Takaful Gambia Ltd. is an Islamic insurance company which began in Banjul in December, 2007. It is based on the principle “al-Mudarabah” or profit sharing contract.
This system of Islamic Insurance is based on the concept of “Takaful” which translated means “joint guarantee”.
With this in mind policy holders of TGL will be entitled to earn revenue on the premium in consideration for their use of TGL’s products subject to the announcement of profit.
Their policies include Banca Takaful, fire, travel, personal accident, marine, medical and general car insurance policies that cover most liabilities.
Membership is open to all individuals irrespective of their religious beliefs.
All investment choices and operational issues are supervised by a Sharia Advisory Council in Gambia.
Takaful Insurance Policies:
Takaful has a broad selection of insurance policies tailored to individual risks and allied perils which you may face in The Gambia. It is of great importance to them that each policy is suited to individual requirements.
Costs & Premiums Policy:
Details of Takaful:
• General Takaful Fund: This is comprised of the individual premiums made by the policy holder minus 20% to the company to cover costs and fees plus, if any, investment profit made during the term.
• Sharing of Profits: Payments of under 20%, minus costs, minus claims, plus investment income, less the obligatory Zakat (charity payments) equals profit (20% Takaful Ltd.’s portion, 80% policy holder’s share).
• Participant: businesses or private people who contribute to the Takaful insurance fund.
• Premium: Money paid by participants into the Fund.
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