Takaful Concept Of Risk Financing

In Takaful, risk from individuals or organizations is spread or shared with other individuals or organizations that have a relatively homogenous pattern.

Depending on which model the Takaful operator adopts, individuals or organizations pay a contribution (Mushahamah) or in the form of donation (Tabarru) with a condition that in the event a risk materializes, they will receive proceeds of Takaful funds in order to recover from their losses.

To avoid Gharar, Maisir, and Riba, the Takaful concept has a protection wall which is the contract itself. Instead of sales contract, Takaful utilizes a Mudharabah (Profit Sharing) contract or a Wakalah (Agency Contract), or other suitable contract that would fit a particular scheme.

Inside the contract, the following Takaful best practices must be followed:

1. Proper risk identification and risk analysis
2. Proper underwriting practice to ensure there is adequate funds to pay losses but at the same time should not be of an excessive level that would in turn become a burden to the participants
3. Proper risk sharing and risk spreading. Operators must ensure proper and healthy risk sharing between participants; furthermore by anticipating potential losses above their capacity, operators could further spread the risks to other operators in the Takaful or Retakaful market.

Risk Management In Islam

The following are the key disciplines in risk management, from which slight modification will bring the disciplines in line with Islamic teachings.

1. Recognition of Risks
Recognition or identification of all risks is the first step in risk management. Due to the technological development in various aspects of modern human life, new risks also develop/appear. Individuals and organizations are encouraged to develop their knowledge and capability to properly recognize or identify risks that they are facing.

Questions to be answered during the process of risk recognition and identification are :

• What could go wrong? (Hazard risk)
• What needs to be controlled or implemented to prevent error? (Control Risk)
• What must go right? (Known as Opportunity risk)

2. Ranking of Risks
Ranking or evaluation of each identified risk has to be carefully taken, in order to identify which of those is significant (high risk/exposure) and which represents a lower risk and so on.

Each risk must be ranked in two main areas,i.e :

• The magnitude (severity) of the impact if the risk should occur/ become a reality
• The likelihood (frequency) and the potential of the risk

Once the risks are ranked based on the above formula, individuals or organizations can focus on those risks that are significant in terms of both severity and frequency

3. Risk Control
The purpose of risk control basically is to review whether each identified significant risk is under adequate control. Each risk will have its original value represents the frequency and severity of its impact without any control. The owner of the risk then needs to have adequate control in place to reduce those values – up to an acceptable and affordable level.

4. Response to Significant Risk
The above risk recognition, rating and control is also known as a Risk Assessment Process. The individual or organization has to establish a proper response to the results of that assessment.

This response will fall into one of the following five categories :

a. Accept or retain risk – if the current level of the risk is already at an acceptable level, the individual or organization may decide to retain the risks (not transfer it on). Proper resources then will be required to be allocated to anticipate and compensate should the risk occur.

b. Avoid or eliminate the risk – if the risk is unacceptable then the individual or organization can decide whether to continue with the activity or business that presents such a risk. If this decision is made, then the individual or organization will need an alternative activity or business to replace the abandoned one.

c. Neutralize or hedge the risk – it is a form of balancing one risk with another risk, whereby they have opposite effects if this risk occurs. Islam will only allow if it is free of Maisir or gambling elements.

d. Control or reduce – This is an action required to improve the risk to a standard and acceptable level. A constant review is required to ensure the correct standard is adhered to.

e. Share the risk with others – for those risks that go beyond an individual's or organization's capability to retain or controls, individuals or organizations can share it with the others who have a similar nature of risk. In Islam this practice is called Takaful or mutual protection. Islam does not allow risks to be exchanged ( Total transfer of financial consequence of losses arising from risks) which is the case when using conventional insurance arrangements. This practice is not recognized as being fair to each party as it contains the element of Gharar. The current practice may lead to an over-burden of claims beyond the original intention of the insurer, or otherwise may also result in charges of unacceptable levels of premium to the insured.

5. Reaction Planning
The Organization needs to have a pro-active contingency plan or reaction planning in the event that a risk materializes. This plan should at least include disaster plans and recovery or a business continuity plan. These disaster plans should address all steps needed to be taken in the event an identified risk materializes, and how the damage should be limited and how the overall costs should be contained.

