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Education Takaful

In: Islamic Insurance Products

Author

Listed:
  • Mohd Ma’Sum Billah

    (King Abdulaziz University)

Abstract

Family Takaful Plan for Education is one of the ways in which parents can create a fund to pay for higher education for their child. The cost of higher education, whether in college or institute or university, is ever increasing. This allows parents to help even if they die before their child grows up. Parents are also entitled to a tax exemption for their monthly payments. This is a systematic way of providing a fund, whether as a saving or as a fund for the child if something happens to the parents. This plan is based on the concept of al-Mudharabah, the Islamic ethical system that puts man in a central place in the universe: it shows the equilibrium among men.

Suggested Citation

  • Mohd Ma’Sum Billah, 2019. "Education Takaful," Springer Books, in: Islamic Insurance Products, chapter 0, pages 313-320, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-17681-5_25
    DOI: 10.1007/978-3-030-17681-5_25
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