Avon Takaful Solutions
Takaful is an Arabic word meaning "guaranteeing each other" or "joint guarantee". The Tabarru' system is the main core of the Takaful system making it free from uncertainty and gambling. Tabarru' means "donation; gift; contribution." Takaful refers to the Islamic concept where you contribute a sum of money to a Takaful fund in the form of participative contribution (tabarru'). You undertake a contract (aqad) to become one of the participants by agreeing to mutually help each other, should any of the participants suffer any form of misfortune, either arising from death, permanent disability, loss, damage or any other such misfortunes as covered under the Takaful you personally undertake. The Contributions 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.
We at Avon Insurance Brokers L.L.C. are technically professional and experienced brokers in identifying your individual and / or business risks to help you decide what to insure, how to insure and with Takaful or conventional insurance company. Being professionally confident we provide same services for Takaful insurance Islamic concept clients eliminating the confusion, observing the difference in concept and providing the merits of Takaful Insurance to all.