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| − | Abdul Rahim Abdul Wahab, FSA
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| − | Director & Actuary
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| − | Actuarial Services Division
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| − | abdul.rahim@sidathyder.com.pk
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| − | Sidat Hyder Morshed Associates (Pvt) Ltd
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| − | Islamic Finance & Investment Symposium 6 - 7 Dec 2006, Karachi
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| | | | |
| − | What is covered
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| − | • Gap in Islamic Finance
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| − | • Conventional Insurance
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| − | • Takaful Concept
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| − | • Takaful Rules
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| − | • Retakaful
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| − | • Market Potential
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| − | • Islamic Banks and BancaTakaful
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
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| | | | |
| − | Gap in Islamic Finance
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| − | • Islamic Banks contracts require assets to be insured
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| − | with a Takaful company as per Shariah requirement.
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| − | • Many potential consumers of Islamic Finance stay away due to Insurance
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| − | being on conventional basis.
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| − | • Doctrine of Necessity applied till Takaful was not available.
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| − | • Takaful Rules promulgated in September 2005.
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| − | • One General takaful operator since last one year. More to follow in coming
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| − | months giving consumers a choice within takaful.
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| − | • Takaful exists for almost 30 years – typically with 2 to 3 years lag with
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| − | Islamic banking development. Started with Sudan, later ME and Malaysia.
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| − | • Also number of synergies could be created with Islamic
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| − | banks distributing takaful products (BancaTakaful) or
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| − | setting up takaful companies with equity participation.
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| − | • Standing requirement of Islamic Banks for Islamic House Mortgage
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| − | schemes, Car Ijarah schemes as integrated benefits.
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| − | • Distribution of Takaful Savings and Protection plans in different forms.
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
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| | | | |
| − | CONVENTIONAL INSURANCE
| + | == Top 20 FREQUENT WORDS == |
| − | Indemnification against unforeseen financial losses
| + | mutuality 4 |
| − | (not to profit from loss)
| + | concern 3 |
| − | Commercial Risk Transfer
| + | takaful 3 |
| − | Law of Large numbers - Insurance company pools
| + | cooperation 2 |
| − | risks/reinsures above capacity.
| + | dot 2 |
| − | Recovers expenses for managing the pool
| + | expense 2 |
| − | Investment return under life insurance shared with
| + | masum 2 |
| − | PHs based on Actuarial Valuation or otherwise.
| + | oppose 2 |
| − | Profit for the shareholders based on Underwriting
| + | applicable 1 |
| − | results and Investment income
| + | application 1 |
| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
| + | applied 1 |
| | + | billah 1 |
| | + | brotherhood 1 |
| | + | caring 1 |
| | + | comicmif 1 |
| | + | concept 1 |
| | + | consideration 1 |
| | + | divine 1 |
| | + | forum 1 |
| | + | gain 1 |
| | + | gaining 1 |
| | + | hotel 1 |
| | + | humanitarian 1 |
| | + | innovation 1 |
| | + | islamicfinance 1 |
| | + | june 1 |
| | + | levels 1 |
| | + | mechanism 1 |
| | + | mohd 1 |
| | + | mortality 1 |
| | + | mutual 1 |
| | + | nationalit 1 |
| | + | network 1 |
| | + | prince 1 |
| | + | principles 1 |
| | + | rate 1 |
| | + | religion 1 |
| | + | respect 1 |
| | + | sex 1 |
| | + | sharing 1 |
| | + | solidarity 1 |
| | + | status 1 |
| | + | submission 1 |
| | + | sum 1 |
| | + | yahoo 1 |
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| − | OBJECTIONS TO CONVENTIONAL INS
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| − | Objections to Conventional Ins
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| − | Elements of:
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| − | Uncertainty – Gharrar (non-existence of
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| − | goods, un-known quantity, timing) in a
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| − | commercial risk transfer contract.
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| − | Interest – Riba
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
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| | | | |
| − | BASIC CONCEPT OF TAKAFUL
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| − | Takaful means “Joint Guarantee” for mutual
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| − | assistance within a group. Each member of the group
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| − | pools to support the needy within the group.
