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What is the literal meaning of takaful?
A. Risk transfer
B. Mutual protection or joint guarantee
C. Profit sharing
D. Insurance pooling
B. Mutual protection/joint guarantee
What is the definition of takaful?
A. A contract where the operator guarantees participants’ losses
B. Participants contribute funds to provide mutual protection against loss or damage to themselves or other participants
C. A savings scheme with fixed returns
D. A profit-making insurance contract
B. Participants contribute funds to provide mutual protection against loss or damage to him/herself or other participants
What is the main concept applied in takaful?
A. Qard
B. Tabarru’
C. Riba’
D. Gharar
B. Tabarru'
What is the only compensation that can be received by the operator?
A. Surplus sharing
B. Tabarru’ contribution
C. Wakalah fee
D. Investment capital
C. Wakalah Fee
Can you explain what exactly the participants risk funds?
A. A guaranteed savings account
B. A fund owned by shareholders
C. Allocation of funds that could be distributed to other participants through tabarru' concept
D. A fund used only for investment purposes
C. Allocation of funds that could be distributed to other participants through tabarru' concept
What are the components of takaful?
A. Relationship between participants only
B. Relationship between operator and regulator
C. Type of protection
D. All of above
D. All of above
What is the common difference between general and family takaful?
A. Type of operator
B. Contribution method
C. Term of takaful maturity
D. Source of funds
C. Term of takaful maturation
What can you simplify the explicit split method of family takaful?
A. Contributions are fully invested
B. Contributions are divided between risk and investment portions, with risk portions increasing as age increases
C. Contributions are only for protection
D. Contributions are fixed regardless of age
B. Contributions are divided between risk and investment portions, with risk portions increasing as age increases
Definition of takaful operator under Section 2, IFSA is simplify as
A. Entity that does business related to administration of takaful fund for its takaful participant.
B. Entity that does business related to management of takaful fund for its takaful participant.
C. Entity that does business related to administration, management and operations of takaful fund for its takaful participants
C. Entity that does business related to administration, management and operations of takaful fund for its takaful participants
What framework is referred to by the takaful operator?
A. Risk Management Framework
B. Takaful Operational Framework
C. Shariah Governance Framework
D. Capital Adequacy Framework
B. Takaful Operational Framework
In Mudarabah Takaful Model, who is considered as takaful operator?
A. Mudarib
B. Wakeel
C. Rabb al-mal
D. Waqif
A. Mudarib
How is the loss treated in the Mudarabah Takaful Model?
A. Shared equally between participants and operator
B. Borne solely by the operator
C. Solely burned on the participants shoulder, unless from the negligence of mudarib
D. Covered by shareholders’ fund
C. Solely burned on the participants shoulder, unless from the negligence of mudarib
Are both types of takaful can be applied in Mudarabah Takaful Model?
A. No, only family takaful
B. No, only general takaful
C. Yes, both family and general takaful
D. Only investment-linked takaful
C. Yes, both family and general takaful
Who are the principal and agent in Wakalah Takaful Model?
A. Operator as principal, participants as agent
B. Participants as principal, takaful operator as agent
C. Shareholders as principal, regulator as agent
D. Participants as both principal and agent
B. Participants as principal, takaful operator as agent
Which of the following are the common hybrid Takaful Model?
A. Wakalah - Mudarabah
B. Wakalah - Ijarah
C. Waqf - Salam
D. Mudarabah - Ijarah
A. Wakalah - Mudarabah
Presentation of Takaful concluded under what AAOIFI standard?
A. FAS 1
B. FAS 26
C. FAS 43
D. FAS 59
C. FAS 43