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Takaful Insurance

Overview

Takaful is a system of mutual assistance and protection based on Islamic principles and values, forming part of the Islamic Finance shariah.

Takaful operators manage funds on behalf of participants, charging a Wakala fee and/or sharing profits.

We offer a comprehensive range of General Takaful products, including:

General Takaful: Protects assets and possessions against risks such as fire, theft, and natural

disasters. Examples include Motor (Private and Commercial Covers), Fire and Allied Perils,

Assets All Risks, Money/Cash Insurance, Travel Insurance, Business Interruption, Goods in

Transit, Marine Takaful Cover, Individual Personal Accident, Group Personal Accident, Bonds,

and Liability Takaful covers.

Each of our Takaful products offers the following:

  • Mutuality and cooperation.
  • Contributions made with the intention of Tabarru (Donation).
  • Elimination of elements like Gharar (Uncertainty), Maisir (Gambling), and Riba (Interest).
  • Operations based on the Wakalah/Mudarabah model.
  • Joint guarantee/indemnity among participants, with shared responsibility.
  • Constitution of a separate "Participants' Takaful Fund."
  • Supervised by the Tanzania Insurance Regulatory Authority (TIRA) and a Shariah Supervisory Board.
  • In Tanzania, operations are guided by the Takaful Operational Guidelines, 2022 (TIRA).
  • Investments must comply with Shariah principles, such as Sukuk bonds.

How It Operates:

CRDB Banca Takaful, in partnership with ZIC Takaful as the Takaful operator, will adopt the Mudharabah-Wakala Model, whereby:

  • The bank will act as an agent (Muwakil) for distributing Takaful products and as a partner for investing surplus funds (Mudarib).
  • The Takaful operator will distribute the surplus among customers, the bank, and itself, according to a pre-agreed ratio.
  • The surplus will be calculated after deducting claims, reserves, and expenses from contributors and investment income.

  • Competitive premiums with profit-sharing opportunities.
  • Shariah-compliant investment options.
  • Tailored coverage to suit individual needs.
  • Transparent and ethical business practices.
  • Access to a wide range of Takaful products and services.

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