The business continuity plan is to ensure the continuity of the core business process, which may include utilization of the remaining resoures or outsourcing the core business process to a third party.

6. Risk Management System
The organization needs to ensure the early establishment of risk management, reporting and monitoring. Paper communications need to be maintaned by all parties. A systematic risk management system to monitor risk management performance may also be needed based on modern performance management tools.

7. Risk Assurance System
A proper risk management system should be implemented together with a Risk Assurance System. This involves risk reporting, overall monitoring, risk review and to some extend this could also act as a risk indicator for the organization

Why The Need For Risk Financing?

The purpose of risk financing is to ensure that there will be enough resources (funds) to finance the recovery of any individual or organization from a risk event, and to protect their interest.

The following are areas of activities in which risk financing should at least be emphasised :

1. Evaluation of total values at risk
2. Estimation of total costs of risk which consist of :

• Cost of retained losses
• Cost of risk sharing scheme under Takaful
• Risk control and handling costs
• Risk management and administration expenses

3. Identification of appropriate sources of funding in advance of any loss. One of the sources could be proceeds from a Takaful Fund.

Qabul or Acceptance

Acceptance is normally made by the operator either:

(i) Based on the proposal or offer from the prospective participant, or
(ii) If the operator does not agree with the proposal, they can alter or add some additional
terms and conditions.

The latter will be considered as a counter offer to the prospective participants.

The mode of acceptance of a proposal may be inferred by any of the following conducts of the operator.

1. Issuance of a Takaful certificate
2. Issuance of a temporary cover note
3. Issuance of an official receipt for the first payment of contribution
4. Any kind of acceptance (through fax, telephone, email, computerized or electronic message) to the proposal of the intended participant

Once the contract is done, both parties are bound to the terms and conditions of the contract.

Ijab or Proposal

Ijab or proposal is an expressed intention from the owner of risk to joint a Takaful risk sharing scheme and the willingness to undertake certain responsibilities, i.e paying contribution, follow the terms and conditions of the scheme etc.

To facilitate documented ad standardized Ijab, Takaful operators normally develop a standard proposal form to be completed and signed by the Takaful scheme applicants. How the proposal is designed and what information is in it, is the freedom of the operator to develop - the most important thing is that in this proposal there must be an expressed statement to document the Ijab.

The following are two examples of these statements that could be incorporated into a Takaful proposal form.

Expressed Statement in a proposal:

Example1 (Wakalah)

I/We agree to participate in this general Takaful scheme based on the principle of Takaful and to pay the contribution on the basis of Tabarru’ (donation) for the purpose of helping other participants who have suffered tragedy and with this contribution, I am entitled to the Takaful cover as expressed in the terms and conditions of this Takaful contract.

I further agree that my contribution be credited into the Takaful Fund (Fund) and to elect the ………..(The Operator) to invest and manage the fund according to the principles of the Shariah. I also permit The Operator to make payment of claims/Takaful benefits, provisions and reserves based on the guidelines and policies laid down by the authorities and The Operator to be paid a Wakalah free based on the rate of …. %

If at the end of each financial year, there is a surplus of income over liabilities in the Fund, I/We agree that The Operator receive ….% of it as incentive while the balance ….. % will be reserved for distribution amongst participants subject to the terms of this contract and fixed by the authorities

Expressed Statement in a proposal :

Example 2 (Mudharabah)

I/We hereby declare that all statements made above and other documents submitted in connection with this application are complete and true to the best of My/Our knowledge and belief. I/We agree that this declaration and all statements made above shall form the basis of the Takaful contract between Me/Us and ….. (hereinafter referred as the Operator). I/We agree that My/Our Takaful contribution shall be placed in the Takaful Fund and The Operator be appointed to manage and invest My/Our Takaful Fund to the expertise of the Company based on the Al-Mudharabah principle as defined by The Operator and in accordance to Shariah. I/We further agree that My/Our contribution shall be treated as Tabarru’ (donation) and be used to help other participants in time of misfortune. Any surplus from the investment and/or from the Takaful operation, shall be returned to Me/Us after deducting a Mudharabah portion of the Operator of …. % from the Surplus

Types Of Takaful Contracts

The contract is the most essential part, which differentiates Takaful with conventional insurance. Takaful protects the practice of Gharar, Maisir and Riba with a proper Takaful contract.

