FATWA Waqf-Takaful Plan Mechanism

FATWA Waqf-Takaful Plan Mechanism

Source publication
Article
Full-text available
The waqf-takaful concept involves channeling death compensation benefits from deceased takaful participants to selected religious institutions, thereby generating perpetual and sustainable waqf contributions. Despite recent challenges such as inconsistent implementation standards and management issues, some takaful operators in Malaysia have starte...

Context in source publication

Context 1
... a portion equivalent to 2.5% of the total zakatable amount is allocated as zakat compensation, ensuring compliance with Islamic obligations. The overall mechanism is illustrated as in Figure 3. ...