Takaful Distribution Channel Flashcards
1
Q
WHAT ARE THE DISTRIBUTION CHANNEL FOR TAKAFUL?
A
- Agency
- Independent Financial Advisor
- Banca Takaful
- Direct Marketing/ Tele Marketing
2
Q
WHAT ARE THE ROLE OF AGENCY? - CONVENTIONAL
A
- Act on behalf of takaful operators in confronting the public
- Responsible to assist customers in all circumstances related to financial well being.
- Disseminate knowledge of Takaful to Muslims and non-Muslims.
- Responsible to duly inform customers of the risks involved in their investments
3
Q
WHAT ARE THE ROLE OF AGENCY? - ISLAMIC
A
- Have a clear intention to sincerely help customer
- Play a decisive role in acknowledging takaful as the best Islamic solution for financial management
- Explain the magnificence of the principle of Tabarru’
- Have intention to get blessings from Allah SWT
- Educate the public about the main purpose of takaful products and the importance for the financial protection upon their heir
4
Q
WHAT IS INDEPENDENT FINANCIAL ADVISOR?
A
They give financial advice to customers
5
Q
DIFFERENCE BETWEEN AGENCY AND FINANCIAL ADVISOR?
A
Agency
- represent one takaful operators
- exclusively promote takaful plans issued by the registered takaful operator
Independent Financial Advisor
- represent customers
- promote takaful plans from multiple takaful operators
6
Q
WHAT IS BANCATAKAFUL?
A
Strategic alliance between a takaful operator and an Islamic bank where the later markets the takaful products underwritten by the former.
Distribution of takaful products by Islamic Banks.
7
Q
TYPES OF PRODUCT OFFERED IN BANCATAKAFUL
A
- Synergy product - related to financing products
2. Non-synergy product - unrelated to financing products
8
Q
DIFFERENCE BETWEEN GENERAL TAKAFUL AND BANCATAKAFUL
A
General Takaful
- A type of Takaful Business
- People can subscribe to general takaful directly through takaful operator or banks
Bancatakaful
- One of distribution channel of takaful
- General Takaful and Family Takaful are both offered in Bancatakaful
