Comparison Of Premium Life Tables Between Existing Model And Integration Model In Family Takaful

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1 Joural of Appled Sceces Research, 8(7): , 2012 ISSN X Ths s a refereed joural ad all artcles are professoally screeed ad revewed 3754 ORIGINAL ARTICLES Comparso Of Premum Lfe Tables Betwee Exstg Model Ad Itegrato Model I Famly Takaful Puspa Lza Ghazal, Ismal Mohd, Wa Muhamad Amr W Ahmad, Mustafa Mamat. Departmet of Mathematcs, Fakult Sas da Tekolog, Uverst Malaysa Tereggau (UMT), 21030Kuala Tereggau, Malaysa. ABSTRACT Educato pla takaful s oe of the product plas Famly Takaful. The researchers strogly beleve that the preset premum lfe tables must be ameded to make t a more reasoable pla for all categores of come earers. Ths ew proposed model of premum lfe tables s called tegrato model. Ths research paper wll compare the premum lfe tables of the exstg model ad the tegrato model for two types of Famly Takaful model; the Mudharabah ad Wakala. The focus wll be o Surreder Value, Maturty Value ad Death Coverage. The results of the research wll show that the tegrato model s more clusve tha the exstg model premum lfe tables for clets to ear more moey the future. Key words: Premum lfe table, surreder value, maturty value ad death coverage. Itroducto Islamc jursts resolved that the system of surace, whch falls wth the cofes of Islamc framework, should be fouded o the cocept of al-takaful. A Islamc surace trasactg s a polcy of mutual cooperato, soldarty ad brotherhood agast upredcted rsk or catastrophes, whch the partes volved are expected to cotrbute geuely. The ature of the prcples of Takaful s fudametally dfferet from the prcples of covetoal surace. A attempt s however made ths paper to aalyze the coceptual framework of Takaful practces the cotemporary ecoomc realty. The wdely dfferg atttudes of Muslm scholars o the Islamcally valdty of surace ca be grouped uder three broad categores whch are called Rba, Gharar ad Masr as follows (Sddq, 1980). Rba shows the moey that has bee collected through premums s vested by the surace compay terest-bearg deposts, u-islamc busess or dealgs. Thus clearly the partcpats have to pay more for the premum ther busesses. The prohbto of rba terpretato by Muslehudd (1982) s accepted by almost all the Muslm jursts ad t s a absolute prohbto whch covers smple ad compoud terests ad productve as well as o-productve loas. Gharar refers to ucertaty. Gharar could be descrbed as the lack of trasparecy a gve trasacto. Oe of the uderlyg objectves of Islamc face s to prevet dealgs volvg ucertaty, hazard, chace or ucotrollable rsk leadg to speculato. There s dfferece jurstc opo o the tolerable level of Gharar. A dstcto s draw betwee Gharar yasr (mor Ucertaty) ad Gharar Jahsh (excessve ucertaty). Cotemporary Muslm thkers assert that what the Suah prohbts s Gharar Jahsh whch s ot preseted the cotract of Isurace (Sddq, 1985). The Holy Al-Qura prohbts Masr (11:219 ad V:50, 2008) s take from Sddq (1985). Isurace s sometmes equated wth gamblg, Masr or wagerg. But some jursts couter ths allegato by argug: The facal motvato of gamblg s provded by the ga the evet of wg, whle the case of surace t cossts the desre to have protecto agast loss. The amout receved by the sured caot be cosdered as proft sce t oly provdes hm relef from the burde of loss that he has already curred. The moey wo by the gambler s the ature of proft. The Models Famly Takaful: As metoed (Zaol, 2005), there exsts two dffereces betwee covetoal ad takaful suraces whch volve the vestmets of the assets ad the treatmet of expeses ad surplus. I Takaful surace all the vestmets are made halal (permssble) assets ad the treatmet of the tradg also are made halal practces. The takaful operator s fud s based o two models of famly takaful so-called Mudharabah ad Wakala Models whch wll be descrbed as follows. Correspodg Author: Puspa Lza Ghazal, Departmet of Mathematcs, Fakult Sas da Tekolog, Uverst Malaysa Tereggau (UMT), 21030Kuala Tereggau, Malaysa. E-mal: Puspa.lza@yahoo.com.

