Friday, July 8, 2011

Takaful MD blasts conventional insurance practitioners

Says their scheme of insurance practice is “gambling” 

Mr Joof, MD Takaful Islamic Insurance Company
The managing director of Takaful Gambia Limited, the only insurance company that operates in Shariah compliance principles, has condemned the operating principles of conventional insurance companies saying “it is not fair as it is based on gambling”.

Momodou M. Joof claimed that conventional insurance practitioners cannot define insurance in any way apart from buying and selling.  

“Insurance can only be seen as somebody selling and somebody buying and under a buying and selling principle there is a strict warning from Allah that ‘what you pay for must be equivalent to what you are getting’. So when you come to them and say ‘I have a vehicle which is D100,000 value and I want to insure it’, they tell you to pay D10,000; when you pay this D10,000 they gave you a piece of paper.  

“The piece of paper you bought from them for D10,000 that is what they call insurance and it states that when you suffer a loss they will pay you, but what about when you don’t suffer a loss.”

Mr Joof said further that nobody wants to get into a contract that will only benefit them when they get into an accident.  For example, he said, when you insure your house against fire, they (the conventional insurance practitioners) will tell you that you will only benefit when your house is on fire. If it is marine insurance they will tell you that you will only benefit when your boat/ship sinks at sea.”  

“What we stand for at Takaful Insurance is fairness,” MD Joof said, adding:  “Our policy is that insurance can only be categorised under trade, and that is buying and selling.  Buying and selling must be such that the price of what you are buying must be equivalent to what you are gaining. So you cannot charge me D10,000 only for you to give me a piece of paper and at the end of the year when nothing happens, when I come back again to renew the policy, you will still charge me more; that is not done.”

The Takaful CEO said Islam states that when one belongs to an organisation and suffer a loss the person goes back to the organisation and get paid, “which is good”. But the conventional insurance practitioners should polish such an arrangement or policy to make it acceptable in the eyes of Islam, he said, adding that what is acceptable in the eyes of Islam “must be transparent”; it must not be gambling”.
 
Mr Joof, who spent the greater part of his insurance career with conventional insurance companies, said the operating principle of conventional insurance is based on gambling because “when you suffer a loss they pay you more than you will have paid them, but when you don’t suffer a loss, you lose the whole of your money in the cause of the year: this is gambling”. 


The manager of the sole Islamic insurance company in the country said insurance in the Islamic principle is called Takaful. “This means when you come to us and give us your money we don’t call you a client but a participant. You are coming to participate in the creation of a pool, a general pool of money that belongs to all of us and the agreement is that whoever is a member that may suffer a loss we (the Takaful) as the custodian of the pool will put our hands together and pay that person.  

“But when we continue to pay from the pool till the end of the year and are left with a balance that we didn’t pay, then that is the profit.

“In that case, at the end of the year, the first thing to do is to give to God what belongs to Him, and that which belongs to God is Zakat (alms); so that is why we pay Zakat first and then we distribute the remaining as profit to anybody that is a member that does not suffer a loss.” 

Mr Joof said Takaful insurance scheme is meant to benefit not only for Muslims but also people of other faiths, such as Christians.  “One of our first clients is a Christian association,” Mr Joof said, adding: “Let there be no fear because Islam seeks to extend its love to everyone and the scheme is there to help human beings. Christians will have the same benefit as any other person or institution insuring with Takaful.” 

Since the Takaful managing director perceives the conventional insurance scheme as equivalent to “gambling”, it is deemed necessary to give practitioners of the conventional insurance scheme the opportunity to set the records straight. However, all efforts by Gambia News Online at soliciting comments from their side have so far proved futile.

A senior insurance practitioner told this reporter that they don’t want to get involved in an unending debate with Mr Joof as both Mr Joof’s company and other conventional insurance companies are part of the Insurance Association of The Gambia and that their main goal should be on how to collectively develop the insurance industry rather than labour on attacking each other.  

