What exactly is Takaful?
Takaful insurance policy in Nigeria is really a policy of shared co-operation, solidarity, typical interest, shared obligation, joint indemnity plus brotherhood against unforeseen risk or catastrophes, in which the particular participants involved are usually expected to lead genuinely.
Takaful is coined from Arabic and it instills the personal discipline for financial savings and investment plus encourages the routine of sound economic planning to care for themselves and the particular needs of their particular children and households, an honest insurance product that will combine long-term financial savings, investment, and economic protection designed to accommodate for future backup needs.
To conserve regularly for the fixed period along with a view of making a contingency finance for future requirements such as pension, children education, Hajj and so forth.
To commit with a view of earning income within a manner appropriate towards the principle associated with shariah, which culminates in further accumulation in savings.