Family takaful
Takaful covering risks to people, such as death, disability or illness, often with a savings or investment element.
Family takaful is the takaful alternative to life insurance. AAOIFI's takaful standard describes it as cover for the risks of death, disability, injury or illness, for an individual or a group, with the benefit paid to the participant or a beneficiary as agreed. The IFSB's conduct standard notes that contributions to family takaful schemes include, besides the service fee and the donation to the risk fund, a savings or investment component credited to the participant's investment fund, so each contribution has to be split and tracked across funds.
Sources
This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.