2 J. Appl. Sc. Res., 8(7): , I ths model, the partcpat gets the amout accumulated hs partcpat accout whe he submts the early surreder. At hs death, hs beefcares wll get the sum of the Death Coverage, addto to the amout accumulated hs partcpat accout. Mudharabah gves the rght to the cotractg partes to share the proft whle lablty for losses s bore by the partcpats. The product s based o proft sharg to cover the acqusto expeses, cluded commssos (Yaquby, 2001). The cotract specfes; the proft (surplus) from the Takaful Compay operators s to be shared betwee the provders of the captal ad the etrepreeur (Bllah, 2003). The sharg of such proft may be a rato 50:50, 60:40, 70: 30 ad others as mutually agreed betwee the cotractg partes. The prcple of mudharabah (sleepg partershp) provdes the specfc detals of the takaful cotract (Syed, 1991). The cooperatve of proft rsk-sharg occurs amog partcpats yet the Takaful Operator shares also ay operatg surplus as a reward for ts careful uderwrtg o behalf of partcpats. Wakala s a form of represetatve relatoshp betwee Takaful Compay ad a partcpat. Takaful operator ears a fee for servces redered whle lablty for losses s bore by the partcpats. The operatg compay does ot share the uderwrtg result, but rather t s compesated by a fee deducted from cotrbutos made by partcpats ad/or vestmet profts geerated by the takaful fud. The fee rate s fxed aually advace cosultato wth the Sharah commttee of the compay (Bllah, 2003). I order to gve cetve for good goverace, the maagemet fee s related to the level of performace. The surplus of the takaful fud belogs to the members; the operatg compay does ot have a clam o t uder ay crcumstaces. If the takaful operator s to geerate a proft from ts efforts, t must maage the operatos (cludg salares, overhead, sellg commssos, sales ad marketg expeses, etc) etrely wth the dsclosed wakala fees (Fazl, 1996). New Idea Of Premum Lfe Table Model: The proposed model of ew premum lfe table educato pla has to combe all the rders oe pla ad the ame be chaged to Ecoomc Educato Pla Takaful. The rder should clude health, accdet, hosptal costs, loss of effort to work, crtcal llesses, educato, death beeft, death coverage ad also peso. Lfe surace or famly takaful s eeded for everyoe the moder world, so the product must be affordable to every category of come earers. Ths ew pla offers complete rders for two people oe product pla; the partcpat ad a chld. The mothly premum s reasoable to all categores come earers. The pla offers buyg multple uts for the product busess. If the partcpat buys more tha 1 ut, the value of premum, rders, surreder value ad maturty value have to be multpled by the umbers of uts bought by the partcpat. Methodology: The Muslms eed a ew surace or takaful whch ca covers mostly of ther rsks. I ths method, clets proposal eed to add more rders as show Table 3(a). Table 3(a): Clet Proposal NUMBERS THINGS VALUES 1 Mothly paymet RMY 2 Female o smoker K year old 3 Perod Term N year 4 Iterest Rate R per year 5 Mothly savg RMp 6 Tabarru Accout RMj 7 Surreder Values RMt 8 Death Coverage RM10x 9 Kharat RM2x 10 Loss A Effort To Work/ RM10x 40 crtcal llesses 11 Hosptal Blls RM5x 12 Peso 0.3x From Table 3(a), the clet proposal eed may rders such as death coverage, death beeft, Kharat, loss of effort to work or 40 crtcal llesses, hosptal blls ad peso. After a dscusso wth may Muslm, the researcher realses that they eed a detaled clet premum lfe table to avod ucertaty ther busess as show Table 3(b) (Ghazal, 2010).

