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Questions and Answers
The Non-Surplus Sharing Mudarabah Model charges expenses to the participants' pool in Malaysia.
The Non-Surplus Sharing Mudarabah Model charges expenses to the participants' pool in Malaysia.
False (B)
The Mudarabah Model involves profit sharing in Islamic contracts.
The Mudarabah Model involves profit sharing in Islamic contracts.
True (A)
In the Mudarabah Model, the operator shares in surplus.
In the Mudarabah Model, the operator shares in surplus.
False (B)
The Non-Surplus Sharing Mudarabah Model is considered an excellent and laudable model.
The Non-Surplus Sharing Mudarabah Model is considered an excellent and laudable model.
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The Non-Surplus Sharing Mudarabah Model is not suitable for stand-alone Family/Individual Life Takaful operations.
The Non-Surplus Sharing Mudarabah Model is not suitable for stand-alone Family/Individual Life Takaful operations.
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In the Mudarabah model for general/group Takaful, investment profits are shared between the operator and the participant.
In the Mudarabah model for general/group Takaful, investment profits are shared between the operator and the participant.
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Surplus in Takaful refers to what remains of capital/contributions after the deduction of claims and direct expenses.
Surplus in Takaful refers to what remains of capital/contributions after the deduction of claims and direct expenses.
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Profit share in the Mudarabah model is distributed equally between the participants and shareholders.
Profit share in the Mudarabah model is distributed equally between the participants and shareholders.
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Applying a Mudarabah contract to investment profits in Takaful operations is accepted by Sharia scholars.
Applying a Mudarabah contract to investment profits in Takaful operations is accepted by Sharia scholars.
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Surplus and profit are considered the same thing in the context of Takaful underwriting operations.
Surplus and profit are considered the same thing in the context of Takaful underwriting operations.
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In Takaful companies, the operators share in the surplus under the Mudarabah model.
In Takaful companies, the operators share in the surplus under the Mudarabah model.
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General/Group Takaful plans typically have longer durations, such as three years or more.
General/Group Takaful plans typically have longer durations, such as three years or more.
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Non-surplus sharing Mudarabah model allows for the operator to receive a fixed fee instead of a share in the profits.
Non-surplus sharing Mudarabah model allows for the operator to receive a fixed fee instead of a share in the profits.
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Takaful companies aim to maximize profits without any regard for ethical or social considerations.
Takaful companies aim to maximize profits without any regard for ethical or social considerations.
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Investment profits in Takaful models can only be distributed to shareholders.
Investment profits in Takaful models can only be distributed to shareholders.
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In the Mudarabah model, both the Capital Provider and the Operator can share in the original capital provided.
In the Mudarabah model, both the Capital Provider and the Operator can share in the original capital provided.
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Jordan Islamic Insurance reimburses participants if expenses amount to more than the fixed expense fee for one year contracts.
Jordan Islamic Insurance reimburses participants if expenses amount to more than the fixed expense fee for one year contracts.
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In the Bank al Jazira Wakala Model, expenses are charged to the participants' fund.
In the Bank al Jazira Wakala Model, expenses are charged to the participants' fund.
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The Operator in the Wakala model is responsible for all start-up expenses and operational costs.
The Operator in the Wakala model is responsible for all start-up expenses and operational costs.
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The Takaful model ensures total transparency on all aspects of operation and fee structure.
The Takaful model ensures total transparency on all aspects of operation and fee structure.
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The Fiqh Academy resolution in 1985 stated that commercial insurance contracts are permissible according to Sharia law.
The Fiqh Academy resolution in 1985 stated that commercial insurance contracts are permissible according to Sharia law.
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Takaful operations must adhere to a single specified contract according to the Fiqh Academy resolution.
Takaful operations must adhere to a single specified contract according to the Fiqh Academy resolution.
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Mudarabah models in Takaful operations involve charging expenses to the participants' pool.
Mudarabah models in Takaful operations involve charging expenses to the participants' pool.
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General/Group Takaful only offers multi-year plans and does not include one-year plans.
General/Group Takaful only offers multi-year plans and does not include one-year plans.
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In the Non-Surplus Sharing Mudarabah model, operators do not share in any surplus profits generated.
In the Non-Surplus Sharing Mudarabah model, operators do not share in any surplus profits generated.
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In Takaful, the operator shares in the surplus in the Mudarabah Model.
In Takaful, the operator shares in the surplus in the Mudarabah Model.
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The Non-Surplus Sharing Mudarabah Model involves charging expenses to the participants' pool in Malaysia.
The Non-Surplus Sharing Mudarabah Model involves charging expenses to the participants' pool in Malaysia.
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General/Group Takaful plans usually have a minimum duration of 5 years.
General/Group Takaful plans usually have a minimum duration of 5 years.
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In Takaful, investment profits can only be made from equity investments.
In Takaful, investment profits can only be made from equity investments.
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The Non-Surplus Sharing Mudarabah Model is not suitable for stand-alone Family/Individual Life Takaful operations.
