Adamjee Life – Window Takaful Operations (Adamjee Family Takaful) has partnered with multiple Islamic banks to distribute Shariah compliant/ Riba free investment and protection solutions to their customers.

Family Takaful is a substitute for conventional life insurance which follows Islamic injunctions and abhors any kind of speculation and outlaws uncertainty (Gharar) and usury (i.e. interest, or Riba). Takaful is structured to avoid these prohibited elements, introducing elements of mutual help (Tawaun) and donation (Tabaru).

Policyholders’ premiums — which are treated as donations — make up a fund from which any insurance obligations are met. Takaful operators manage funds and settle obligations in return for an agency fee (Wakala fee), a profit and loss share (Mudarabah share), or both. Any surplus in the fund belongs to the policyholders. If there is a shortfall in the fund, the operators make an interest-free loan (Qard-e-Hasan) to finance the deficit.

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