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<p>Imported from text file</p> <p><b>New page</b></p><div>Family Takaful<br /> <br /> Azeem Pirani<br /> <br /> Regional Manager – Pakistan<br /> <br /> FWU AG<br /> <br /> 3rd International Conf. &amp; Exhibition<br /> <br /> Islamabad – Nov. 2009<br /> <br /> <br /> Contents<br /> <br /> •What is Family Takaful<br /> <br /> •Life Insurance in Pakistan<br /> <br /> •Family Takaful Products<br /> <br /> •How does Family Takaful Function?<br /> <br /> •Need of Family Takaful<br /> <br /> •Powerful Proposition<br /> <br /> •Conclusion<br /> <br /> 2<br /> <br /> <br /> What is Family Takaful?<br /> <br /> • It is an Islamic alternative to conventional life<br /> <br /> insurance<br /> <br /> • The concept is based on the principles of Risk<br /> <br /> Sharing (as opposed to Risk Transfer)<br /> <br /> • Life cannot be insured but the beneficiaries can<br /> <br /> be financially supported by a system of mutual<br /> <br /> assistance<br /> <br /> <br /> Life Insurance in Pakistan<br /> <br /> 4.50%<br /> <br /> 3.95%<br /> <br /> 4.00%<br /> <br /> 3.50%<br /> <br /> 2.95%<br /> <br /> 3.00%<br /> <br /> 2.50%<br /> <br /> 2.00%<br /> <br /> 1.50%<br /> <br /> 0.89% 1.00%<br /> <br /> 0.36% 0.50%<br /> <br /> 0.00%<br /> <br /> Malaysia - GDP $4762 Indonesia - GDP $1186 India - GDP $621 Pakistan - GDP $519<br /> <br /> <br /> Family Takaful Products?<br /> <br /> For Corporate Customers<br /> <br /> • Group Healthcare for employees<br /> <br /> • Retirement Income Plans<br /> <br /> • Salary Continuation in case of employees death<br /> <br /> or disability<br /> <br /> For Individual Customers<br /> <br /> • Savings &amp; Protection Plans<br /> <br /> • Education Plan<br /> <br /> • Retirement Income Plan<br /> <br /> • Mortgage Takaful<br /> <br /> <br /> How does Family Takaful function?<br /> <br /> • Participants pool their savings into two<br /> <br /> separate accounts with the FT Operator<br /> <br /> – Into Waqf Pool:<br /> <br /> • As taburru: to eliminate Riba and make Gharrar &amp; Qimar<br /> <br /> ineffective<br /> <br /> • Nobody owns the Waqf Pool;The FT Operator acts as its<br /> <br /> Wakeel<br /> <br /> • All claims are paid from the Waqf Pool<br /> <br /> – Into Participants Investment Account:<br /> <br /> • Which is unit-linked<br /> <br /> • Contributions are invested to generate Halal profits for<br /> <br /> members<br /> <br /> <br /> How does Family Takaful function? (cont)<br /> Need of Family Takaful<br /> <br /> Against financial loss from:<br /> <br /> - Death<br /> <br /> - Disability Participant<br /> <br /> Protection Takaful Fund<br /> <br /> - Medical Illness<br /> <br /> (PTF)<br /> <br /> In order to fulfill short-term<br /> <br /> &amp; long-term needs such<br /> <br /> Investment as:<br /> <br /> - Children’s education and<br /> <br /> Growth marriage<br /> <br /> - Purchasing a new house<br /> <br /> - Affording Hajj/Umrah<br /> <br /> Expenses Participant<br /> <br /> - Retirement Investment<br /> <br /> Income, etc Account (PIA)<br /> <br /> <br /> Powerful Proposition?<br /> <br /> Win-Win<br /> <br /> • The only protection + savings tool<br /> <br /> • Offering Halal income<br /> <br /> • Financial protection against specific risks<br /> <br /> Surplus Sharing<br /> <br /> <br /> Conclusion<br /> <br /> • Dire need for financial protection in our<br /> <br /> society.<br /> <br /> • Shariah compliant nature will allow it to reach<br /> <br /> those consumers who would rather have a<br /> <br /> Halal option.<br /> <br /> <br /> Jazak-Allah Khair<br /> <br /> 11</div>

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