The Hybrid Takaful Model Is a Combination of the Wakalah

question 44

True/False

The hybrid takaful model is a combination of the wakalah model and the murabahah model where the wakalah model is employed for the underwriting purposes, and the murabahah model is utilised for the investment activities.

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Definitions:

Bankruptcy Judges

Judicial officers specialized in handling bankruptcy cases, with the authority to make legal judgments and decisions regarding bankruptcy filings.

Chapter 7

A section of U.S. bankruptcy law under which a debtor's assets are liquidated and proceeds distributed to creditors.

Unsecured Creditor

A creditor that extends credit without requiring specific collateral, bearing higher risk if the borrower defaults.

Claim

A demand for something due or believed to be due, typically a request for payment in accordance with an insurance policy or other formal agreement.