As the nature of risks are uncertain ( or Gharar ), and whilst Islam prohibits sales or transactions that contain an element of Gharar, then Takaful contracts cannot be sales contracts. Gharar or uncertainty is prohibited within Takaful contracts and therefore must never involve Gharar in the aspects of contract, price, method, amount and time of payment between contracting parties, or terms of contract, and anything that is deemed to be uncertain or deceptive. However, It is worth noting that prohibition of Gharar does not apply to non-commercial contracts, such as unilateral contracts.

As mentioned before, in addition to Gharar, Islam also prohibits the following:

1. Riba (interest/usury-taking and charging interest)
2. Buying and selling unlawful property or rights
3. Investing in unlawful portfolios (either containing Riba or unlawful activities)
4. Gambling or the game of chance
5. Manipulation and unjust practice.

To avoid or eliminate the above prohibited elements from Takaful contracts, the following are solid alternative contracts that can be used:

1.Mudharabah Contract ( Profit and Loss Sharing).

This is a contract between the capital providers and the takaful operator, where any profits is shared according to ratio or percentage agreed by both parties. Any losses borne entirely by the capital provider. In Takaful practice – participants or contributors provide capital to the Takaful operator.

2.Contract of Musarakah (Joint-Venture).

Both parties provide capital and or management. Profit is split either based on capital or upon negotiation, and any losses is distributed in proportion to capital contributions. Establishment of a mutual insurance company such as Oil Insurance Limited (OIL) can use this type of contract.

3.Kafalah Contract (surety-ship).

A guarantor becomes the surety in the event the debtor fails to honor his obligations towards the creditor. This type of contract can be used for the development of Takaful Scheme for financial products such as Bonds.

4.Wakalah Contract (contract of agency).

The principal appoints and authorizes someone to act on his behalf. The authorization could be either specific or general. The Wakeel (Agent) could then charge a fee to the principal. This model is suitable for most Takaful products including products for corporate risks such as a ‘Rent-A-Captive’ concept.

5.Ju’alah Contract (Contract of Commision).

Basically similar to the Wakalah contract except that the payment to the agent is measured on his output and performance. This contract could be used to develop distribution channels for Takaful.

The most important elements of a Takaful contract is that there must be a subject matter of contract upon which contracting parties mutually agree by an offer or Ijab (proposal) and an Acceptance or Qabul.

Summary : Takaful vs Conventional Insurance

Takaful Insurance (or insurance for Muslims basically) is designed to adhere to Islamic laws and is based on the principles of fairness and equity among the participants (policyholders). Modern religious scholars have declared that traditional insurance is unacceptable by majority of scholars due to the type of investment traditional insurance companies' use as well as the uncertainty involved in traditional insurance contracts. In Takaful insurance there is no transfer of risk to a third party (i.e. stockholders) but a sharing of risk among participants.

Investments
Takaful insurance companies avoid investing in interest bearing securities as well as investing in unethical and immoral business (such as alcohol manufacturers, gambling casinos). The rewards in an Islamic investment should be profit or fee based. Typical investments include lease and rental instruments, real estate financing contracts, and venture capital funds. These investment types are largely untapped at the present moment.

Contract Uncertainty
Islamic law forbids the use of contracts that contain uncertainty. Thus it is not possible to have an insurance contract as that which exists between a conventional insurance company and a policyholder as that contract contains elements of uncertainty.

For example in a term insurance policy, not only is the timing of the payment of the death benefit not known, but whether any payment will be made (as the policyholder can survive the duration of the policy). However, it is acceptable in Islam to go into arrangements for mutual assistance. Based on this concept, Takaful insurance exists mainly as a cooperative or mutual arrangement.

Inherent Guarantees
From the Islamic perspective, traditional proprietary insurance companies contain elements of gambling in that the profit of shareholders depend on the misfortunes of the policyholders, for example annuities. With Islamic insurance there are joint guarantees among members, with risk sharing and mutual cooperation. The focus is on the community, not shareholders. Reinsurance is needed as in traditional companies, although preferably with the Islamic companies (re-Takaful).

The Mudharabah Model Of Takaful

Mudharabah means Profit Sharing.