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| − | Mutual protection contains elements of cooperation,
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| − | shared responsibility joint help – all encompassing in
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| − | takaful concept
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| − | Principle objective is the same as Insurance - to
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| − | indemnify against unforeseen financial losses.
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| − | Mechanism followed is however different.
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| − | An economic institution whereby the losses of the
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| − | unfortunate few are shared by the contribution of the
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| − | fortunate many who are exposed to the same risk on
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| − | “Co-operative Risk Sharing” basis.
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
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| | | | |
| − | HOW IS IT DIFFERENT FROM INSURANCE
| + | == DOCUMENT KEY POINTS == |
| − | Concept of “Risk Manager” NOT “Risk Taker”
| + | *ma sum billah masum yahoo dot com masum applied islamicfinance dot comicmif takaful network forum prince hotel kl june |
| − | Underwriting Surplus belong to Participants
| + | *takaful and mutuality doctor mohd |
| − | Underwriting Deficit may be shared by participants
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| − | Risk Management
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| − | Underwriting as usual
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| − | Ensure Risk premium adequate – not commercial
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| − | driven
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| − | Retakaful Pool instead of Reinsurance
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| − | Interest free loan by SH (Qard Hasnah)
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| − | Investments compatible with Shariah based on Profit
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| − | Sharing principles
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
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| | | | |
| − | CONVENTIONAL vs TAKAFUL
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| − | Issue Conventional Takaful
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| − | Organization Profit for shareholders/ Mutual for participants
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| − | Principle Risk transfer Risk remains with participants
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| − | No underwriting profits for SHs
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| − | Form of Commercial Cooperative, Shariah contracts of
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| − | Relationship Exchange/Contract of Wakala or Mudarabah with
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| − | compensation contribution for mutual assistance
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| − | Capital Shareholders Operator provides set-up capital.
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| − | Laws Regulations Regulations plus Sharia approval
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| − | Ownership Shareholders Participants of Takaful Fund
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| − | Investments Equity/debt-no Sharia compliant investments only /
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| − | restrictions No interest
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| − | Surplus Shareholders account Participants account
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
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| | | | |
| − | Takaful Rules 2005
| + | ''Please note, This is an auto generated summary based on sentances position in the document and other factors'' |
| − | Capital requirement – 80 m for General and 150 m for
| + | == DOCUMENT WORD ANALYSIS == |
| − | Family. Likely to be increased to Rs.300m for General
| + | === Main Category === |
| − | and Rs.500 m for Family. Board of Investment
| + | : AlHuda Material\takaful |
| − | requirement is $4 million (Rs. 240 million) at present.
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| − | Composite companies not allowed
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| − | Wakalah Model for Risk Protection
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| − | 100% Surplus distribution for participants (after
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| − | reserves etc)
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| − | Underwriting deficit – Qard Hasnah by SH or recover
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| − | Mudaraba or Wakala Model for Investment Sharing.
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
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| | | | |
| − | Takaful Rules 2005
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| − | Takaful company can also share risks on
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| − | coinsurance basis from outside Pakistan
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| − | Can use conventional reinsurance, only if
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| − | retakaful is not available and if Shariah Board
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| − | permits. Wakala based would be preferred.
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| − | Windows not allowed for atleast 5 years
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| − | Transformation of existing conventional general
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| − | companies is allowed in one year
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| − | Three member Shariah Board and Annual
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| − | Shariah Audit
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
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| | | | |
| − | RE TAKAFUL
| + | === KeyWords === |
| − | Retakaful solutions evolving although not
| + | taka islam insur malaysia productdeferred shariah countries muslim financial retakaful model growth custom partner developed service mutual bankable provided scheme |
| − | enough capacity available.
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| − | Best Re (Tunisia), Asean Re (Labuan) and
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| − | Tokyo Marine are providing retakaful based on
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| − | Mudaraba model. Shariah scholars and SECP
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| − | have objections to Mudaraba model. Need to
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| − | look for Wakala based Retakaful solutions as a
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| − | preferred route.
