4 (a) Takaful provides Shariah compliant solutions to the prohibited concepts as in conventional insurance. Describe THREE (3) prohibited elements which make insurance not compliant with Shariah
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q 4
(a) Takaful provides Shariah compliant solutions to the prohibited concepts as in
conventional insurance. Describe THREE (3) prohibited elements which make
insurance not compliant with Shariah
Step by step
Solved in 2 steps
- Q6. What makes conventional insurance unlawful according to Sharia?TRUE OR FALSE 1. PFRS 4 SUPERSEDES PFRS 17 2.INSURANCE RISK WILL BE DEEMED SIGNIFICANTLY ONLY IF AN INSURED EVENT COULD CAUSE AN INSURER TO PAY SIGNIFICANT ADDITIONAL BENEFITS IN ANY SCENARIO 3.PFRS 17 APPLIES TO REINSURANCE CONTRACTS 4.AN ISURANCE CONTRACT CANNO CONTAIN MORE THAN 1 NON- INSURANCE COMPONENTQ2) Which of the following statements is false? a. If there are changes to an individual’s circumstances, the retirement plan should be reviewed. b. When developing a retirement plan, one should ensure that he has contingency funds and sufficient insurance protection. c. To better achieve one’s retirement funding objectives, the funding plan should not be modified under any circumstances. d. Regular reviews on the plan should be conducted to ensure that the retirement funding objectives are met.
- 34) 1. Fundamental purposes of the principle of indemnity include which of the following? I- To reduce physical hazards II- To prevent the insured from profiting insuranceQ 4 Under what circumstances must the auditor’s report refer to the consistency, or the lack of consistency, in the application of GAAP? What is the purpose of such reporting?3326 J requests insurance on a neighbor's home in his own name. The insurance producer explains that such a policy also would violate the principle of: a. subrogation b. assignment c. warranty d. insurable interest 3330 Which of the following actions represents consideration in an insurance contract? a. paying the premium b. filing a claim c. missing the policy d. endorsing a policy
- Q1: Discuss the contract according to its enforceability? (INSTRUCTIONS: answer must be original in contax, should not contain plagirism, answer must be in proper detail and higlighted all important points. explanation must contain proper facts and figure and examples are mandatory)Q3 B : SHARIAH SUBJECT; SHARIAH AUDIT AND COMPLIANCE PLEASE ANSWER ASAPQ.4. Elaborate the following statement based on your understanding “There is a Tension between security and other values”.
- 46. S1. Contracts are binding and effective only between the parties, their heirs and assigns. S2. Thus, an heir of a debtor is liable to the creditor for the full amount of the obligation. A. True, True B. True, False C. False, True D. False, FalseTRUE OR FALSE 1. PFRS 4 SUPERSEDES PFRS17 2.PFRS 17 APPLIES TO REINSURANCE CONTRACTS3.INCOME SERVICE IS RECOGNIZED IN OTHER COMPREHENSIVE INCOME4. PFRS17 APPLIES TO INVESTMENT CONTRACTS WITH DISCRETIONARY FEATURES REGARDLESS IF THE ENTITY ALSO ISSUES INSRANCE CONRACS OR NIQ5: Research about and in your own words, describe the different EXCLUSIONS FROM GROSS INCOME: Ø Proceeds of life insurance policyØ Amount received by the insured as a return of premiumØ Gift, bequest, or descentØ Compensation for injuries or sicknessØ Income exempt under treatyØ Retirement benefits, pensions, gratuities, etc.