By this principle, the entrepreneur or al-Mudharib (takaful operator eg. Etiqa Takaful) will accept payment of the takaful installments or takaful contributions (premium) termed as Ra's-ul-Mal, from investors or providers of capital or fund (takaful participants) acting as Sahib-ul-Mal.

The contract specifies how the profits (surplus) from the operations of takaful managed and administered by the takaful operator is to be shared, in accordance with the principle of al-Mudharabah, between the participants as the providers of capital and the takaful operator as the entrepreneur. The sharing of such profits may be in a ratio 5:5, 6:4, 7:3, etc. as mutually agreed between the contracting parties.

In order to eliminate the element of uncertainty in the takaful contract, the concept of tabarru' (to donate, to contribute, to give away) is incorporated. In relation to this a participant shall agree to relinquish as tabarru', certain proportion of his takaful installments or takaful contributions that he agrees or undertakes to pay thus enabling him to fulfill his obligation of mutual help and joint guarantee should any of his fellow participants suffer a defined loss.

In essence, tabarru' would enable the participants to perform their deeds in sincerely assisting fellow participants who might suffer a loss or damage due to a catastrophe or disaster.

The sharing of profit or surplus that may emerge from the operations of takaful, is made only after the obligation of assisting the fellow participants has been fulfilled.

It is imperative, therefore, for a takaful operator to maintain adequate assets of the defined funds under its care whilst simultaneously striving prudently to ensure the funds are sufficiently protected against undue over-exposure. Therefore the provision of insurance cover as a form of business in conformity with Shariah is based on the Islamic principles of al-Takaful and al-Mudharabah.

Al-Takaful is the pact among a group of people, called participants, reciprocally guaranteeing each other; while Al-Mudharabah is the commercial profit-sharing contract between the provider or providers of funds for a business venture and the entrepreneur who actually conducts the business.

The operation of takaful may thus be envisaged as the profit-sharing business venture between the takaful operator and the individual members of a group of participants who desire to reciprocally guarantee each other against a certain loss or damage that may be inflicted upon any one of them.

RIBA In Depth

QURAN:

The Quran states the following on Riba:

“

And that which you give in gift (loan) (to others), in order that it may increase (your wealth by expecting to get a better one in return) from other people’s property, has no increase with Allâh; but that which you give in Zakât (sadaqa - charity etc.) seeking Allâh’s Countenance, then those, they shall have manifold increase (Quran 30:39)

”

“

That they took riba (usury), though they were forbidden and that they devoured men’s substance wrongfully – We have prepared for those among men who reject faith a grievous punishment (Quran 4:161)

”

“

Those who charge usury are in the same position as those controlled by the devil's influence. This is because they claim that usury is the same as commerce. However, God permits commerce, and prohibits usury. Thus, whoever heeds this commandment from his Lord, and refrains from usury, he may keep his past earnings, and his judgment rests with God. As for those who persist in usury, they incur Hell, wherein they abide forever (Quran 2:275)

”

“

God condemns usury, and blesses charities. God dislikes every disbeliever, guilty. Lo! those who believe and do good works and establish worship and pay the poor-due, their reward is with their Lord and there shall no fear come upon them neither shall they grieve. O you who believe, you shall observe God and refrain from all kinds of usury, if you are believers. If you do not, then expect a war from God and His messenger. But if you repent, you may keep your capitals, without inflicting injustice, or incurring injustice. If the debtor is unable to pay, wait for a better time. If you give up the loan as a charity, it would be better for you, if you only knew. (Quran 2:276-280)

”

“

O you who believe, you shall not take usury, compounded over and over. Observe God, that you may succeed. (Quran 3:130)

”

“

And for practicing usury, which was forbidden, and for consuming the people's money illicitly. We have prepared for the disbelievers among them painful retribution. (Quran 4:161)

”

“	The usury that is practiced to increase some people's wealth, does not gain anything at God. But if people give to charity, seeking God's pleasure, these are the ones who receive their reward many fold. (Quran 30:39)

Ahadith:

Riba is also mentioned in Ahadith and is considered one of the seven major sins:

“

Jabir said that Allah's Messenger (may peace be upon him) cursed the accepter of usury and its payer, and one who records it, and the two witnesses, and he said: They are all equal. [1]

”

“

It is reported on the authority of Abu Huraira that the Messenger of Allah (may peace be upon him) observed: Avoid the seven noxious things. It was said (by the hearers): What are they, Messenger of Allah? He (the Holy Prophet) replied: Associating anything with Allah, magic, killing of one whom God has declared inviolate without a just cause, consuming the property of an orphan, and consuming of usury, turning back when the army advances, and slandering chaste women who are believers, but unwary. [2}

DEFINITION OF RIBA:

The definition of riba in classical Islamic jurisprudence was "surplus value without counterpart."

