We would like to present you with yet another good news from Malawian Muslim Community. Malawian Muslims are now blessed with the coming in of Takaafulmw, an organisation which its goal is “to provide for sickness guarantee facility against the unforeseen and expensive predicament of illness to both the rural and urban sections of the society.”
Takaful is an Arabic word meaning “guaranteeing each other”. It is a an Islamic joint responsibility initiative, where members contribute money into a pooling system in order to guarantee each other against loss, suffering or damage. Takaful-branded insurance is based on Sharia, Islamic religious law, and explains how it is the responsibility of individuals to cooperate and protect each other.
Takaful draws from the concept of blood money or Al-Aqila, (principle of compensation and group responsibility) endorsed by the Holy Prophet (SAW) and practiced by Muslims of Makka and Madina.
Locally, the concept of guaranteeing each other through cooperation, protection and sharing of responsibilities is evident in the local practice of ‘chijawo’ or ‘chiperegani’. According to this local practice, which unfortunately has almost died away, villagers could team up to collectively carry out family chores such as farming. With such a practice, each and every family had their gardens ready for first rain planting as such hunger could easily be mitigated. In fact this practice was even more helpful to the sick who could otherwise not be able to till their gardens in time. This is the guarantee, Takaaful Mw wishes to encourage among the Sickness Cover contributors.
Takaaful Mw fully acknowledges the felt need of guaranteeing each other in times of sickness. Firstly, sickness is always a painful experience and no one anticipates when he will fall sick. It is difficult to adequately budget for unanticipated sickness cover bills as they are often expensive and beyond the reach of many. It is therefore important for the community to put up a guarantee scheme to help one another in these times of desperation and need. However, this should not provide an opportunity for unscrupulous insurance providers to loot the desperate by forfeiting unclaimed (surplus) funds and consequently subjecting them, without will, into gambling, interest and fraudulent practices. Establishment of Takaaful Mw is aimed at providing an alternative sickness cover guarantee service free from such uncouth practices.
Takaaful Mw is founded on the Islamic tenets of honesty, wellbeing, integrity and truthfulness by both the mudarib/implementer and the contributors (shareholders). Takaaful Mw leaves no room for cheating as is currently seen where policy holders file false claims for compensation, or fraudulently run away from responsibilities as is the case where insurers reject policy holders’ claims on the basis of pre-existing and related conditions.
Takaaful Mw Sickness Cover is a locally established Muslim faith-based sickness guarantee services. Its aim is to provide sickness guarantee services to Malawians based on the Islamic principle of takaaful. The surplus funds, once realised, shall be used to invest in shariah compliant investment ventures including access to tertiary education.
For more information you can visit their website at www.takaafulmw.co.cc