Difference between revisions of "Life Family Takaful by Mr. P Ahmed"

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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
+
== Top 20 FREQUENT WORDS ==
              • Pioneers: Pak-Qatar Family Takaful Limited
+
takaful 27
              • Players Strength: Currently 2, with 1 more to arrive
+
shari 6
                in near future
+
insurance 5
              • Regulations:
+
pakistan 5
                  – Only dedicated companies can operate; no window
+
products 5
                    operations allowed
+
companies 4
                  – Paid-up Capital requirement: Rs. 500 million
+
gap 4
                  – The Wakala-Waqf Model is being followed
+
gdp 4
                  – Regulated by Takaful Rules 2005 and Insurance
+
pool 4
                    Ordinance 2000
+
promoting 4
              • Legal: All Family Takaful companies are Regulated by
+
public 4
                S.E.C.P
+
services 4
              • Shari’ah Board: An Independent Shari’ah Board
+
waqf 4
                supervises business operations and product
+
business 3
FAMILY TAKAFUL
+
operations 3
                development for Shari’ah compliance
+
paid 3
 +
participants 3
 +
protection 3
 +
risk 3
 +
savings 3
  
                  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
+
== DOCUMENT KEY POINTS ==
              • Family Takaful can bridge this gap by
+
*ahmed director ceo pak qatar family takaful limited lahoreaugust family takaful
                  – Creating Awareness amongst public regarding
+
*family takaful products services by p
                    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
+
*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
                                  Group
+
*p a c shari ah board an independent shari ah board supervises business operations and product family takaful development for shari ah compliance
                                Healthcare for
 
                                Employees
 
                              Corporate
 
                              customers            Salary
 
                                                Continuation in
 
                  Retirement                      case of
 
                  Income plans                employee’s Death
 
                                                or disability
 
FAMILY TAKAFUL
 
  
              Products & Services Available
+
*penetration of life insurance in pakistan a c the graph below shows the penetration of life insurance products in pakistan and other regional countries
                            Savings and
+
*malaysia gdp indonesia gdp india gdp pakistan gdp family takaful
                            Protection
 
                                Plans
 
                Education Individual    Retirement
 
                  Plan    Customers    Income Plan
 
                            Mortgage
 
                              Takaful
 
FAMILY TAKAFUL
 
  
              Value Propositions in 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
              • Usability
+
*value propositions in family takaful a c usability a win win a c the only protection savings tool available
                  – 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
+
''Please note, This is an auto generated summary based on sentances position in the document and other factors''
              • Promoting brotherhood, mutual cooperation and
+
== DOCUMENT WORD ANALYSIS ==
                solidarity between members of community
+
=== Main Category ===
              • Promoting the cause of Islamic Economics &
+
: AlHuda Material\takaful
                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
+
=== 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 ==
 +
 
 +
 
 +
[https://www.hodhood.com/en/HodHoodDocuments/IslamicFinance/Takaful/Life%20Family%20Takaful%20by%20Mr.%20P%20Ahmed.pdf Read the Full Document]
 +
 
 +
 
 +
[[Category:Islamic Finance]]
 +
 
 +
[[Category: Takaful]]

Latest revision as of 16:26, 10 November 2017


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

Read the Full Document