“As a matter of fact, he [Mr Joof] was trained by conventional insurance practitioners. He spent the greater part of his insurance life with the conventional insurance companies,” the senior insurance practitioner who chose to remain anonymous told Gambia News Online.

47 comments:

  1. Hey would you mind sharing which blog platform you're using? I'm planning to start my
    own blog in the near future but I'm having a hard time deciding between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design seems different then most blogs and I'm looking for something completely unique.

    P.S Sorry for being off-topic but I had to ask!
    Take a look at my webpage :: diet plan for women

    ReplyDelete
  2. Hi to every one, the contents existing at this site are genuinely awesome for people experience,
    well, keep up the good work fellows.

    my blog; Abercrombie Pas Cher

    ReplyDelete
  3. Hello there! This is my 1st comment here so I just wanted to give a
    quick shout out and tell you I really enjoy reading through your posts.
    Can you recommend any other blogs/websites/forums that cover the same topics?
    Thanks a lot!

    Here is my blog post ... Michael Kors Bags

    ReplyDelete
  4. Hi there, just became alert to your blog through Google, and
    found that it's truly informative. I'm going to watch out for brussels.
    I'll appreciate if you continue this in future. Lots of people will be benefited from your writing. Cheers!

    Here is my blog post: http://www.tedxyse.com/

    ReplyDelete
  5. You are so awesome! I do not think I have read through a
    single thing like that before. So nice to find someone with a few original thoughts
    on this issue. Really.. many thanks for starting this up.
    This web site is one thing that is needed on the web, someone with some originality!



    Here is my web-site Healthy Choice Garcinia

    ReplyDelete
  6. I'm curious to find out what blog platform you happen to be utilizing?

    I'm experiencing some minor security issues with my
    latest site and I would like to find something more
    safe. Do you have any suggestions?

    Stop by my web page; minecraft games

    ReplyDelete
  7. An increase in urine are highest in Europe. One thing to test worry about who are trying to get pregnant.
    Anyhew I did have some day. Diuretics, medications such as nausea,
    tender breasts, frequent headachesWomen also feel constant vomiting sensation and are private.


    Also visit my site: first response pregnancy test positive

    ReplyDelete
  8. I savour, cause I discovered just what I was having a look for.
    You have ended my 4 day long hunt! God Bless you man. Have a
    great day. Bye

    My blog - personal injury nolo - neinsteinassociates.blog.fc2.com -

    ReplyDelete
  9. Hi, after reading this amazing paragraph i am also happy to share
    my know-how here with mates.

    My web page ... halo Ecig

    ReplyDelete
  10. It is really a beautiful and creative blog having some vital information over the subject. Thank you for share.
    Background Removal Service/Clipping Path/Clipping Path Service/Neck Joint Service/Image Masking Service/Color Correction Service

    ReplyDelete
  11. "Takaful Gambia Limited"- I do appreciate your activities, as you are devoted to the greater welfare of mankind

    Regards:-
    Clipping Path Service | Photo Retouching Services | Background Remover

    ReplyDelete
  12. We have read the blog and it's a nice thing in your blog. Really helpful with the information provided.Thank you for the post.
    clipping path service | photo retouching service |
    neck joint service | photoscissor

    ReplyDelete
  13. Wasir atau biasa dikenal orang dengan sebutan ambeien adalah masalah kesehatan yang sudah umum saat ini. Wasir tersebut dapat terjadi karena adanya pembekakan yang terjadi pada pembuluh darah di dalam ataupun di luar bagian bawah anus. Selain pembengkakan juga terkadang ada yang meradang di sekitar anus tersebut. Mengatasi BAB keluar darah Untuk lebih jelasnya silahkan kunjungi artikel terkait ambeien atau wasir dan cara mengobatinya berikut ini. Cara Mengobati Ambeien Akut Tanpa Operasi
    Wasir atau biasa dikenal orang dengan sebutan ambeien adalah masalah kesehatan yang sudah umum saat ini. Wasir tersebut dapat terjadi karena adanya pembekakan yang terjadi pada pembuluh darah di dalam ataupun di luar bagian bawah anus. Selain pembengkakan juga terkadang ada yang meradang di sekitar anus tersebut. Mengobati BAB berdarah Untuk lebih jelasnya silahkan kunjungi artikel terkait ambeien atau wasir dan cara mengobatinya berikut ini. Cara Mengobati Ambeien Atau Wasir
    Wasir atau biasa dikenal orang dengan sebutan ambeien adalah masalah kesehatan yang sudah umum saat ini. Wasir tersebut dapat terjadi karena adanya pembekakan yang terjadi pada pembuluh darah di dalam ataupun di luar bagian bawah anus. Selain pembengkakan juga terkadang ada yang meradang di sekitar anus tersebut. Mengobati wasir berdarah Untuk lebih jelasnya silahkan kunjungi artikel terkait ambeien atau wasir dan cara mengobatinya berikut ini. Cara Mengobati Ambeien Bengkak
    Wasir atau biasa dikenal orang dengan sebutan ambeien adalah masalah kesehatan yang sudah umum saat ini. Wasir tersebut dapat terjadi karena adanya pembekakan yang terjadi pada pembuluh darah di dalam ataupun di luar bagian bawah anus. Selain pembengkakan juga terkadang ada yang meradang di sekitar anus tersebut. Mengobati ambeien berdarah Untuk lebih jelasnya silahkan kunjungi artikel terkait ambeien atau wasir dan cara mengobatinya berikut ini. Cara Mengobati Ambeien Berdarah

    ReplyDelete
  14. Informative article you have written here . I appreciate this blog .

    ReplyDelete
  15. Nice article as well as whole site.Thanks for sharing.

    ReplyDelete
  16. It's a a great and useful piece of information. I'm glad you have shared this helpful information with us. Please keep us up to date like this. Thank you for sharing.

    ReplyDelete

  17. I really enjoyed your blog Thanks for sharing such an informative post.
    clipping path
    clipping path service

    ReplyDelete
  18. Disini kami akan berbagi informasi tentang cara menggugurkan hamil dengan cepat dan akurat dengan menggunakan obat aborsi . Mungkin Anda adalah salah satu yang ingin mencari tahu obat penggugur kandungan yang aman dan terbukti ampuh , agar dapat membantu anda untuk melakukan proses cara mencegah kehamilan yang tidak Anda inginkan . Saat ini memang banyak sekali situs yang jual obat aborsi secara online . Namun anda harus lebih cermat dalam memilih . Misoprostol adalah obat menggugurkan kandungan terbaik untuk menginduksi rahim , dan ini bisa anda gunakan untuk memperlancar haid atau sebagai obat telat datang bulan untuk melakukan cara menggugurkan kandungan

    ReplyDelete
  19. Great post, one of the most informative posts on this subject online actually. Very well written and very touchy and there’s not much profoundly written stuff about Indian cities, so I pay my hats off to the writer of this post.

    ReplyDelete
  20. Thanks to share info about your services, We Provide Quality Clipping Paths, Image Editing Now! Image Masking. 24 Hour Delivery. Satisfaction Guaranteed. Website .. http://clippingpathindie.com/

    ReplyDelete
  21. Lovely post! I am appreciate. Thanks for share.
    Design Service Asia | Best Clipping Path Service Provider Company.

    ReplyDelete
  22. Really it was amazing post. Thank you for sharing with us.

    ReplyDelete

  23. We all have across some or the other body pain at some point in life. Certain body ache can be so severe that it can affect the normal functioning of the person. Therefore to be able to work and function well the person needs to take some kind of medication. The pain medicine that is widely used and accepted by people all across is the use of Soma pill. It is effective in treating a number of body pain caused by different factors. So buy soma pill online to get rid of any kind of body pain to have a pain free and healthy life.
    Buy Soma pill online

