by shanjie shanjie

Takaful provides financial protection based on Shariah principles for yourself and also your loved ones in the event of unforeseen events.

You have an option to nominate an individual to receive takaful benefits in the event you are no longer around either as an executor (wasi) or a beneficiary under conditional hibah.

Acting as an executor, he will receive the benefits upon your death and distribute the benefits in according to faraid if you are a Muslim; or in according to the Distribution Act 1958 or the distribution in your last Will if you are a non-Muslim. If the executor dies after your death but before any benefits has been paid to him, the takaful company shall pay the benefits to your personal representative or your estate.

If you nominated a person as a beneficiary under conditional hibah, the nominees shall receive the benefits in the form of a hibah (gift) as a beneficiary in accordance with the shares stated in the nomination form. If any nominees dies after your death but before any benefits has been paid to him, the takaful company shall pay the benefits to the personal representative or the estate of the deceased nominee.

However, if you fail to nominate an executor or a beneficiary under conditional hibah, your family members will have to apply for a Grant of Probate or Letters of Administration to claim the benefits, administer and distribute it accordingly.

by Alvin Leow