Takaful is the Shariah compliant mode to take coverage and it is alternate to conventional insurance. Takaful is based upon the principles of mutuality, whereby each participant makes a donation to a Takaful fund, named as Waqf Fund. In the event of his/her medical treatment, the participant receive the amount of his/her claim from this Waqf Fund. The Takaful operator does not reserve the right to take any amount from Waqf Fund, apart from the Wakala fee of managing Waqf fund. Takaful is free from Riba (Interest), Gharar (uncertainty) and Maysir (gambling) which are not allowed in Shariah. At the end of the each year, the Takaful operator determines the surplus/deficit from this Waqf fund, which may or may not be distributed to the Participants. In Takaful a Shariah’s Advisor is appointed who monitors the activities of the operations in order to
ensure that it’s Shariah- compliant. All investments managed by the takaful operator are made in accordance to the Shariah law.
EFU Health (formerly Allianz EFU Health) is Pakistan’s First Specialized Health Insurance Company. Our financial stability and experience in serving all of our clients’ insurance needs form the basis of our customer oriented philosophy. Our structure and products are designed around our customers.