3 J. Appl. Sc. Res., 8(7): , Let Q 1 s the year, Q 2 s the age, Q 3 s the layout paymet, Q 4 s the Tabarru accout, Q 5 s the persoal accout, Q 6 s the surreder value, Q 7 s the Kharat, Q 8 s the loss a effort to work or 40 crtcal llesses, Q 9 s the death coverage, Q 10 s the hosptal blls, Q 11 s the peso ad Q 12 s the death beeft. Table 3(b): Clet Quotato of Mudharabah Model for = 1,2,3,,17 Q 1 Q 2 Q 3 Q 4 Q 5 Q 6 Q 7 Q 8 Q 9 Q 10 Q 11 Q 12 k 12 y (12y w) p t 2x 10 x 10 x 5 x 0.3x The Table 3(b) s used for Mudharabah model because the Wakala fee s ot cludes the above table. Table 3(c): Clet Quotato of Wakala Model for = 1,2,3,...,17 Q 1 Q 2 Q 3 Q 4 Q 5 Q 6 Q 7 Q 8 Q 9 Q 10 Q 11 Q 12 Q 13 k 12 y (12y w) p t 2x 10x 10x 5 x 0.3x Table 3(c) s used for Wakala model because t has the Wakala fee as show Q 13. From Table 3(b) ad Table 3(c), the value of Q 7 to Q 11 are rato tems where f the value of x s RM1 000, so the value of hosptal blls s RM Numercal Results: I umercal result, the researcher wats to costruct the tegrato model of premum lfe tables whch are accordg to the basc models famly takaful (Mudharabah ad Wakala) ad compare t to the exstg model. 4.1 Mudharabah Model of Itegrato Model: Premum lfe table uses Mudharabah model educato pla takaful of Itegrato model show as below. (Ghazal et al., 2012). Mothly paymet = RM50 (1 ut) Term = 17 years Iterest Rate = 5 % per year ( ) Tabbarru` Accout = RM 20 Savg Accout = RM30 Below are the symbols of elemets Mudharabah model where the statc premum of lfe table (Q3, Q4 ad Q5) ad statc beeft (Q6 to Q13) show the Table 5.1.1(a). 1. Q1 s year 2. Q2 s age 3. Q3 s layout paymet 4. Q4 s tabarru accout 5. Q5 s persoal accout 6. Q6 s mothly proft 7. Q7 s yearly proft 8. Q8 s total surreder value 9. Q9 s kharat 10. Q10 s loss a effort to work or 40 crtcal llesses 11. Q11 s death coverage 12. Q12 s hosptal blls 13. Q13 s peso 14. Q14 s death beeft Table 4.1(a): Clet Quotato of Mudharabah Itegrato Model Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12 Q13 Q (P 1) (T 1 ) (P 2 ) (T 2 )

4 J. Appl. Sc. Res., 8(7): , (P 3 ) (P 4 ) (P 5 ) (P 6 ) (P 7 ) (P 8 ) (P 9 ) (P 10) (P 11) (P 12) (P 13) (P 14) (P 15) (P 16) (P 17) (T 3 ) ( T 4 ) (T 5 ) ( T 6 ) (T 7 ) (T 8 ) (T 9 ) (T 10 ) (T 11 ) (T 12 ) (T 13 ) ( T 14 ) ( T 15 ) ( T 16 ) ( T 17 ) The dervato of Q6 to Q8 the Table 4.1(a) show as below ( 30*5/100 * ( )) * 1/12 ) + ( 360 * 5/100 ) = = ( 30* 5/100 * ( )) + (720 * 5/100) = = ( 30 * 5/100 * ( ) ) + ( 1080 * 5/100 ) = = (30 * 5/100 * ( )) + ( 1440 * 5/100 ) = = (30 * 5/100 * ( )) + (1800 * 5/100 ) = = 2108 P + ( P * /100 * (66 + T -1 )) + ( P * 5/100) where = 1, 2, 3, 4, 5, - The geeral formula of Table 4.1(a) show the Table 4.1(b) gve as follows. Table 4.1(b): Geeral Formula of Mudharabah Itegrato Model Symbols of elemets Q3 Q4 Q5 Q6 To Q8 Q9 Q10 Q11 Q12 Q13 Formula of elemets (600) 0.6(600) P + [ P * /100 * (66 + T -1 )] + ( P * 5/100) where =1,2,3, 2x 10x 10x 5x 0.3x The premum lfe table shows that premum covers a chld the death coverage ad peso for the partcpat. Ths model covers other rders such as health, accdet, hosptal costs, loss of effort to work, crtcal llesses, educato ad also peso (Ghazal, 2010). Based o the clet quotato of a famly takaful as show table 4.1(a), we fd that the table has detaled formato. We see that the total paymet for 17 years s RM The partcpat ca ear RM7 289 for hs chld s educato wth the maagemet fee of RM150. Therefore, the et maturty value s RM7289 RM150 whch comes to RM If the partcpat sures for 3 uts so the maturty value s RM The rders also multples by 3. So the death coverage for a partcpat s RM f the chld des ad there s a peso of RM900 for the chld f the partcpat des Mudharabah Model of Exstg Model: Premum lfe table uses Mudharabah model educato pla takaful of the exstg model show as below.