When "currencies of base metal were first introduced in the Islamic world, no jurist ever thought that paying a debt in a higher number of units of this fiat money was riba" as they were concerned with the real value of money rather than its numerical value

For example, it was acceptable for a loan of 1000 gold dinars to be paid back as 1050 dinars of equal aggregate weight of gold - therefore having the same real value.

The rationale behind riba according to classical Islamic jurists was "to ensure equivalency in real value" and that the "numerical value was immaterial." Thus an interest rate that did not exceed the rate of inflation was not riba according to classical Islamic jurists.^[3].

The common denominator between the classical view, and the modern view is that paying fiat money back at a higher value than the original loan is riba, if not any numerical value above the original amount. This would still rule out modern loan interest rates in both opinions and so has given birth to the modern Islamic Banking and Islamic Economic Jurisprudence.

THE STRICT PROHIBITION OF INTEREST IN ISLAM IS BECAUSE OF THE FOLLOWING REASONS:

1. Taking of interest implies appropriating another persons property withouy giving them anything in exchange, because the one whom lends the other one dollar for one dollar plus gets the extra for nothing.

2. Dependent on interest prevent people from working to earn money since the person with one dollar can earn extra dollars through interest either in advance or on later date without working for it. If it is happen to capital owner then they would not invest in the industry., trade and commerce, building and construction, as they will get extra earning without necessarily doing all of the hard work.

3. Permiting the taking of interest discourages people from doing good to one another. If interest is prohibited in a society, people will lend to each other with a good will, expecting back no more then what they have lent.

4. Riba is also totally prohibited in Islam because it tends to create unfair or injustice treatment between one party with another. it also exploits one by the others. In Ribawi economic the rich one tends to get more benefit compares with the poor one. The gap between the rich one and the poor one is becoming bigger and bigger as Riba have a spiral impact on increasing price for goods.

More on Riba:

Towards Understanding and Defining Riba - Dr. Mohammad Omar Farooq
Why Does Islam Prohibit Interest (Riba)?
Riba and Interest - Definition and Implications

Gharar, Maisir & Riba To Be Avoided!

These three - Gharar, Maisir and Riba must be totally avoided by the Takaful operation. These are the areas where Takaful Insurance differs from the Conventional Insurance.

GHARAR (Uncertainty or Speculation) :

Uncertainty is a fact of human life - mankind faces uncertainties in every aspect of personal, social and business lives. Risks are always present in whatever we are doing and Islam does not ignore this fact neither does it prohibit people from facing the risks and uncertainties that life presents.

In order to avoid Gharar in Takaful:

1. There must be a complete clarity or full disclosure in any Takaful contract.

2. Full disclosure is applicable on both sides, i.e on both the subject matter and terms of the contract (scope of cover, etc). It is not allowed to enter into a takaful contract if there is any unknown element on the subject matter and/or unknown exposure to the extent of the contract itself.

3. The Takaful contract must be made in a way that there is no exchange of Gharar from one party to another.

MAISIR (Gambling) :

Maisir is regarded as the excessive side of Gharar. Where there is a serious Gharar (uncertainty) in a contract – then Maisir (Gambling or Speculation) will naturally exists. Gambling is against the basic principles of justice, equity, fairness, ethics and morality, which are obligatory values within Islam.

Although in theory, conventional insurance is also meant to exclude any form of gambling in the sales contract, in practice there is always a very thin line involved.

Insurable interest, utmost good faith (uberimae fidae) and indemnity doctrines within conventional insurance are not enough to eliminate a speculative (gambling) attitude from either side of the insured and insurer in some contracts – unless an in depth proper knowledge is present with the underwriter(s).

Therefore, whilst the participants (the insureds) may have an insurable interest ( in the subject matter but if the risk transfer (risk sharing in Takaful) contains any speculative element, then it is prohibited under Takaful.

