I am a newbie in terms of personal finance and insurance knowledge so when I was recommended this investment linked insurance at Maybank earlier in Feb 2021, it sounded like a good idea then so I said yes.
I'm 25F Bumi and since I currently don't have much big financial commitment other than a house loan and ASB loan, I signed up to contribute for 5 years at RM1177 per the employee's recommendation. I've just found this sub around a month ago and I've been seeing lots of posts on how bad investment linked insurances are so I'm contemplating on cancelling this and get another insurance. I know if I cancel this now, I wont get much back at the end but I'm wondering if it's best to cancel this now or is it better to wait till after I finish the 5 year contribution?
Just like i said above, i have been trying to cancel my policies with takaful MCIS since April. The agent has been ghosting me saying it takes 3 months to cancel a policy. Come July, still not cancelled. I took matter into my own hand, reported to the branch, sorted the things via email. Im still in talks with the insurance company as this months pay still show a deduction from my salary. The last response last month was that the policies has been stopped. Im fuming, but don't know how to settle this problem. Can i at least get my money back ?
Does anyone know much about Islamic Trust funds and Takaful as a means of getting around Islamic inheritance laws? I have only daughters and now I'm in my 50s I need to ensure that their finances are taken care of once I'm gone.
From my understanding Takaful, at least in Malaysia, is not subject to inheritance. Therefore, the intended beneficiary of Takaful becomes the sole recipient upon my death.
However, Takaful only covers what hard currencies I put into the Takaful fund. It doesn't cover material assets (e.g., houses), bonds, shares, or businesses. These would typically be subject to Islamic inheritance laws upon my death, and having no sons or any other family, the bulk of these assets would likely go to the children's cousins whom they don't really have a relationship with.
Does anyone know much about trust funds for assets and whether these are permissible under sharia?
Iβm currently using Noor Takaful + Nextcare, no complaints other than the basic coverage. Is there an Islamic alternative that actually covers larger hospitals and more stuff?
Anyone here on a Takaful program (is program even the right word?)? I've had several people from insurance companies pressing me to start subscribing for their medical card and whatnot. I can't help but be very skeptical with each one of them bc I think they're all just thirsty to sign people on their program and get their cut of the pay.
Any pros and cons to paying for this thing? I literally had no idea. Is Zurich Takaful good? Or is it bad? Or is Prudential better? I srsly don't know
Hello everyone.
I am looking for any books / sources that can teach me the basics / advanced concepts of takaful, islamic banking, sukuuk etc.
Thanks in advance for your help