5 J. Appl. Sc. Res., 8(7): , Table 4.1.1: Clet Quotato of Mudharabah Exstg Model Chld Age Moey outlay Isured Accout (P ) Specal Accout Proft Total Chld Death Isured Death Dervato of Geeral Formulato Mudharabah Model: The geeral formula from a partcular clet quotato uses the dervato method by usg the data the Table Therefore, the geeral formulato Mudharabah exstg model s gve as below (Ghazal, 2010). Table 4.1.2: Geeral Formulato of Mudharabah Exstg Model Year Isured Total of the Proft of the Accout Isured Accout Total Isured P Q Accout Q r P Q Q P 1 j 1 T j 2,3,...,14; Q1 P1 Total Proft Per Year T T P Q r 1,2,3, Chld Death T 1000 C T ,2,3,...,14 Isured Death D D D 2,3,...,14; D P The geeralzato for year proft of the total sured accout s show as below r P r1 r... P r1 r P r1 r P r r The premum lfe table shows that premum covers the partcpat ad a chld the death coverage ad death beeft. The weakess of ths model, t s does ot cover other rders such as health, accdet, hosptal costs, loss of effort to work, crtcal llesses, educato ad also peso (Ghazal, 2010). Based o the clet quotato of a famly takaful as show table 2.1, the table has detaled formato. The total paymet for 14 years s RM8 400.The partcpat ca ear RM for hs chld s educato wth the maagemet fee of RM150. Therefore, the et maturty value s RM RM150 whch comes to RM (Ghazal et al., 2011). If the chld des after 8 years of beg sured, the partcpat wll ear the surreder value (cluded death coverage) of hs chld of RM But f the partcpat des after 8 years of beg sured, the chld wll ear RM4 600 for sured death ad he wll also ear the death beeft for the premum paymet utl he ca ear the maturty value of RM (Ghazal et al., 2011). Wakala Model of Itegrato Model: Premum lfe table uses Wakala model educato pla takaful of Itegrato model s show below. (Ghazal et al., 2012).

6 J. Appl. Sc. Res., 8(7): , Mothly Paymet = RM50 (1 ut) Term = 17 years Iterest Rate = 5 % per year () Below are the symbols of elemets Wakala model where the statc premum of lfe table (Q3 to Q6) ad statc beeft (Q7 to Q14) show the Table 4.2.(a). Q1 s year Q2 s age Q3 s layout paymet Q4 s tabarru accout Q5 s wakala fees Q6 s persoal accout. Q7 s mothly proft Q8 s yearly proft Q9 s total surreder value Q10 s kharat Q11 s loss a effort to work or 40 crtcal llesses Q12 s death coverage Q13 s hosptal blls Q14 s peso Q15 s death beeft Table 4.2a: Clet Quotato of Wakala Itegrato Model Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12 Q13 Q14 Q (P 1) (P 1) (P 2) (P 2) (P 3) (P 3) (P 4) (P 5) (P 5) (P 5) (P 6) (P 6) (P 7) (P 7) (P 8) (P 8) (P 9) (P 9) (P 10) (P 10) (P 11) (P 11) (P 12) (P 12) (P 13) (P 13) (P 14) (P 14) (P 15) (P 15) (P 16) (P 16) (P 17) (P 17) 5944 The dervato of Q7 to Q9 the Table 4.2(a) show as below ( 25 * 5/100 * ( )) + ( 300 * 5/100 ) = = ( 25 * 5/100 * ( )) + ( 600 * 5/100 ) = = ( 25 * 5/100 * ( )) + ( 900 * 5/100 ) = = ( 25 * 5/100 * ( )) + ( 1200 * 5/100 ) = = ( 25 * 5/100 * ( )) + ( 1500 * 5/100 ) = = 1725

7 J. Appl. Sc. Res., 8(7): , P + [ P * /100 * (66 + T -1 )] + ( P * 5/100) where = 1, 2, 3, 4, 5,.. The geeral formula of Table 4.2.(a) show the Table 4.2(b) gve as follows. Table 4.2(b): Geeral Formula of Wakala Itegrato Model Symbols of elemets Q3 Q4 Q5 Q6 Q7 to Q9 Q10 Q11 Q12 Q13 Q14 Formula of elemets (600) 0.1. (600) 0.5. (600) P + [ P * /100 * (66 + T -1)] + ( P * 5/100) where =1,2,3,. 