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| − | Lloyds syndicate is setting up a Retakaful
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| − | solution for General Takaful.
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
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| | | | |
| − | RE TAKAFUL
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| − | Takaful Re launched in Dubai by ARIG with $125 m capital.
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| − | Recently rated BBB by S&P becoming the 1st Retakaful operator
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| − | with a rating and Wakala based model.
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| − | Swiss Re recently launched Wakala based Family Retakaful Fund.
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| − | Hannover Re is working on Retakaful solutions.
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| − | Munich Re has also incorporated its Retakaful subsidiary in
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| − | Malaysia.
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| − | “Doctrine of Necessity” may no longer be justified hopefully
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| − | leading to Takaful being backed by RETAKAFUL rather than
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| − | Reinsurance.
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| − | Government/ SECP needs to encourage setting up of Retakaful
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| − | pools.
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| − | Possibly within NICL / PRCL for General Retakaful
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| − | State Life for Family Retakaful
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
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| | | | |
| − | Market Potential
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| − | Pakistan’s insurance
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| − | density and insurance
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| − | penetration rates low.
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| − | Reasons – Lack of
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| − | awareness and religious
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| − | concerns.
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| − | Takaful can help push
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| − | the penetration rates up.
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
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| | | | |
| − | Growth of Life Insurance Premium
| + | == RELATED DOCUMENTS == |
| − | Billions
| + | :[[A Review of Takaful by Prof. Khawaja Ahmed Saeed]] |
| − | 20.00
| + | :[[Agency Management,Training and Incentive Programme]] |
| − | 18.00
| + | :[[Audit Issue of Islamic Banking]] |
| − | 4.65
| + | :[[Banca Takaful by Faisal Shahzad Abbassi]] |
| − | 16.00
| + | :[[Best Practices from e- Insurance to e-Takaful by Sami Guello]] |
| − | 14.00
| + | :[[Calculated Risks, Measurable Results]] |
| − | 3.57
| + | :[[Challenges & Issues Faced by Takaful Industry by Mr. Imtiaz ]] |
| − | 12.00 3.11
| + | :[[Co-Operative Insurance and Takaful]] |
| − | Private
| + | :[[Current Achievements of Takaful by Dr. S. J Malaikah]] |
| − | 10.00 1.93 State Ow ned
| + | :[[International Cooperative & Mutual Insurance Federation]] |
| − | 8.00 1.35
| + | :[[Islamic Banking And Finance Malaysia’s Experience And Achiev]] |
| − | 13.90
| + | :[[Islamic Finance & Investment Symposium by Sohail Jaffar]] |
| − | 6.00 11.11
| + | :[[Islamic Insurance in 21st Century by Ahmad Feizal]] |
| − | 9.92
| + | :[[Islamic Insurance Opertunities and Challenges]] |
| − | 8.39
| + | :[[Issues and Challenges in Retakaful by Azman Ismail]] |
| − | 4.00 6.98
| + | :[[Leveraging BancaTakaful as a Key Growth Channel by Mr. Rohai]] |
| − | 2.00
| + | :[[Life Family Takaful by Mr. P Ahmed]] |
| − | 0.00
| + | :[[Micro Insurance Co-Operative and Takaful]] |
| − | 2001 2002 2003 2004 2005
| + | :[[Micro Takaful by Shabir Patal]] |
| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
| + | :[[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]] |
| | | | |
| − | Growth of General Insurance Premium
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| − | 25.00
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| − | 20.00
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| − | 2.77
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| − | 1.74 Misc
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| − | 15.00 6.96
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| − | 1.26 5.89 Motor
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| − | 10.00 1.23 4.28
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| − | 1.36 3.62
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| − | 1.20
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| − | 3.05
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| − | Marine
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| − | 3.00
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| − | 2.94
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| − | 3.13 2.40
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| − | 1.71
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| − | 5.00
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| − | 1.28
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| − | 1.63
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| − | 6.92
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| − | Fire
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| − | 5.96
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| − | 4.14 4.66
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| − | 3.22 3.59
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| − | -
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| − | 2000 2001 2002 2003 2004 2005
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
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| | | | |
| − | ROE OF INSURANCE INDUSTRY
