Amanah Takaful

About Amanah Takaful

Takaful originated from the Arabic word Kafalah, which means guarantee or guarantee each other. Takaful is also referred as Islamic Insurance and has been used by Muslims since the inception of Islam. Some scholars also call it Cooperative Insurance because members contribute to a pool of funds for mutual benefits on the basis of mutual responsibility.

Takaful, is an integral part of the Islamic financial services industry. It has grown tremendously over the last few years with 15% to 30% growth recorded in various regions such as Middle East, South East Asia and Africa. Both Islamic and conventional financial institutions are exploring the untapped market, which creates significant potential for market players and professionals to benefit from this promising industry.                                 

Main Services

Advisory and Consultancy

We provide advisory and consultation services to our partners from conventional insurance and Takaful industry, and deliver practical and enduring results.We provide our clients with the knowledge and capabilities they need to successfully implement best practices and boost performance for the long term. We offer a broad range of advisory and consultancy services about Takaful industry.

Our Advisory and Consultancy services also include:

  • Feasibility Study Preparation (assessing overall business prospects of the company and identification of risk-return),
  • New company setup (Takaful company setup requires special expertise and documents unlike conventional insurance company),
  • Company restructuring (M&A, Takaful windows vs stand-alone Takaful companies),
  • HR capacity building (finding new suitable talent and enhancing capabilities of existing staff) and
  • Benchmarking (development of key performance indicators for clients)

Takaful Product Development

Takaful product development and pricing involves a number of important considerations, including careful selection of a Takaful model, adherence to the principles of prohibition of Riba (interest) and Gharar (risk), and compliance with the requirements of the Shari’ah Supervisory Board. Takaful operations can be based on different Islamic financial products and instruments such as Mudarabah (Profit Sharing), Musharakah (Partnership) or Wakalah (Agency model). Amanah Takaful offers dedicated services including:

  • Conceptualisation,
  • Planning,
  • Product development,
  • Capital needs assessments,
  • Cash flow projections,
  • Shari’ah-compliance monitoring mechanisms,
  • Post-launch product reviews,
  • Audits and alignment of operations with legal and regulatory standards.

Amanah Takaful provides services to conventional insurance companies in areas such as the opening of Takaful windows and the conversion of operations from a conventional to a Shari’ah-compliant Takaful company.

Education and Capacity Building

Market Research and Development

E-Learning Programs

Strategy Design and Implementation

Publication, Conferences and Events