RIBA (Usury or Taking and Charging Interests) :

Riba is totally prohibited under the Shariah Law and under a Takaful arrangement. According to some, this refers to excessive or exploitative charging of interest, though according to others, it refers to the concept of interest itself.

Therefore, to avoid Riba, Takaful treats participants’ contributions to the risk sharing scheme not as a premium in the way a conventional insurance does but as a contribution (Mushahamah) in the form of donation with a condition of compensation (Tabarru').

The pool of funds secured from the participants’ contributions or donations, must be managed and invested in accordance with the Shariah Law.

In the same way that Gharar and Maisir represent a continuous challenge for Takaful operators to ensure that pure Takaful arrangements are free of them, Riba free Fund Management too is becoming a specialist discipline which requires more in depth elaboration.

Whilst risk taking is a natural habit, it is therefore, difficult to eliminate this trait from human nature. What is not allowed in Islam however, is not the risk of uncertainty itself (which needs to be eliminated) - but selling or exchange of risk or risk transfer to a third party using sales or exchange contract, that is not allowed. On the other hand, helping each other especially in the event of misfortune, is highly encouraged in Islam.

As mentioned by Allah in the Quran:

“….Help ye one another in Al Birr and At Taqwa (virtue, righteousness and piety) but do not help one another in sin and transgression….’ - (Al-Maidah : 2).

Sharing the risk with the purpose of helping one another is therefore highly encouraged in Islam.

The Principles of Takaful

a. Policyholders co-operate among themselves for their common good.
b. Every policyholder pays his subscription to help those that need assistance.
c. Losses are divided and liabilities spread according to the community pooling system.
d. Uncertainty is eliminated in respect of subscription and compensation.
e. It does not derive advantage at the cost of others.

Theoretically, Takaful is perceived as cooperative insurance, where members contribute a certain sum of money to a common pool. The purpose of this system is not profits but to uphold the principle of "bear ye one another's burden."

Commercial insurance is actually not allowed for Muslims because it contains the following elements:
i) Al-Gharar (Uncertainty) ( ii) Al-Maisir (Gambling) (iii) Riba (Interest)

There are three (3) models and several variations on how takaful can be implemented:
i) Mudharabah Model, (ii) Wakalah Model, (iii) Combination of both

What Is Takaful?

These days Islamic financial instruments seem to be gaining popularity not only amongst the Muslims but from the Non-Muslim communities too. One of these instruments is the takaful concept of insurance.

So what exactly is takaful then?

- Takaful is an Islamic insurance concept which is based on the Islamic Muamalat (banking transactions), observing the rules and regulations of Islamic law. This concept has been practised in various forms for over 1400 years.

- It originates from the Arabic word 'Kafalah', which means "guaranteeing each other" or "joint guarantee".

- In principle, the Takaful system is based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants. It is a form of mutual insurance.


ISLAMIC REFERENCES TO TAKAFUL:

The fundamentals are based on the sayings of Prophet Muhammad. Based on the hadith and Quranic verses mentioned below, Islamic scholars had decided that there should be a concerted effort to implement the Takaful concept as the best way to resolve these needs. Some of the examples are:

• Basis of Co-operation Help one another in al-Birr and in al-Taqwa (virtue, righteousness and piety): but do not help one another in sin and transgression. (Surah Al-Maidah, Verse 2)^[1]

• Allah will always help His servant for as long as he helps others. (Narrated by Imam Ahmad bin Hanbal and Imam Abu Daud)

• Basis of Responsibility The place of relationships and feelings of people with faith, between each other, is just like the body; when one of its parts is afflicted with pain, then the rest of the body will be affected. (Narrated by Imam al-Bukhari and Imam Muslim.)

• One true Muslim (Mu’min) and another true Muslim (Mu’min) is just like a building whereby every part in it strengthens the other part. (Narrated by Imam al-Bukhari and Imam Muslim)

• Basis of Mutual Protection By my life, which is in Allah’s power, nobody will enter Paradise if he does not protect his neighbour who is in distress. (Narrated by Imam Ahmad bin Hanbal)

“The basic fundamentals underlying the Takaful concept are very similar to co-operative and mutual principles, to the extent that the co-operative and mutual model is one that is accepted under Islamic Law."

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