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combinations
 
1st Asian Conference on
 
Microinsurance
 
July 25-26 2007
 
  
Overview of presentation
 
 About ICMIF
 
 Overview of the cooperative and mutual
 
  sector
 
 Microinsurance through cooperatives
 
 Opportunities and need for microtakaful
 
  
Cooperative definition
 
“A cooperative is an autonomous
 
  association of persons united
 
  voluntarily to meet their common
 
  economic, social, and cultural
 
  needs and aspirations through a
 
  jointly-owned and democratically
 
  controlled enterprise”
 
  
Cooperative/mutual values
+
== Top 20 FREQUENT WORDS ==
 Self-help, self-responsibility
+
takaful 14
 Democracy, equality, equity
+
microinsurance 10
 Solidarity
+
cooperative 8
 Honesty, openness
+
cooperatives 8
 Social responsibility, caring for others
+
microtakaful 7
 +
mutual 6
 +
sector 5
 +
principles 4
 +
providing 4
 +
social 4
 +
usd 4
 +
community 3
 +
countries 3
 +
insurance 3
 +
members 3
 +
mutuals 3
 +
operators 3
 +
products 3
 +
providers 3
 +
source 3
 +
technical 3
 +
years 3
  
Cooperative vs. Mutuals
 
Cooperative principles    Mutual principles
 
Open and voluntary        Free association
 
membership
 
One member, one vote      User must be
 
                            member
 
Limited interest on shares "Not for profit”
 
For the benefit of user-  Quality products
 
members
 
Cooperative education      Personal
 
                            development
 
  
Why a cooperative/mutual?
 
Cooperatives and Mutuals: the
 
hidden giants of the world
 
economy
 
  The largest 300 cooperatives
 
  and mutuals have a turnover
 
                  of
 
          1 trillion USD
 
  
Worldwide importance of mutual insurers, 2001
+
== DOCUMENT KEY POINTS ==
                                                                  ESTIMATES
+
*mutuals cooperative principles mutual principles open and voluntary free association membership one member one vote user must be member limited interest on shares not for profit for the benefit of userquality products members cooperative education personal development
Percent of total premiums
+
*cooperative vs
                100% = 2416 bio USD
 
                                                    USA
 
                                                              32
 
                                                    EUR
 
                                                            21
 
                                                    CAN
 
                                                25        19
 
                                                    JAP
 
                                                        16
 
                                                    KOR
 
                                                        14
 
Source: Swiss Re for worldwide total premium; ICMIF
 
  
Providing microinsurance
+
*in no other region is the absence of microinsurance so evident source the landscape of microinsurance the microinsurance centre
The challenges
+
*a noticeable lack of microinsurance in north africa and the middle east
 Coverage
 
 Regulation
 
 Moral hazard and Fraud
 
 Adverse selection
 
 Education and trust
 
 Technical expertise
 
 Affordability
 
 Retention
 
 Sustainability
 
 Penetration
 
  
Potential for cooperatives to
+
*i R took out a month loan of usd from local baitul mal wat tamwil i R insurance premium was taken out with takmin at
provide microinsurance
+
*usd i R ibu iwit passed away a couple months later i R her husband amad age years no income
 History of organising the poor
 
 Operate for the interest of members by
 
  members
 
 Trust
 
 Ownership and loyalty
 
 Peer pressure
 
 Surplus reinvested or redistributed
 
  
Cooperatives providing
+
*i R there is a need to find avenues to facilitate the sustainable growth of the informal sector operators
microinsurance
+
*summary i R cooperatives have for many years being providing insurance to the underserved population
 CARD MBA – The Philippines
 
 Sanasa Insurance Company – Sri Lanka
 
 Centre D’Innovation Financiere – West
 
  Africa
 
 Columna - Guatemala
 
 Torreon - Mexico
 
  
Challenges
 
for microinsurance cooperatives
 
 Regulatory requirements
 
 Accessing reinsurance
 
 Technical and financial investment
 
  
The way forward?
+
''Please note, This is an auto generated summary based on sentances position in the document and other factors''
 Maintain informal operations
+
== DOCUMENT WORD ANALYSIS ==
 Merge with other providers
+
=== Main Category ===
 Enter into a partner-agent agreement
+
: AlHuda Material\takaful
 Lobbying regulators
 
  
Microtakaful:
 
Opportunities and need
 
  
Principles of Takaful
+
=== KeyWords ===
 Solidarity and joint guarantee
+
taka islam insur malaysia productdeferred shariah countries muslim financial retakaful model growth custom partner developed service mutual bankable provided scheme
 Self reliance and self sustaining for
 
  community well being
 
 Assist those that need assistance
 
 Community pooling system
 
 Shari’ah approved investments and products
 
        “Bear ye one another’s burden”
 