2x 10x 10x 5x 0.3x The premum lfe table shows that the premum covers a chld the death coverage ad peso for the partcpat. Ths model cover for other rders such as health, accdet, hosptal costs, loss of effort to work, crtcal llesses, educato ad also peso (Ghazal, 2010). Based o the clet quotato of a famly takaful as show table 4.2(a), the table has detaled formato. The total paymet for 17 years s RM The partcpat ca ear RM5 944 for hs chld s educato wthout the maagemet fee. Therefore, the et maturty value s RM If the partcpat s sured for 3 uts, the maturty value s RM The rders also multples by 3, so the death coverage for the partcpat s RM f the chld des ad there s a peso of RM900 for the chld f the partcpat des. I the Wakala model, the partcpats eed to pay more premums because the Wakala fee has to be pad every moth. Therefore, the partcpat wll ear less maturty value or surreder value compared to the Mudharabah model. Wakala Model of Exstg Model: Premum lfe table uses Wakala model educato pla takaful as show below : Table of Illustrato Pla: Number of Mothly Paymet Cumulatve Cumulatve Proft of Basc Death Total Year a Year M Paymet Outlay Persoal Accout C Coverage Y Coverage T Death The premum lfe table shows that the premum covers oly a chld the death coverage ad death beeft for the partcpat. So aother weakess ths model s, t does ot cover other rders such as health, accdet, hosptal costs, loss of effort to work, crtcal llesses ad also peso (Ghazal, 2010). Based o the clet quotato of a famly takaful as show table 4.2.1, the table has detaled formato. The total paymet for 16 years s RM However, the partcpat wll just ear RM for hs chld s educato. Maagemet fee s ot cluded ths model because t already has Wakala fees. I the Wakala model, the partcpats eed to pay more premums because Wakala fees have to be pad every moth (Ghazal et al., 2011). Dervato of Geeral Formulato Wakala Model: The geeral formula from a partcular clet quotato uses the dervato method by usg the data the Table Therefore, the geeral formulato Wakala exstg model had s gve below.

8 J. Appl. Sc. Res., 8(7): , Table 4.2.2: Geeral Formulato of Wakala Exstg Model Year Mothly Paymet a Year (Total) Cumulatve Outlay M M 1 Paymet Cumulatve Proft of Persoal Accout Total Death Coverage C ( M C 1 )(1 r) Y C I Table 4.2(d), M s a total mothly paymet year, I s a percetage of persoal accout decmal, C s cumulatve proft of persoal accout for year, ad r s a terest rate a year. The premum lfe table shows that premum covers the chld the death coverage of a chld ad death beeft for the partcpat. The weakess ths model s, t does ot covers other rders such as health, accdet, hosptal costs, loss of effort to work, crtcal llesses, educato ad also peso. Based o the clet quotato of a famly takaful as show Table the table detaled formato. The total paymet for 17 years s RM but the partcpat ca ear RM for hs chld s educato wthout maagemet fee. Therefore, the et maturty value s RM (Ghazal et al., 2011). If the chld des after 8 years of beg sured, the partcpat wll ear the surreder value (cluded death coverage) of hs chld s RM for hs chld. However, f the partcpat des after 8 years of beg sured, the chld wll ot ear aythg except the death beeft, whch wll gve hm RM after 16 years (Ghazal et al., 2011). Dscusso: I Mudharabah of Exstg model, the premum lfe table shows that the premum covers the partcpat ad a chld the death beeft ad death coverage respectvely. The partcpat ca ear RM for hs chld s educato but the et of the maturty value s RM RM150 whch comes to RM The partcpat wll ear the surreder value of hs chld of RM But f the partcpat des after 8 years of beg sured, the chld wll ear RM4 600 for sured death ad he wll ear also the death beeft for the premum paymet utl he ca ear the maturty value of RM (Ghazal et al., 2011). O the other had, Mudharabah Itegrato model, the model covers other rders such as health, accdet, hosptal costs, loss of effort to work, crtcal llesses, educato ad also peso (Ghazal, 2010). The total paymet for 17 years s RM ad the maturty value s RM7289 RM150 whch comes to RM If the