The Takaful model of PruBSN is based on the internationally renowned Wakalah model. The underlying concept behind Takaful is a form of shared fund, formed by contributions (premiums) made by its participants. Payments are then made from the shared fund in the event of death (or other contingencies). Each participant contributes on the basis of Tabarru' (donation), into a fund that will be later used to support each other in times of need. Unlike conventional insurance cover, which incorporates economic elements involving interest and uncertainty, Takaful does not. This concept is similar in the banking industry, prompting the introduction of Islamic banking in 1983.