The Non-Surplus Sharing Mudarabah Model is not suitable for stand-alone Family/Individual Life Takaful operations.
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In the Non-Surplus Sharing Mudarabah Model, investment profits are shared between the operator and the participants.
In the Non-Surplus Sharing Mudarabah Model, investment profits are shared between the operator and the participants.
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In the Mudarabah model for general/group Takaful, investment profits are shared between the operator and the participant.
In the Mudarabah model for general/group Takaful, investment profits are shared between the operator and the participant.
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The Non-Surplus Sharing Mudarabah Model is considered suitable for stand-alone Family/Individual Life Takaful operations.
The Non-Surplus Sharing Mudarabah Model is considered suitable for stand-alone Family/Individual Life Takaful operations.
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In the Mudarabah Model, the operator shares in the surplus.
In the Mudarabah Model, the operator shares in the surplus.
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The Non-Surplus Sharing Mudarabah Model involves sharing expenses with the participants.
The Non-Surplus Sharing Mudarabah Model involves sharing expenses with the participants.
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In one-year plans of General/Group Takaful, surplus sharing with participants occurs.
In one-year plans of General/Group Takaful, surplus sharing with participants occurs.
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The Non-Surplus Sharing Mudarabah Model is considered an inferior model compared to other Takaful models.
The Non-Surplus Sharing Mudarabah Model is considered an inferior model compared to other Takaful models.
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Applying a Mudarabah contract to investment profits in Takaful operations is accepted by Sharia scholars.
Applying a Mudarabah contract to investment profits in Takaful operations is accepted by Sharia scholars.
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Surplus in Takaful refers to what remains of capital/contributions after the deduction of claims and direct expenses.
Surplus in Takaful refers to what remains of capital/contributions after the deduction of claims and direct expenses.
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Profit share in the Mudarabah model is distributed equally between the participants and shareholders.
Profit share in the Mudarabah model is distributed equally between the participants and shareholders.
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Flashcards
Non-Surplus Sharing Mudarabah Model
Non-Surplus Sharing Mudarabah Model
A Takaful model where expenses are charged to participants' funds, and the operator receives a fixed fee instead of profit sharing.
Mudarabah Model
Mudarabah Model
A contract in Islamic finance that involves profit sharing between a capital provider (participant) and an operator.
Surplus in Takaful
Surplus in Takaful
The amount remaining after deducting claims and direct expenses from the total capital and contributions in Takaful.
Profit Sharing in Mudarabah Model
Profit Sharing in Mudarabah Model
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Surplus Sharing Mudarabah Model
Surplus Sharing Mudarabah Model
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General/Group Takaful
General/Group Takaful
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One-Year General/Group Takaful
One-Year General/Group Takaful
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Family/Individual Life Takaful
Family/Individual Life Takaful
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Non-Surplus Sharing Mudarabah
Non-Surplus Sharing Mudarabah
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Takaful Company
Takaful Company
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Transparency in Takaful
Transparency in Takaful
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Wakala Model
Wakala Model
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Operator's Responsibility for Expenses in Wakala Model
Operator's Responsibility for Expenses in Wakala Model
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Transparent Management of Participants' Funds in Takaful
Transparent Management of Participants' Funds in Takaful
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Fiqh Academy Resolution on Commercial Insurance
Fiqh Academy Resolution on Commercial Insurance
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Flexibility in Takaful Contracts
Flexibility in Takaful Contracts
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Investments in Mudarabah Model
Investments in Mudarabah Model
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Multi-Year General/Group Takaful Plan
Multi-Year General/Group Takaful Plan
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Fixed Fee in Non-Surplus Sharing Mudarabah Model
Fixed Fee in Non-Surplus Sharing Mudarabah Model
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Expense Allocation in Mudarabah Model
Expense Allocation in Mudarabah Model
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Expense Allocation in Non-Surplus Sharing Mudarabah Model (Malaysia)
Expense Allocation in Non-Surplus Sharing Mudarabah Model (Malaysia)
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Short-Term General/Group Takaful
Short-Term General/Group Takaful
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Investments in Takaful
Investments in Takaful
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Suitability of Non-Surplus Sharing Mudarabah Model
Suitability of Non-Surplus Sharing Mudarabah Model
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Profit Distribution in Non-Surplus Sharing Mudarabah Model
Profit Distribution in Non-Surplus Sharing Mudarabah Model
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Profit Distribution in Mudarabah Model
Profit Distribution in Mudarabah Model
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Suitability of Non-Surplus Sharing Mudarabah Model for Individual Plans
Suitability of Non-Surplus Sharing Mudarabah Model for Individual Plans
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Operator's Share in Mudarabah Model
Operator's Share in Mudarabah Model
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Expense Sharing in Non-Surplus Sharing Mudarabah Model
Expense Sharing in Non-Surplus Sharing Mudarabah Model
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Surplus Sharing in One-Year General/Group Takaful
Surplus Sharing in One-Year General/Group Takaful
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Effectiveness of Non-Surplus Sharing Mudarabah Model
Effectiveness of Non-Surplus Sharing Mudarabah Model
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