Takaful Surplus Case Study
Models in distribution of Takaful Surplus
The development of Takaful industry faces a lot of issues and challenges. A few years ago, Shariah scholars has debated regarding to the ownership of the underwriting Takaful surplus, although that, none of the scholars agree to standardize the Takaful models. It is agreed that the different models create a freedom that could trigger the juristic thought in the Muslim nation especially in regards to Islamic Finance. The Prophet p.b.u.h also said that “difference of opinion among my Ummah is a blessing.” Based on the hadith, scholars agree to differ in opinions that there are many types of operational models to manage the Takaful funds. Basically, there are six models in managing the Takaful surplus.
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It is the earliest Takaful model that has been introduced in Malaysia. Mudarabah is defined as a contract between two parties in which the first party is called as ‘rab-ul-mal’ , the capital provider where he gives money to another party to invest it while the management and work is the responsibility of the other party who is called as ‘Mudarib’. In this model, the participants become the capital provider and the Takaful operator is the entrepreneur. The participants will contribute money into the Family Takaful Fund. The savings and investment will be credited into the Participant’s Account (PA) while the donation into the Participant Risk Account (PSA). Bank Negara Malaysia (2010) conclude that both the PA and PSA must be invested in shariah compliant investments by the Takaful operators. Any profit will be shared between the participants and the Takaful operator according to the ratio that is agreed upfront. The PSA will be used for claims and reserves whilst the PA will be accumulated and then paid together with the coverage amount from the PSA to the participants upon maturity or
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