Takaful House

Takaful House - Abu Dhabi National Takaful
Takaful House - Abu Dhabi National Takaful

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Abu Dhabi National Takaful

Abu Dhabi National Takaful Co.P.S.C (‘Takaful’) was established in November 2003 with the aim of providing Takaful insurance solutions for the regional market. Listed on the Abu Dhabi Securities Exchange (ADX) in 2005 (stock symbol: TKFL) and headquartered in Abu Dhabi, our operations cover the entire UAE with offices in Abu Dhabi, Dubai and Al Ain.

Takaful – Islamic insurance – is founded on the cooperative principle and on the principle of separation between the funds and operations of shareholders, thus passing the ownership of the Takaful (Insurance) fund and operations to the policyholders.

The premiums collected from the policyholders are considered as donations and they constitute the Takaful fund from which all claims are reimbursed.

At the end of each financial year, after deduction of expenses, any remaining cash surplus will not be retained by the company or its shareholders, but returned to the policyholders in the form of cash dividends or distributions.

In this respect, Takaful business is different from the conventional insurance in which the policyholders, rather than the shareholders, solely benefit from the profits generated from the Takaful and Investment assets.

The Investment assets representing the Takaful fund that accumulate over the retained reserves, surpluses and provisions are invested by the shareholders who manage the company on behalf of the policyholders. The shareholders are rewarded with a percentage of the profit on these investments.

Takaful Products & Services

Are you looking to protect your home, car, holiday, medical expenses, business, contract, ship, cargo or anything else? How about ensuring there is a safety net for your family when you are no longer around? We can provide you with the right cover you want. All our General Takaful products are designed keeping your best interest in mind. After all, it is your peace of mind that makes the difference when providing insurance with an Islamic perspective.

Takaful is commonly referred to as Islamic insurance; this is due to the apparent similarity between the contract of kafalah (guarantee) and that of insurance.

However, takaful is founded on the cooperative principle and on the principle of separation between the funds and operations of shareholders, thus passing the ownership of the Takaful (Insurance) fund and operations to the policyholders. Muslim jurists conclude that insurance in Islam should be based on principles of mutuality and co-operation, encompassing the elements of shared responsibility, joint indemnity, common interest and solidarity.

In takaful, the policyholders are joint investors with the insurance vendor (the takaful operator), who acts as a mudarib – a manager or an entrepreneurial agent for the policyholders. The policyholders share in the investment pool’s profits as well as its losses. A positive return on policies is not legally guaranteed, as any fixed profit guarantee would be akin to receiving interest and offend the prohibition against riba.

For some time conventional insurance was considered to be incompatible with the Shari’ah that prohibit excessive uncertainty in dealings and investment in interest-bearing assets; both are inherent factors in conventional insurance business.

However, takaful complies with the Shari’ah (which outlines the principles of compensation and shared responsibilities among the community) and has been approved by Muslim scholars. There is now general, health and family (life) takaful plans available for the Muslim communities.

Our products & services include:

– Motor Takaful Cover

– Property Takaful

– Engineering Takaful

– Marine Cargo Takaful

– General Accidents:
A. Personal Accident Takaful
B. Banker’s Blanket Takaful
C. Money Takaful

– Liability Takaful
A. Public Liability Takaful
B. Professional Indemnity Takaful
C. Directors & Officers Cover ( D&O)
D. Workmen’s Compensation Takaful

– Family Takaful (Group Term Takaful)

– Medical Takaful

– Bancassurance (Bancatakaful) & Financial Services

Contact Details

Deira Office

Business Point Building, Port Saeed, Al Ittihad Road, Deira
Dubai, United Arab Emirates

P.O. Box 53389,
Dubai, United Arab Emirates

TEL: 04 210 8700
FAX: 04 210 8777

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