partcpat s sured for 3 uts, the maturty value s RM The rders also multples by 3 so the death coverage for partcpat come to RM If the partcpat des the peso s RM900 for hs chld but f the chld des before maturty, the partcpat wll get the surreder value plus the death coverage. I Wakala exstg model, the premum lfe table shows that the premum covers a chld the death coverage ad death beeft for partcpat. The total paymet for 16 years ths model s RM but the partcpat ca oly ear RM for hs chld s educato. Maagemet fee s ot cluded ths model because t already has Wakala fee. I Wakala model, the partcpats eed to pay more premums because Wakala fee has to be pad every moth. If a chld des after 8 years of beg sured, the partcpat wll ear the surreder value (cludg death coverage) of RM However, f the partcpat des after 8 years of beg sured, the chld wll ot ear aythg except the death beeft by whch he ca ear RM after 16 years. (Ghazal et al., 2011) The premum lfe table shows that the premum covers a chld the death coverage ad peso for the partcpat. Ths model covers other rders such as health, accdet, hosptal costs, loss of effort to work, crtcal llesses, educato ad also peso (Ghazal, 2010). The total paymet for 17 years s RM The partcpat ca ear RM5 944 for hs chld s educato wthout the maagemet fee. If the partcpat s sured for 3 uts, the maturty value s RM The rders also multples by 3, the death coverage for the partcpat s RM f the chld des ad there wll be a peso of RM900 for the chld f the partcpat des. I the Wakala model, the partcpat eeds to pay more premums because the Wakala fee has to be pad every moth. Therefore, the partcpat wll ear less the maturty value or the surreder value compared to the Mudharabah model. Cocluso: Based o the mathematcal aalyss, we ca form two coclusos. They are;. The Itegreto model of famly takaful gves the clets more beefts rders ad also cover the rsks for two: the partcpat ad a chld.. The exstg model of famly takaful s more beefcal to the takaful compay because the clets have to pay hgh premums for more beefts rders.

9 J. Appl. Sc. Res., 8(7): , The ew product premum lfe table wll gve a better percepto of famly takaful busess because the pla offers affordable prce for all categores of come earers ad t also cludes almost complete rders such as health, accdet, hosptal costs, loss of effort to work, crtcal llesses, educato ad also peso. Ths research paper wll prove that clets wll be better off f they choose the tegrato model ad ot the exstg model famly takaful. Refreces Bllah, M. Ma sum, Islamc ad Moder Isurace. Selagor; Ilmah Publshers. Fadzl, M.Y., 1996, The Cocept ad Operatoal System of Takaful Busess. New Horzo, No. 5, May-Jue, pp: 10-13: Muslehudd, M., 1982, Isurace ad Islamc Law. New Delh: Islamc Research Isttute. Muslehudd, M., 2004, Isurace ad Islamc Law. New Delh: Adam Publsher & Dstrbutors. Ghazal, P.L., Thess Comparso of Mathematcal Formulato Lfe Isurace ad Famly Takaful. Kuala Tereggau: UMT, upublshed. Ghazal, P.L., I. Mohd, W.M.A.W. Ahmad ad M. Mamat, Mathematcal Modellg Famly takaful. Joural of Appled Scece, 11: Ghazal, P.L., I. Mohd, W.M.A.W. Ahmad ad M. Mamat, Itegrato Model of Educato Pla Takaful: A Case Study for Tereggau, Kelata ad Perls, States Malaysa. Far East Joural of Mathematcal Sceces (FJMS) 65(1): Sddq, M.N., Muslm Ecoomc Thkg. Islamc foudato, Lecester UK, pp: 130. Syed, W.A., 1991, Islamc Isurace Malaysa. I Syed Khald Rashd, Islamzato of Isurace A Relgo-Legal expermet Malaysa Relgo ad Law Revew, 2: 16. Yaquby, S.N., Possbltes of global uformty amogst Takaful operators I lght of the Sharah Norm. Speech Iteratoal Summt o Takaful. Kuala Lumpur:Malaysa Isttute of Isurace. Zaol, A., 2005, The Islamc Way of Isurace. Cotgeces Jauary/February, pp: