General Takaful Insurance System

General Takaful & Insurance System (GTIS) is a Sharia compliant Islamic Insurance System based on the concept of Takaful meaning Mutual Cooperation where a group of people help each other in case of any loss. Takaful structure works on the basis of Tabarru meaning Donation/Charity and Mudharabah meaning “Fund belonging to Participant”, it is a kind of transaction in which Participant invests his Premium (Fund) to a Takaful Company and Takaful Company invest this Premium (Fund) to somewhere else to gain profit ensuring that the Riba-free profit comes by means of Islamic way.

Core Modules of Takaful

The system has four core modules, i.e. Underwriting, Re-Takaful, Claim and General Ledger.

Charges in Takaful System

Charges applied are at two levels i.e. Policy Level and Item level.

Classes in General Takaful System

Classes like Motor, Fire, Marine, Engineering and Miscellaneous are covered in GTIS.

There are three Takaful Types in GTS that is Direct, Leader and Follower.

Co–Takaful (Co–Insurance)

The concept of Co-Takaful is to share one policy among group of Participants to bear risks.

General Features

GTIS covers the entire processes of the Conventional & Non-Conventional Reinsurance. The transactions like Endorsements, Policies, Quotations, Addendum, Cover note, Open Policy and Certificate of Insurance & Renewal can be performed through a single screen in a user-friendly way. Some of the core features are:

• System Quality tested thorough rigorous Quality Assurance processes.
• Single screen documents generation.
• Easier Policy creation process and fully customizable policies as per the needs.
• Integration of Accounts, Reinsurance, Claims and Underwriting modules.
• Caters the needs of both Conventional & Non-Conventional Reinsurance needs.
• Automated Reinsurance calculation process.
• Ability to perform reverse calculations.
• Dynamic Rates application at multiple items.
• Ability to verify the duplication of Vehicle registration numbers.
• Easy generation of Policy Declarations in the Fire class.
• Ability to accept multiple vessels in the Marine class.
• Ability to issue multiple certificates for a single policy in the Marine class.