    ReplyDelete
  24. No matter what age we belong to or what we do. if we are students trying to score well in exams or a professional trying hard that pending promotion or just an adult who is fighting hard to fight dementia, the idea of taking a pull to boost our brain functioning seems little appealing. Thus today it is no surprise that the use of the smart drug also known as nootropics is on a rise. In the past, the term nootropic was used to refer to chemicals that met certain criteria. However, today the term nootropic is used for any kind of natural or synthetic compound that affects the brain functioning of a person positively. The smart drug that is advancing over time is Nuvigil smart drug. People wishing to get this smart drug can buy Nuvigil online.
    Buy Nuvigil 150mg

    ReplyDelete
  25. kitchen appliancesApril 1, 2020 at 10:17 AM

    Really very informative article, thanks for sharing and I'm waiting for you next such like this one. kitchen appliances

    ReplyDelete
  26. They are delicious Laura! They're very common where I live, and Free! Many thanks for the kind comment. scope hq

    ReplyDelete
  27. I have finished going through your Master Class and there was a huge amount of help there, kumar

    ReplyDelete
  28. I was very pleased with the Master Class I purchased from you earlier this year, very useful stuff. newborn

    ReplyDelete
  29. adventureactivitiesApril 1, 2020 at 10:29 AM

    Really great tutorial thanks for sharing this tutorial with us. adventureactivities

    ReplyDelete
  30. Being a member of the Association of Indian Universities (AIU), the programs are recognized by WES. Students may verify the same from the WES platform for Canadian Immigration. NMIMS Distance Education program serves its students with highly innovative and revolutionary technology and offers every digital solution to enable faster and most tactful learning process to its students.
    nmims distance
    nmims distance mba fees
    narsee monjee distance learning
    nmims global access
    narsee monjee online mba

    DY Patil Distance Learning program is aimed towards a slick and rapid improvement in the process of education while maintaining the contemporary standards of the educational industry in the genre of Hospitality and Management. Being renowned as a sophisticated university, DY Patil has several tie-ups with some of the best international industries.
    dy patil distance
    dy patil distance mba
    dy patil distance learning
    dy patil distance mba fees
    dy patil distance courses

    The School of Distance Education and Learning has executed the same schooling pattern from its mother university and continues to spread its remarkable influence across Rajasthan. The students and alumni members are provided with innovative self-learning study materials. JNU Distance Learning also offers consistent and well-organized counselling programs to its JNU Distance Learning students by renowned and experienced counsellors right at their doorsteps.
    jnu jaipur distance education admit card
    jnu jaipur distance education exam date
    jnu jaipur distance education time table
    jnu jaipur distance education student corner
    jnu jaipur distance education

    ReplyDelete
  31. Your articles are really outstanding. I like all the thoughts here that are informative. Thanks for sharing.
    Clipping Path Service

    ReplyDelete
  32. Great post, Through this I got a good idea.
    Thank you so much for sharing it.

    You can know more about photo editing related to it here.

    ReplyDelete
  33. Body pain is a very common issue that we have to face in our daily life. When you face the issue of pain, it is best if you take the help of the doctor. But every time, you cannot get the help of the doctor. In those situations, to get quick and effective relief from pain, you take the help of the painkillers. Soma pill is an effective painkiller by using which you can get instant relief from your pain. This painkiller has Carisoprodol as the active ingredient. You can buy Soma 350 easily from the market. To enjoy the effects of this painkiller at an affordable price, buy Soma 350 mg online.
    Buy Soma 350mg pills Online
    Soma 350mg
    soma 350mg tablets
    soma 350mg dosage

    We all have across some or the other body pain at some point in life. Certain body ache can be so severe that it can affect the normal functioning of the person. Therefore to be able to work and function well the person needs to take some kind of medication. The pain medicine that is widely used and accepted by people all across is the use of Soma pill. It is effective in treating a number of body pain caused by different factors. So buy soma pill online to get rid of any kind of body pain to have a pain free and healthy life.
    Buy Soma 500mg pills Online
    soma 500mg
    soma 500mg tablets
    soma 500mg dosage