  
The Global Takaful sector
 
 1979 First Takaful Company established
 
 1996 – 30 Institutions transacting Takaful
 
 2002 – 50 Takaful operators and four Retakaful
 
  providers
 
 2004 – 80 Takaful operators, 200 Takaful
 
  windows and 12 Retakaful providers
 
Source: IBB Solicitors, UK – (2005)
 
  
The need for microtakaful
 
 Social services inadequate or unavailable
 
 Large sectors of poverty in many Muslim
 
  countries
 
 Over half of world’s lowest developed
 
  countries have a majority Muslim population
 
 Increasing inequality in Middle East and Gulf
 
  countries
 
 Religious considerations are important in
 
  villages and small communities
 
 Established Takaful sector neglecting low
 
  
“A noticeable lack of microinsurance
+
== RELATED DOCUMENTS ==
  in North Africa and the Middle East.
+
:[[A Review of Takaful by Prof. Khawaja Ahmed Saeed]]
  In no other region is the absence
+
:[[Agency Management,Training and Incentive Programme]]
  of microinsurance so evident”
+
:[[Audit Issue of Islamic Banking]]
          Source: The Landscape of
+
:[[Banca Takaful by Faisal Shahzad Abbassi]]
  Microinsurance
+
:[[Best Practices from e- Insurance to e-Takaful by Sami Guello]]
                      (The Microinsurance Centre)
+
:[[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]]
  
second most
 
important social
 
institution to
 
counter poverty
 
and deprivation”
 
          Omar Fischer
 
1999
 
  
“A cooperative and mutual scheme
 
  providing Shari’ah approved
 
  products and investments is
 
  permissible under Islamic Law”
 
  
Possibilities for
+
== DOCUMENT REFERENCES ==
microtakaful
 
 Establish community based microtakaful
 
  schemes
 
 Involvement of NGOs, zakat funds,
 
  donor agencies
 
 Support from Takaful sector
 
   Technical expertise
 
   Financial assistance
 
   Partner-agent model
 
  
Microtakaful in practice
 
 Agricultural Mutual Fund - Lebanon
 
 Amana Takaful – Sri Lanka
 
 Takaful Ikhlas
 
 Takmin - Indonesia
 
  
The case of a microtakaful
+
=== Number of Pages ===
policyholder
+
25
 Ibu Iwit, 50 years, farmworker, earning
 
  one dollar a day.
 
 Took out a 6 month loan of 55 USD
 
  from local Baitul mal Wat Tamwil
 
 Insurance premium was taken out with
 
  Takmin at 0.16 USD
 
 Ibu Iwit passed away a couple months
 
  later
 
 Her husband, Amad, age 60 years, no
 
  income
 
  
Summary
 
 Cooperatives have for many years being
 
  providing insurance to the underserved
 
  population.
 
 There is a need to find avenues to facilitate
 
  the sustainable growth of the informal sector
 
  operators.
 
 The philosophy and principles of Takaful are
 
  similar to cooperatives.
 
 Takaful requires the needy to be given
 
  protection.
 
 There is a need for microtakaful in many
 
  
A Global reach for
+
=== Published Date ===
local strength
+
2016-09-17 01:18:27
        Thank you
+
 
      www.takaful.coop
+
 
 +
== Full Document ==
 +
 
 +
 
 +
[https://www.hodhood.com/en/HodHoodDocuments/IslamicFinance/Takaful/Microinsurance%20and%20Takaful.pdf Read the Full Document]
 +
 
 +
 
 +
[[Category:Islamic Finance]]
 +
 
 +
[[Category: Takaful]]

Latest revision as of 04:52, 10 November 2017


Top 20 FREQUENT WORDS

takaful 14 microinsurance 10 cooperative 8 cooperatives 8 microtakaful 7 mutual 6 sector 5 principles 4 providing 4 social 4 usd 4 community 3 countries 3 insurance 3 members 3 mutuals 3 operators 3 products 3 providers 3 source 3 technical 3 years 3


DOCUMENT KEY POINTS

  • mutuals cooperative principles mutual principles open and voluntary free association membership one member one vote user must be member limited interest on shares not for profit for the benefit of userquality products members cooperative education personal development
  • cooperative vs
  • in no other region is the absence of microinsurance so evident source the landscape of microinsurance the microinsurance centre
  • a noticeable lack of microinsurance in north africa and the middle east
  • i R took out a month loan of usd from local baitul mal wat tamwil i R insurance premium was taken out with takmin at
  • usd i R ibu iwit passed away a couple months later i R her husband amad age years no income
  • i R there is a need to find avenues to facilitate the sustainable growth of the informal sector operators
  • summary i R cooperatives have for many years being providing insurance to the underserved population


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

25


Published Date

2016-09-17 01:18:27


Full Document

Read the Full Document