Takaful is structured around the concept of donation-the cornerstone of charity and philanthropy. However, it is a special kind of charity that makes the donor a potential beneficiary of the donation itself, as is the case with takaful. Therefore, it is interesting to study this phenomenon in order to determine consequences and implications for using it as a tool for organized charity and its management for the benefit of targeted social groups

(Global Islamic Finance Report (2012) Ch.18)

Based on the above statement, it is understood that Takaful is created to replace the Conventional Insurance, being the security tool in banking system. It is modeled mainly to eliminate the elements prohibited by the Shariah.

Explain in detail how those elements could be eliminated through this new Islamic insurance model, as a replacement to the Conventional Insurance. Your discussion should include the concepts applied in the new Takaful Operations so as to make it permissible in the eyes of Shariah.