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Takaful Ta'awuni Definition
"Assist one another in doing of good and righteousness. Assist not one another in sin and transgression, but keep duty to Allah." Surah al-Maidah V.5:2
" Muslim to muslim is like bricks in one wall supporting each other ". " He who helps a brother in a crisis in life , then Allah will help him during the Day of Judgement as well. And he who covers the error of a muslim, then Allah will cover for him on the Day of Judgement. And he who made something become easier for a fellow muslim,then Allah will help him as well in Life and the Hereafter. And Allah will assist anyone who assists his brothers. " What is Takaful Ta'awuni? Takaful Ta'awuni is a system of mutual cooperation for financial assistance and protection based upon the Quranic principles of "Ta'awuni, or mutual assistance." Takaful is a noun stemming from the Arabic Verb "Kafala" meaning to guarentee. Takaful means mutual help among the group i.e. each member of the group pools resources and efforts to support the needy participants within the group. This help is how the fortunate many assist the unfortunate few. As an Islamically acceptable alternative to conventional insurance, Takaful Ta'awuni enables every participant to create a solid financial protection and saving plan for himself and family. In this way, as a participant in one or more Takaful Ta'awuni Plans, you can secure spiritual well-being, protect the living conditions of your family and accumulate savings towards financial independence and a comfortable retirement, without any involvement in conventional financial products, which often contain elements prohibited in Islam. |
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| Why Takaful Ta'awuni is acceptable in Islam? | |||||||||
| Mutual cooperation among tribal members in the Arabian peninsula was practiced 14 centuries ago. These practices were accepted and validated by Prophet Mohammed (P.B.U.H.), and incorporated within the community of the first Islamic state. | |||||||||
| In the constitution in Madina Al Munawara, organized by Phophet Mohammed (P.B.U.H), there were references directly to concepts of social insurance for the less fortunate. Taking these age-old social practices into consideration, the experts in the Takaful Ta'awuni Division of Bank Aljazira have designed innovative program to achieve financial protection and Halal savings that fulfills a range of financial needs for today's Muslims. | |||||||||
| The Sharia Committee of Bank Aljazira, over a period of 18 months, studied and reviewed the Takaful Ta'awuni Program, the various contracts, procedures and mechanism and made changes and adjustments to make the program fully compliant with Islamic Sharia rules. From time to time, the Sharia Committee, through regular review, will assure the compliance of the implementation of such plans to meet the rules and procedures issued by the Sharia Committee. | |||||||||
| The Sharia Committee issued the following fatwa: | |||||||||
| In the Name of Allah, Most Gracious, Most Merciful. | |||||||||
| With thanks to Allah, the Universe Creator and blessings on the Master of Messengers Mohammed and all his kins and companions. | |||||||||
| Bank Aljazira's Sharia Committee has sighted the framework of Takaful Ta'awuni program, developed by Bank Aljazira throughout its papers and documents. After the commitee has comprehensively studied reviewed the whole inherent details of the program and recommended some changes which have been fully taken into consideration by the Bank, it has approved the program. | |||||||||
| Accordingly, the Sharia Committee deems that this program is in compliance with the rules of the Islamic sharia and is considered a suitable substitute, from the Sharia perspective, for life insurance. | |||||||||
| We wish Bank Aljazira all success and prosperity. | |||||||||
| Sharia Committee Members: | |||||||||
| Shaikh Abdullah Bin Suleiman Al-Manee - Chairman, Dr. Abdullah Bin Mohammed Al-Mutlaq - Member, Dr. Mohammed Ali Al-Gari - Member, Dr. Hamza Bin Hussain Al-Fa'ar - Member, Dr. Mohammed Bin Said Al-Ghamdi Rapporteur, Dr. Abdulsattar Abu Ghuda - Member. | |||||||||
| What are the Benefits of Takaful Ta'awuni? | |||||||||
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| How can you join the Takaful Ta'awuni Program? | |||||||||
| Bank Aljazira's Takaful Ta'awuni Program welcomes all members of the community in Saudi Arabia, locals and expatriates. | |||||||||
| The Program contains many Plans that can be customized to meet the needs of the young and the old. Your contribution can be tailor-made according to your financial capabilities and future plans as either an easy monthly contribution , or as a single lump sum in any amount as modest as SR100. | |||||||||
| We offer a wide variety of products for individuals, families, businesses and groups. Our range of products addresses your needs no matter what life stage you are at now: | |||||||||
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| * Note : Plans to be offered soon . | |||||||||
| If you wish to know more about the Takaful Ta'awuni Program, please ask for a brochure that gives you further details on the specific Plan features and benefits of interest to you, or call today to speak with a friendly Takaful Ta'awuni Financial Consultant. | |||||||||
| The cost and Wakala charges relating to the Plan, are described in the contract schedule. | |||||||||
| You can contact us in various ways as follows: | |||||||||
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| Or for more information visit us at www.baj.com.sa 13/01/2003 | |||||||||
| We look forward to welcoming you as a participant in Bank Aljazira's Takaful Ta'awuni Program. | |||||||||
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