    When you feel any kind of body pain, it is best if you go to the doctor for treating it. Sometimes body pain can be the symptom of some serious disease. Sometimes body pain attacks us suddenly because of which you may not able to get the help of the doctor.
    Buy tramadol hcl 50mg
    tramadol 50mg
    tramadol 50mg tablets
    tramadol 50mg dosage

    Pain is a sensation that is unpleasant and can affect the normal functioning of the person. Now no one would like to suffer from any kind of body ache but it is also not possible to avoid such cases in life. Sometimes the body pain can become so serve that it can come in the way of the daily functioning of the person.
    Buy tramadol hcl 100mg
    tramadol 100mg
    tramadol 100mg tablets
    tramadol 100mg dosage

    ReplyDelete
  34. Bachelor of Pharmacy (B.Pharm) is an undergraduate degree course in the field of Pharmacy education. The students those are interested in the medical field (except to become a doctor) can choose this course after the completion of class 12th (PCM/B). After the completion of this degree, the students can practice as a Pharmacist. The duration of this course is 4 Total years.
    soma 350mg dosage
    bpharm
    bachelor of pharmacy
    best bachelor of pharmacy college
    bachelor of pharmacy admission
    bpharm colleges
    bpharm Admission
    best college for bpharm
    bpharm mumbai
    bachelor of pharmacy admission mumbai
    bachelor of pharmacy mumba
    bpharm admissioon mumbai

    ReplyDelete
  35. The issue of erectile dysfunction can be more complicated at times than we usually think. No men would want to suffer from erectile dysfunction. It not just affects them physically but also leaves a deep impact on the minds of the person.
    Viagra 100 mg
    viagra 100 mg price
    Generic Viagra 100 mg
    Viagra 100 mg tablet price
    Erectile dysfunction is a condition where a man is not able to get an erection. Even if they are able to get an erection, it does not last for too long. Suffering from erectile dysfunction can affect the person both physically and mentally. Therefore a person needs to take medical help to make the condition better. Also suffering from erectile dysfunction can affect the relation of the person with their partners.
    Viagra 200 mg
    viagra 200 mg price
    Generic Viagra 200 mg
    Viagra 200 mg tablet price
    Erectile dysfunction or impotence is a health issue that is suffered by men. In this problem, the man becomes unable to get the perfect erection. Irregular blood flow in the body is the cause of this problem. This problem may happen because of various reasons.
    Viagra 150 mg
    viagra 150 mg price
    Generic Viagra 150 mg
    Viagra 150 mg tablet price

    ReplyDelete
  36. NMIMS, or NarseeMonjee Distance Learning, is widely renowned as one of the top B-Schools in India. NGA-SCE is recognized by UGC (University Grants Commission) and the Distance Education Bureau of India (DEB). The primary resources offered by NMIMS Distance Learning program are aimed towards sculpting of professionals who want to pursue their further education through distance learning methods.
    nmims distance registration
    nmims distance course fees
    nmims distance education admission
    nmims distance learning exam time table
    India is a land that has observed constant and exhaustive changes in the educational pattern across all examination boards. The multitude of changes has always been aimed towards the rapid growth and development of students so that they can nurture and thrive into highly established professionals in the industry.
    dy patil mba distance learning
    dy patil distance education courses
    dy patil pune distance mba fees
    dy patil distance mba admission
    The School of Distance Education and Learning is affiliated under Jaipur National University, Rajasthan, and was established in the year 2008-2009. Being gloriously approved by DEC and accorded by the Joint Committee of AICTE-UGC-DEC in September 2009, the School of Distance Education and Learning started its spectacular journey in providing state-of-the-art educational programs at both under-graduate and post-graduate levels that are under the moderation of Jaipur National University.
    jaipur university distance learning
    jaipur national university of distance education
    jaipur national distance education
    jaipur national university distance education result

    ReplyDelete
  37. Appreciate your sharing, great article about 'online news'.
    Really looking forward to read more. Thanks a lot.

    Clipping Path Service Provider | Image & Photo Editing

    ReplyDelete