Business Model dalam Takaful Malaysia

Takaful Malaysia’s business model is founded on the requirements and practices of Shariah as pronounced in the report of the Task Force the “Task Force on the Study for the Establishment of an Islamic Insurance Company in Malaysia” set up by the Government of Malaysia in 1981. In essence, it upholds the virtues of cooperation, mutuality, solidarity as embodied in the concept of Takaful and the profit sharing principle of Mudharabah.

Briefly, Takaful illustrates the act of a group of people reciprocally guaranteeing each other for mutual financial aids and assistance to the participants, whilst Mudharabah is the commercial profit-sharing contract between the provider or providers of funds for a business venture and Entrepreneur.

The Takaful operation undertaken by Takaful Malaysia may thus be envisaged as a profit-sharing venture between Takaful Malaysia as the operator and the individual members of a group of participants as providers of funds who agree to reciprocally guarantee each other against certain loss or damage that may be inflicted upon any one of them. The basic characteristics of Takaful are as follows:

• Togetherness in striving for common good.
• Performing good deeds through joint contribution to help the needy.
• Sharing of profit.
• Creating a defined fund to pay for a defined loss.

Takaful Malaysia also adopted Wakalah (agency) contract for its new Family Takaful products. Wakalah Contract is a form of authorization contract whereby a person appoints someone and authorises him to execute certain tasks on his behalf. Wakalah concept and contract are permitted by Shariah and Islam admitted that human need each other to complete their needs. The Wakalah model will allow Takaful Malaysia act as the agent (or Wakil) to manage Takaful funds on the behalf of participants. For the purpose of managing the Takaful funds and investing the Contribution, the Company is entitled to a Wakalah Fee. This model allows Takaful Malaysia to employ the agency system effectively in distributing the new Family Takaful products on a sound commercial basis and provide sufficient remuneration that commensurate with the services provided. As a marketing tool, the agency system is vital. The agents also play the big role in community. They spread knowledge of the distinct benefits of having coverage and convince people to enjoy these benefits. People can rely on well-trained agents to advise and recommend them on the types of plans and settlement provisions, which will best suit their needs. These means Syarikat Takaful Malaysia can serve the customer’s better by having the agents.