Simply put, Takaful involves a policyholder making a contribution to their fund. In the event of any risk or loss arising from demise, disability, damage, destruction, or other misfortunes, participants of the fund (including the Takaful provider) will mutually cooperate to counter the adversity.
Arabian Scandinavian Insurance Company (ASCANA), our newest family member and Takaful arm, has undergone a remarkable transformation, and now bears its new identity: Sukoon Takaful.
The rebrand represents a merging of strengths, as Sukoon Takaful inherits the robust heritage, award-winning customer service standards, and solid financial foundation of Sukoon and pairs it with the unique value propositions and unmatched expertise that ASCANA brought to the table.
While traditional insurance plans carry their own merits, Takaful is considered superior for a number of reasons:
a. Capital is only invested in Sharia-compliant funds.
b. Cooperation among policyholders – no unfairness.
c. Traditional insurance models involve making investments that may incur risk and generate profits that the insurer may retain; in contrast, profits made by a Takaful are distributed among participants and shareholders.
d. Part of contributions is reimbursed to participants in case no claim is made.
e. Surplus is shared with participants in the form of a renewal discount.
f. The Fund's deficit is covered by Qard Hasan, an interest-free loan, made to the participant(s).
Click here to visit Sukoon Takaful website and get more information on our propositions.