Life Family Takaful by Mr. P Ahmed - Revision history

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Family Takaful

Products & Services

By

P. Ahmed, Director & CEO

Pak-Qatar Family Takaful Limited

Lahore- August 25, 2008

FAMILY TAKAFUL

What is Family Takaful?

• It is an Islamic alternative to conventional life

insurance

• The concept is based on the principles of Risk

Sharing (as opposed to Risk Transfer)

• Life cannot be insured but the beneficiaries can

be financially supported by a system of mutual

assistance

FAMILY TAKAFUL

How does it function?

• Participants pool their savings into two separate accounts with the

FT Operator

– Into Waqf Pool:

• As taburru: to eliminate Riba and make Gharrar & Qimar

ineffective

• Nobody owns the Waqf Pool;The FT Operator acts as its

Wakeel

• All claims are paid from the Waqf Pool

– Into Participants Investment Account:

• Which is unit-linked

• Contributions are invested to generate Halal profits for

members

FAMILY TAKAFUL

The Local Family Takaful Industry

• Pioneers: Pak-Qatar Family Takaful Limited

• Players Strength: Currently 2, with 1 more to arrive

in near future

• Regulations:

– Only dedicated companies can operate; no window

operations allowed

– Paid-up Capital requirement: Rs. 500 million

– The Wakala-Waqf Model is being followed

– Regulated by Takaful Rules 2005 and Insurance

Ordinance 2000

• Legal: All Family Takaful companies are Regulated by

S.E.C.P

• Shari’ah Board: An Independent Shari’ah Board

supervises business operations and product

FAMILY TAKAFUL

development for Shari’ah compliance

Penetration of Life Insurance in

Pakistan

• The graph below shows the penetration of life insurance

products in Pakistan and other regional countries:

4.50%

3.95%

4.00%

3.50%

2.95%

3.00%

2.50%

2.00%

1.50%

0.89% 1.00%

0.36% 0.50%

0.00%

Malaysia - GDP $4762 Indonesia - GDP $1186 India - GDP $621 Pakistan - GDP $519

FAMILY TAKAFUL

There is a Gap !!!!!!

Public

Needs

Present Financial

Public Gap!!! Protections Tools

Beliefs

Public

Awareness

FAMILY TAKAFUL

Bridging the Vital Gap

• Family Takaful can bridge this gap by

– Creating Awareness amongst public regarding

risk mitigation and long terms saving

– Offering need-based products and services

– By maintaining high level of service quality

and ethical standards

FAMILY TAKAFUL

Products & Services Available

Group

Healthcare for

Employees

Corporate

customers Salary

Continuation in

Retirement case of

Income plans employee’s Death

or disability

FAMILY TAKAFUL

Products & Services Available

Savings and

Protection

Plans

Education Individual Retirement

Plan Customers Income Plan

Mortgage

Takaful

FAMILY TAKAFUL

Value Propositions in Family Takaful

• Usability

– Win-Win:

• The only protection + savings tool available. Not only does

it provide financial protection against specific risks, it also

generates Halal profits

– Surplus Sharing:

• Surplus shared between participants who did not make any

claims

– Non-discriminatory: (FT is for everyone)

• UHNWI , HNWI

• Corporate

• Mass Affluent

• Poor & Needy

– Affordable:

• Cost-effective Takaful solutions available for every segment

of the society

FAMILY TAKAFUL

Value Propositions in Family Takaful

• Reliability & Credibility

• SECP:

• All FT Companies are registered and supervised by SECP as

per the rules defined in Takaful Ordinance 2005

• Shari’ah Board:

• An independent Shari’ah Board comprising of world-

renown Scholars supervises all business operations and

product development for Shari’ah compliance

• Market Capitalization:

• High paid-up capital requirements ensures only serious

and dedicated operators enter the Takaful market

• Heavy investments in technology and human capital as a

result

• ReTakaful:

• ReTakaful arrangements with global companies such as

Munich Re which is a ‘AAA’ company

FAMILY TAKAFUL

Through Family Takaful, we will be

• Promoting brotherhood, mutual cooperation and

solidarity between members of community

• Promoting the cause of Islamic Economics &

Finance in Pakistan

• Fighting against poverty, destitution and

dependency, by promoting self dependency

• Promoting ethics and complete transparency in

business processes

• Tapping the untapped potential of life insurance

market in Pakistan

FAMILY TAKAFUL

Jazaakumullah Khairan

FAMILY TAKAFUL

← Older revision		Revision as of 16:26, 10 November 2017
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−	[~~http~~://45.40.~~136.134~~/~~~hodhood~~/HodHoodDocuments/IslamicFinance/Takaful/Life%20Family%20Takaful%20by%20Mr.%20P%20Ahmed.pdf Read the Full Document]	+	[https://www.hodhood.com/en/HodHoodDocuments/IslamicFinance/Takaful/Life%20Family%20Takaful%20by%20Mr.%20P%20Ahmed.pdf Read the Full Document]

← Older revision	Revision as of 02:26, 21 September 2016
Line 1:	Line 1:

