Bayzat provides Health Insurance Dubai

1. Takaful Insurance
• Takaful Insurance is an Islamic Insurance model
• Here members contribute money into a pooling system in order to safeguard
each other against loss or damage and the purpose of this system is not profits
• Takaful in Arabic word means “guaranteeing each other” or "joint guarantee”
The principles of Takaful:
• Premium paid by the policy holders are
considered as donations to the fund
• Losses if any are shared and liabilities spread
according to the community pooling system
• Any uncertainty concerning subscription and
compensation is eliminated
Although opinions vary among Muslim
scholars, the general consensus was that
modern conventional insurance contracts
are unacceptable to Islam due to its
philosophical adherence to riba (interest),
al-maisir (gambling), and al-gharar
(uncertainty) principles, that are outlawed
in Sharia
History :
Gharar (Uncertainty): It is against
Shari’ah law to deal with any business
contract involving uncertainty or
probability. In conventional insurance,
neither the insured nor the insurer
knows when the loss will occur or what
will be the amount, or whether it will
occur in first place
In a Takaful business, the
policyholder’s fund is structured so
that policyholders aid each other if a
loss occurs.
There is no probability or uncertainty
factor involved as they donate their
contributions to the fund and they
could receive a surplus from the
principle of sharing the losses and
profits
• Takaful businesses are restricted to a
riba-free system.
Takaful now
• According to EY, the global Takaful industry is expected to reach $20bn by 2017, On
the other hand though, in comparison to the global insurance markets, overall
premium volumes in many Middle East countries still remain small. This is in part
due to lack of maturity in the insurance sector where penetration rates are seen
lowest among the emerging market countries
• Takaful operators are subject to strict pricing competition from the more
established conventional insurers as the latter benefits from brand awareness and
established distribution networks
Takaful Health
Insurance in the
UAE
General Accidents
Takaful
•This policy covers any loss caused by accidents including Bodily Injury, caused solely and directly by violent,
accidental, external and visible means
•Death: The Capital Sum (i.e. maximum lump-sum a policy will pay) is insured
•Permanent Disability: percentage of Capital Sum insured, graded as per the Continental Scale (international
measure for payment of benefits used for personal accident claims)
Medical Takaful
• This policy covers the cost of Private medical treatment, such as the cost of hospitalization and surgery, if you
are diagnosed with certain illnesses or have had an accident. The policy encompasses coverage to a wide range
of benefits which include
• In-patient: Hospital accommodation, Surgical Fees, Surgical Appliances, Prostheses, Parent accommodation etc
• Out-Patient: Consultation fees, Prescription Drugs, Diagnostic tests, physiotherapy etc
Family Takaful
• Family Takaful solutions address the needs of Takaful insurance coverage to extend to the whole family. The
group rates are always lower as compared to individual Takaful insurance
• Add-on benefits include Medical Expenses Reimbursement Benefit (MER), Critical Illness Benefit (CIB) etc
Takaful insurance companies is
an alternative to commercial
insurance companies. This
insurance model was
considered to be compliant to
the Shari’ah laws due to the
reasons in right hand box
• Within Takaful products, health and motor
insurance products lead the GCC market due to
country regulations, such as in the UAE where
health insurance and motor cover is mandatory for
all residents
• UAE provides the widest range in product portfolio
in terms of family Takaful products as well as
general Takaful products targeting niches such as
deterioration of stock insurance, yacht & boat
insurance etc...
For more information visit at www.bayzat.com
Takaful Policy types
Riba (Interest): Shari’ah rules prohibit
any activity involving interest or making
money on money. Most modern
insurers invest in interest-bearing
assets such as government bonds