By 2008, the total gross written premium (GWP) for takaful business (life and non-life combined) had grown to just under $5.1 billion.
Takaful Insurance Resources
Understanding Takaful Practice
Takaful originates from Arabic word Kafalah, which means "joint guarantee". In principle, the Takaful Insurance system is based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants
World First Charitable Insurance Product
T’azur launched first charitable insurance product named “Sadaqah” that would help donors save regular donations which T’azur invest in shari’a compliant funds over a set number of years. Then the accumulated capital passed to the Charity of donor’s choice. T’azur will contine making regular donations on the behalf of the donor through Takaful, in the event certain circumstances (e.g. illness, disablity) which prevent the donor from making charitable donations.
T’azur’s Chairman of the Board, Sheikh Dr. Abdulaziz Bin Naif Al Orayer, said that are very proud to introduce the Sadaqah charitable savings plan in the Holy Month of Ramadhan and Sadaqah itself perhaps the most important Family Takaful Insurane product launched. The savings plan emphasize the esssence of Islamic Insurance, namely mutual help and assistance for the common good and demonstrate the company commitment to all communities in Bahrain