	+
	+
	+	== Top 20 FREQUENT WORDS ==
	+	takaful 27
	+	shari 6
	+	insurance 5
	+	pakistan 5
	+	products 5
	+	companies 4
	+	gap 4
	+	gdp 4
	+	pool 4
	+	promoting 4
	+	public 4
	+	services 4
	+	waqf 4
	+	business 3
	+	operations 3
	+	paid 3
	+	participants 3
	+	protection 3
	+	risk 3
	+	savings 3
	+
	+
	+
	+	== DOCUMENT KEY POINTS ==
	+	*ahmed director ceo pak qatar family takaful limited lahoreaugust family takaful
	+	*family takaful products services by p
	+
	+	*the local family takaful industry a c pioneers pak qatar family takaful limited a c players strength currently with more to arrive in near future a c regulations a only dedicated companies can operate no window operations allowed a paid up capital requirement rs
	+	*p a c shari ah board an independent shari ah board supervises business operations and product family takaful development for shari ah compliance
	+
	+	*penetration of life insurance in pakistan a c the graph below shows the penetration of life insurance products in pakistan and other regional countries
	+	*malaysia gdp indonesia gdp india gdp pakistan gdp family takaful
	+
	+	*not only does it provide financial protection against specific risks it also generates halal profits a surplus sharing a c surplus shared between participants who did not make any claims a non discriminatory ft is for everyone a c uhnwi hnwi a c corporate a c mass affluent a c poor needy a affordable a c cost effective takaful solutions available for every segment of the society family takaful
	+	*value propositions in family takaful a c usability a win win a c the only protection savings tool available
	+
	+
	+	''Please note, This is an auto generated summary based on sentances position in the document and other factors''
	+	== DOCUMENT WORD ANALYSIS ==
	+	=== Main Category ===
	+	: AlHuda Material\takaful
	+
	+
	+	=== KeyWords ===
	+	taka islam insur malaysia productdeferred shariah countries muslim financial retakaful model growth custom partner developed service mutual bankable provided scheme
	+
	+
	+
	+	== RELATED DOCUMENTS ==
	+	:[[A Review of Takaful by Prof. Khawaja Ahmed Saeed]]
	+	:[[Agency Management,Training and Incentive Programme]]
	+	:[[Audit Issue of Islamic Banking]]
	+	:[[Banca Takaful by Faisal Shahzad Abbassi]]
	+	:[[Best Practices from e- Insurance to e-Takaful by Sami Guello]]
	+	:[[Calculated Risks, Measurable Results]]
	+	:[[Challenges & Issues Faced by Takaful Industry by Mr. Imtiaz ]]
	+	:[[Co-Operative Insurance and Takaful]]
	+	:[[Current Achievements of Takaful by Dr. S. J Malaikah]]
	+	:[[International Cooperative & Mutual Insurance Federation]]
	+	:[[Islamic Banking And Finance Malaysia’s Experience And Achiev]]
	+	:[[Islamic Finance & Investment Symposium by Sohail Jaffar]]
	+	:[[Islamic Insurance in 21st Century by Ahmad Feizal]]
	+	:[[Islamic Insurance Opertunities and Challenges]]
	+	:[[Issues and Challenges in Retakaful by Azman Ismail]]
	+	:[[Leveraging BancaTakaful as a Key Growth Channel by Mr. Rohai]]
	+	:[[Life Family Takaful by Mr. P Ahmed]]
	+	:[[Micro Insurance Co-Operative and Takaful]]
	+	:[[Micro Takaful by Shabir Patal]]
	+	:[[Microinsurance and Takaful]]
	+	:[[Microinsurance, cooperatives and Takaful]]
	+	:[[MicroTakaful – the way forward by Capt. M. Jamil Akhtar]]
	+	:[[Opertunities in Islamic Insurance]]
	+	:[[Present Scenario and Future Potentials of Takaful by Kazi Md]]
	+	:[[ReTakaful by Rohail Ali Khan]]
	+	:[[Syariah Compliant General Takaful Products by Sami Guellouz]]
	+	:[[Takaful and Mutuality by Mohd. Masua Billah]]
	+	:[[Takaful by Abdul Rahim]]
	+	:[[Takaful for Microfinance]]
	+	:[[Takaful Opperunities and Challenges By Azeem Pirani]]
	+	:[[Takaful Products Family Takaful Linked Investment Plans by S]]
	+	:[[Takaful World Prospective Middle East & North Africa]]
	+	:[[Takaful]]
	+	:[[Takful - Zubair Mughal]]
	+	:[[Takful Report]]
	+	:[[The Islamic Vision Presentation]]
	+	:[[The Success of Retakaful by Farid Benbouzid]]
	+
	+
	+
	+	== DOCUMENT REFERENCES ==
	+
	+
	+	=== Number of Pages ===
	+	13
	+
	+
	+	=== Published Date ===
	+	2016-09-17 01:18:17
	+
	+
	+	== Full Document ==
	+
	+
	+	[http://45.40.136.134/~hodhood/HodHoodDocuments/IslamicFinance/Takaful/Life%20Family%20Takaful%20by%20Mr.%20P%20Ahmed.pdf Read the Full Document]
	+
	+
	+	[[Category:Islamic Finance]]
	+
	+	[[Category: Takaful]]