Takaful in a parallel with Islamic finance had since 1979  indeed been growing satisfactorily with utmost appreciation from both Muslim and non-Muslim environments. Despite this promising track record, Takaful products and services had been offered in different models with diversed mechanisms but within the Shari'ah frameworks mainly by applying the doctrine of Wakalah, Mudharabah, Tabarru', Waqf, Hibah, Ta'awuni and or composite principles. From the public sentiment, such a variation phenomenon creates a confusion in mind. To overcome this undesirable confusion,  this research however, seeks to analyze on how far this variation is compliant with the Shari'ah standard, does the variation hamper the market growth and what is its visible impact in the theo-socio-economic chapter?