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How is the Takaful Fund Structured?


1. A Waqf (Islamic Endowment) is established.
2. A waqf is recognized as a separate legal entity in Islamic law.
3. A Trust, which is also recognized as a separate legal entity in South African law, has been registered so that this Waqf is a considered a separate legal entity in SA law as well.
4. The Trust has expert Shari’ah scholars who serve as its trustees.
5. The objective of the Waqf is to compensate Members of the Waqf for defined perils they may suffer based on the principles of mutual cross subsidization.
6. The Waqf undertakes all of its activities in accordance with Internationally recognized Shari’ah Standards which are overseen by locally based Shari’ah Scholars.
7. Capital Legacy has been appointed by the Trustees to serve as the Takaful Operator.