Under Islamic law, the beneficiary in a takaful policy cannot be determined based on a nomination clause. A beneficiary must have an insurable interest in the policy and simultaneously be nominated by the participant in the policy. The current practice seems to recognise those who are entitled to the deceased’s estate as having a legitimate insurable interest, although this point is not clearly expressed in any regulation or guidelines. Therefore, a beneficiary who has an insurable interest but is not nominated, may be disqualified from receiving any benefits from the policy as he is not considered as a legal beneficiary. For further details see: Islamic Financial System; Principles and Operations.
|التعامل مع شركات التأمين التقليدي|
|Transferring the Right to Benefit from Insurance to a Purchase Undertaker after the Sale|