Smart savings through Takaful Ikhlas

SAVING is one of the most important financial habits that has been advocated for ages already. We know that saving for a rainy day is such a noble habit. But in reality many only realise the importance of saving when faced with difficult or urgent situations in need of money right there, right now. Many fail to realise that the discipline of saving can one day come in handy in the event of an accident, fire and other misfortunes at the expense of civilian deaths and injuries, and property damage.

Championing the importance of smart financial planning through savings are Ustazah Khuzama Ab Rahaman and Farah Adibah Mohd Apandi from Jabatan Pematuhan Syariah, Takaful Ikhlas Berhad.

“By participating in takaful, you protect your income with added peace of mind to your family in the event of a misfortune. The bread winners of the family in particular will find takaful as an extremely helpful scheme that safeguards the future of their family when a misfortune strikes,” said Ustazah Khuzama.

“Takaful is likened to the habit of saving. It helps you make it into a routine and as you start contributing to takaful, you unknowingly start a saving that protects you into the future. The savings can be translated into the compensation of lost income when a misfortune strikes. This protects the socioeconomic wellbeing of the family of a participant. It’s a protection tool that goes hand in hand with your saving discipline,” she said.

The concept of saving through takaful is derived from the collective contribution of all takaful participants.

The Malaysian Islamic Financial Services Act 2013 (IFSA 2013) defines takaful ( literally means ‘guaranteeing each other’ or ‘ joint guarantee’) as Shariah ompliant Islamic insurance, where members contribute money into a pooling system in order to guarantee each other against loss or damage.