An insurance solution that meets special islamic laws
Takaful is a form of insurance designed to provide life and non-life benefits to customers in a way that is compatible with the restrictions imposed by Islamic Shariah law – such as the prohibitions on Riba (interest) and Maysir (gambling); and the principle that risk should be shared and not traded.
TIA has developed a slim Takaful module which connects seamlessly into the TIA Solution. Takaful allows for the creation of Takaful-compliant insurance products together with the maintenance of surplus calculation and distribution which complies with both the Wakalah and Mudharabah variants of Takaful. It leverages the standard functionalities of the TIA Solution to conduct quotation, underwriting, renewals, claims and settlement. This approach allows the insurer to re-use a majority of its assets and leverage the scale and efficiencies of its front and back office which is unaffected by Takaful requirements.
TIA Takaful successfully introduces a plug-in approach towards introducing Takaful capability with minimal effort and re-uses the Service Oriented Architecture within the TIA Solution.