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"TAKOFUL" ACTIVITY
Risks controlled in accordance with Islamic principles
About Takaful
"Takaful" goal - providing protection to the population and business entities against possible losses as a result of various risks.
"Takaful" Essence - persons at particular risk create a fund at the expense of paying a certain amount of contributions, and if a person participating in a fund suffers losses, their losses are compensated from this fund.
Main differences of "Takaful" from traditional insurance
Charity contribution
The insurance premium (compensation) is not a payment under a compensation contract, but a payment made for the purpose of charity (helping others)
Charity fund
The fund formed from insurance contributions is actually property intended for the donation of participants (mutual Islamic insurance - participant insurance)
Fair Governance
The person managing the Takoful Fund (the Manager) may not use the excess funds in the Fund as his/her profit, except for the funds received from the Fund as management fees
How does Takaful work?
Takaful Activity Principles
Takaful Fund funds are the funds of customers stored in the company.
Takaful Fund funds are targeted and can only be used to compensate for losses or return them to their owners.
The company has the opportunity to invest temporarily free funds of the takoful Fund
The accounting of Takaful Fund funds is carried out separately
Insurance services
Through the "Takaful" window at JSC "NEO INSURANCE CORP" you can use Islamic insurance services
1
General civil liability
2
Mortgaged property
3
Property leased
4
Leased vehicle
5
Pledged Vehicle
6
Special machinery to be leased
Other features if Takaful's activities
- Within the framework of "Takoful" insurance of property or property rights prohibited by Islamic finance principles is prohibited
- To ensure that "Takoful"'s activities comply with the principles of Islamic finance, an "Expert Council" will be established under the Company
- The funds of the Fund will be used to cover losses, invest and distribute the balances among the owners
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