differ and this difference makes Takaful an acceptable alternative.

Difference and similarities of Takaful and conventional insurance

Issue Takaful Conventional Insurance
Organization Principle Mutual for Participants Profit for Shareholders
Basis Co-operative risk sharing Risk transfer
Value Proposition Affordability and spiritual satisfaction Profits maximization
Laws Shariah plus Regulations Secular/Regulations
Ownership Participants Shareholders
Management status Operator: act as a ‘Wakeel’ (Agent) and ‘Ameen’(Trustee) Company Management: act as a ‘Guarantor’ and ‘Owner’
Form of Contract Cooperative, Islamic contracts of ‘Wakala’ (Agency) or ‘Mudaraba’ (Profit-sharing) with payment of contribution as Tabar’ru (donation) Contract of Sale with payment of Premium
Investments Shariah compliant, Riba-free Interest-based
Surplus Participants’ account Shareholders’ account
Religious Consensus Considered as ‘Halaal’ mode of risk mitigation by Shariah Considered as ‘Haraam’ mode of risk mitigation by Shariah
Regulated By
STIA & Shariah Advisors
Short Term Insurance Act

Our partners include:

Bryte Insurance Company South Africa

Bryte Insurance Company South Africa is a subsidiary of the Canadian based Fairfax, a leading global insurance provider operating in global and local markets.

The Group employs about 55,000 people and serves customers in more than 170 countries.

As a leading insurer in South Africa, Bryte provides top tier products comprising Corporate, Commercial, Small and Medium Enterprises, Personal Lines and other specialist insurance products and propositions.

This extensive product offering is coupled with a service approach not only to meet customer needs, but to exceed them at all touch points.

Financial Service Products

Personal Takaful

A Takaful solution which manages your combined home and motor requirements.

Commercial Takaful

A Takaful solution for small to large enterprises, with particular focus retail, service industry, wholesale and manufacturing.

Motor Takaful

For the motor trade industry like car dealerships and motor repairs, extending to cover damage to customers’ vehicles, either at or away from your premises.

Travel

A industry first Islamic product for business and personal travel.

Hospitality

Covering the travel and tourism, accommodation and entertainment industries.

Family

A Family Takaful plan is a financial programme that pools efforts to help in times of need due to untimely death and other mishaps resulting in personal injury or disability.

The Role of a Shariah Advisory Board

The Shari’ah Advisory Board is a key element of the structure of any Islamic financial institution, carrying the responsibility of ensuring that all products and services offered by that institution are fully compliant with the principles of Shari’ah law. The role of the board also involves the reviewing and overseeing of all potential new product offerings.

With demand for Shari’ah-compliant financial services growing at a faster rate than mainstream institutions, the board plays a vital role in helping to develop new procedures and products to adapt the company to industry trends and customer expectations.

Takaful Africa has obtained the knowledge and experience of an independent Shari’ah Advisory Board to ensure compliance on all of our products and procedures. “Products” shall include all products and services that are applicable to Islamic Shari’ah principles and rules.

Objective and Purpose

The Shari’ah Supervisor is an independent person specialising in Fiqh al Mua`malat (Islamic commercial jurisprudence). He is entrusted with the duty of directing, reviewing and supervising the activities of the financial institution in order to ensure that they are in compliance with Islamic Shari’ah rules and principles. The Fataawa (rulings) of the Shari’ah Supervisor shall be binding on the Company.

Shari’ah Board

The following distinguished individuals have been chosen to supervise the Shariah aspects on our products and procedures:

Mufti Yusuf Suliman

Yusuf Suliman serves as Head of Shari’ah for Barclays Africa and Element Investment Managers. He was appointed as Acting Managing Director of Absa Islamic Banking in 2013.

He serves on the Shari’ah Boards of the Bank of Maldives, Shari’ah Investments Ltd (Malawi) and Melville Douglas. He is also a consultant to various Islamic Financial Institutions. He developed the Islamic Banking training material for all South African Banks, having been contracted by BANKSETA.

He previously served on the Shari’ah Boards of the Momentum Investment Cluster including RMB and Advantage. He is one of few Scholars in SA accredited as Certified Shari’ah Advisor and Auditor by AAOIFI.

He also holds Certificates in Qadha (adjudication) from Jamiatul-Imaam, Riyadh (Saudi Arabia) and Imarat Shari’ah, Patna, Bihar (India) and has completed Iftaa(issuance of verdicts) at Darul Uloom Zakariyya, Lenasia (South Africa)

 

Mufti Ahmed Suliman

Mufti Ahmed Suliman completed his Aalim and Mufti course at Darul Uloom Zakariyya. He then served Jamiatul Ulama (KZN) – Council of Muslim Theologians for three years as a member of the Fatwa and Judicial committee. Mufti Ahmed is well known amongst the scholars of the country for his services rendered in the field of Islamic Banking, Takaful and Investments. He has advised all of the big four big banks and Investec Bank in South Africa and other banks internationally (like Stanbic Nigeria, Stanbic Tanzania, Macquarie Singapore, Gulf African Bank Kenya, etc.) in developing Shari’ah compliant offerings. He also developed the Takaful model used in South Africa in 2003 by Takaful South Africa (now Takaful Africa). This model was the first of its kind to be used in the world and has now gained international recognition and is used by many takaful operators internationally.

Mufti Ahmed serves as the internal Shari’ah scholar to FNB Islamic Banking and is also a Shari’ah Supervisory Board member to a number of Islamic Unit trust and investment companies in and out of South Africa.

 

Mufti Zubair Bayat

Mufti Zubair Bayat is the director of DIRECT (Darul-Ihsan Research and Education Centre) and it is in this capacity that he serves as an adviser to numerous Islamic bodies.

 

Mufti Ashraf Qureshi

Mufti Ashraf is currently the head of the fatawa department at the institute of Islamic Studies in Springs and a lecturer at the same institution since 2008. He serves as a Shariah Board Member of various Islamic Finance Institutions including Absa Islamic Banking, Element Investment Managers, National Bank of Commerce (Tanzania) and 27 Four.

He holds a Bachelor and Master of Arts from the University of Karachi specialising in Higher Islamic Studies and has completed a course in the issuance of Islamic rulings and verdicts under the tutorship of Mufi Taqi Usmani.

 

Sheikh Tauha Karan (Chairman)

Sheikh Tauha is a member of the Fatwa Committee of the Muslim Judicial Council, Cape Town. He was a Lecturer in Fiqh and Hadith at the Islamic College of Southern Africa and founder and principal of Dar al-Uloom al-Arabiyyah al-Islamiyyah in Cape Town. Sheikh Tauha graduated Cum Laude in Islamic Studies from the Darul Uloom Deoband in India and completed a post graduate diploma at the Higher Institute of Islamic Studies in Cairo.

Sheikh Tauha is a Shari’ah Board member of various Islamic Financial institutions, including Absa Islamic Banking and Kagiso Asset management.