Why Takaful
Why Takaful?
Insurance built on mutual help, not profit from risk. Here is how Takaful works, and what it means for you.
Protection built on mutual help
Takaful is the Islamic solution for insurance. It is based on mutuality and partnership: participants pool their contributions into a fund that safeguards every member.
When you make a contribution, you become a member of that common pool and are entitled to its benefits under the fund's rules. Members collectively help each other in times of need, and spreading risk across a larger group lowers the risk each person carries.
How Takaful works
- 1
Contribute
You pay a contribution into the participants' fund, as a donation to help fellow members.
- 2
Pool together
Contributions from every participant form one shared fund, managed by Amana Takaful.
- 3
Help when it matters
When a participant suffers a covered loss, the claim is paid from the fund.
- 4
Share the surplus
What remains at the end of the year, after claims and costs, can be shared back with eligible participants.
Takaful and conventional insurance
- 1
Who owns the fund
In Takaful the fund belongs to the participants; the operator manages it for them.
- 2
Where the surplus goes
A Takaful surplus can be returned to participants rather than kept as profit.
- 3
How money is invested
Takaful funds are invested only in Shari'ah-compliant ways, without interest.
- 4
Who oversees it
An independent Shari'ah Advisory Council reviews every product and investment.
Governed by Shari'ah, regulated in the Maldives
Every Amana Takaful product is overseen by our Shari'ah Advisory Council, and the company is licensed and regulated by the Maldives Monetary Authority. Meet the Shari'ah Council.
Frequently asked questions
Still have a question? Contact usWhat is Takaful?
Takaful is a Shari'ah-compliant alternative to conventional insurance. Participants contribute to a shared fund that pays claims for members who suffer a covered loss.
How is Takaful different from conventional insurance?
The fund belongs to the participants, it is invested only in Shari'ah-compliant ways, and any surplus can be shared back with participants. The operator manages the fund for a fee rather than profiting from the risk.
Is Takaful only for Muslims?
No. Takaful cover is open to everyone, whatever their faith.
What is a surplus, and do I get a share?
A surplus is what remains in the participants' fund at the end of the year after claims and costs. When there is one, it can be distributed to eligible participants.
Can I buy cover online?
Yes. Motor Third Party, Travel, Hajj & Umrah and Renters can be bought online from Online access, and your certificate is emailed to you.
How do I make a claim?
Call the hotline 1557, use the ATM app, or make a claim online. See How to claim for the steps and documents for each type of claim.
Who regulates Amana Takaful?
Amana Takaful (Maldives) PLC is licensed and regulated by the Maldives Monetary Authority, and is listed on the Maldives Stock Exchange.
Who checks that products follow Shari'ah?
Our independent Shari'ah Advisory Council reviews every product and investment.
Find the right cover
Protection for you and your family, or for your business.