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The growing demand of Islamic Insurance has given rise to many forms of Takaful Models like Ta'awuni Model, Al Mudharaba Model, and Al Wakala Model. Due to the market demand, the Takaful operators have to attract business by continuously fine tuning the Takaful Model to make it appealing to the participants.
Currently the variations in the model are in terms of how the contributions are treated, how surpluses are distributed and how the expense and funds are allocated, etc. With more and more Insurance Companies taking to Takaful way of doing business, it will not be surprising that the existing models will be further fine tuned to suit the business needs.
After carefully studying the current Takaful models and anticipating further changes, FirstApex has designed its software solution not only to meet the current functionalities of the Takaful model but also to accommodate the future needs.
Some of the Key Benefits of FirstApex Takaful System
- Integrated solution for enhanced productivity and efficiency of the operations.
- Versatile Architecture for improved ROI.
- Easy integration with intermediary systems making the system geography independent.
- Visibility across several levels to enable better control over operations.
- Modular architecture to enhance product's time to market.
- Statutory reporting capability.
- Highly parameterized to reduce Implementation and Maintenance cost.
Key Features of New Takaful System
- Surplus Distribution
- Fund Flow
- Micro Level tracking of transactions
- Regulatory Compliance
- Parameterized
- Customer Service
- Multiple Channels of Communication
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