Takaful is a community-pooling system in which participants contribute their savings into the common fund to help those who need it the most in times of financial difficulty. A Takaful product assists Participants to share their risk on the basis of cooperation, brotherhood and solidarity for a common good.
The concept of Takaful also exists in cooperative societies and joint-family systems etc. In practice, Takaful can serve as a risk-mitigation tool and an alternative to conventional insurance.
In modern times Takaful has enriched itself with the help of Actuarial Science, Underwriting and Investment and formulated a methodology to make it more practical and feasible.
State Life Insurance Corporation of Pakistan has obtained license for Window Takaful Operation from the Securities and Exchange Commission of Pakistan. State Life Window Takaful Operation have also obtained trade mark “Tayyab”
Waqf Deed
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Mufti Muhammad Hassaan Kaleem has completed his Dars-e-Nizami (8 years Alim course) Takhassus (3 years Mufti course) from Jamia Darul Uloom, Karachi. He is a renowned figure in the field of Shariah, particularly in Islamic Finance. He is currently acting as a member of Shariah Board and Country Head of Shariah in Dubai Islamic Bank Pakistan Limited. He holds vast experience in matters of Shariah teachings and advisory as he has been teaching various courses in Islamic Studies and Arabic at Jamia Dar-ul-Uloom, Karachi for the last 17 years.
He has the distinction of being one of the earliest proponents of Wakala-Waqf model in the Takaful Industry of Pakistan, under the guidance of Mufti Muhammad Taqi Usmani being one of the pioneer members of this industry; he has been instrumental in the growth of Takaful not only in Pakistan but across the globe.
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