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| − | GENERAL INSURANCE RETURN ON EQUITY (%)
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| − | Average Equity
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| − | Year Weighted (%) EFU AIC NJI Shaheen Askari
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| − | 2005 58 56 63 57 39 28
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| − | 2004 33 60 27 30 11 23
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| − | 2003 32 33 29 41 21 16
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| − | 2002 21 17 21 25 18 13
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| − | LIFE INSURANCE RETURN ON EQUITY (%)
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| − | Average Equity
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| − | Year Weighted (%) EFU NJI ALICO METRO
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| − | 2005 26 43 15 15 1
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| − | 2004 27 47 21 6 8
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| − | 2003 26 40 33 13 2
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| − | 2002 14 17 -4 21 4
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
| |
| | | | |
| − | Islamic Banking
| + | == DOCUMENT REFERENCES == |
| − | Dec 02 Dec 03 Dec 04 Dec 05 Mar 06 June 06
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| − | Number of full fledge Islamic Banks 1 1 2 2 3 4
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| − | Number of Islamic Bank Branches 6 10 23 37 39 48
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| − | No. of conventional banks operating - 3 7 9 10 11
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| − | Islamic Banking Operation
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| − | Number of stand alone Islamic - 7 21 33 34 39
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| − | Branches of conventional banks
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| − | Number of Branches expected to grow exponentially
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| − | Two new banks Emirates Global Islamic Bank Limited and First Dawood Islamic
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| − | Bank Limited
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| − | State Bank growth estimates for Islamic Banks
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
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| | | | |
| − | Islamic Banking Growth
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| − | Table-5.2: Sources and Uses of Funds Rs. In billion
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| − | 2003 2004 2005 Mar-06 Jun-06
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| − | SOURCES
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| − | Deposits 8397.1 30184.8 49931.8 53667 59657.5
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| − | Borrowings 1899 6559.1 9005.8 8948.2 8539
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| − | Capital & Other funds 1993.7 5123.1 7811 10268.9 12284.5
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| − | Other 624.8 2276.1 4744.8 6416.9 7121.7
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| − | 12914.6 44143.1 71493.4 79301 87602.7
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| − | USES:
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| − | Financing 8652.2 27535.5 45786.2 48717.6 51602.8
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| − | Investments 1242.3 2007 1854.2 6034.8 6333.1
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| − | Cash, bank balance, placements 1978.5 11899.7 19314.3 19718.7 22877.4
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| − | Other assets 1041.7 2700.8 4538.7 4829.9 6789.3
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| − | 12914.7 44143 71493.4 79301 87602.6
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| − | Source: SBP Publication June 2006
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
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| | | | |
| − | Opportunities – General Takaful
| + | === Number of Pages === |
| − | Islamic Banks have a mandated requirement / moral obligation to insure
| + | 12 |
| − | assets from a takaful company if available.
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| − | • Islamic Banks had disbursed Rs.58 billion (approx) – June 2006 in
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| − | various assets
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| − | General Insurance market size 2005– GWP Rs. 20 Billion (approx.), 38
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| − | companies
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| − | • Even if 10% switch to this basis it is more than Rs. 2.0 billion.
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| − | Untapped Market - Individuals do not take insurance - Motor, PA, Health,
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| − | Home
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| − | • Even if 10% of existing market do not insure for religious reasons, its
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| − | over 2 billion.
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| − | A large number of industrial groups have shown interest in takaful.
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| − | Only one Takaful operator licensed in Pakistan, so far!! – More to follow
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
| |
| | | | |
| − | Opportunities – Family Takaful
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| − | Islamic Banks require life cover for House financing etc.
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| − | Life Insurance market size 2005– GWP Rs. 18 Billion (approx.), 4
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| − | private sector companies. Talks of SLIC being privatised in some
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| − | form.
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| − | Even if 10% switch to this basis it is more than Rs. 1.8 billion.
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| − | Untapped Market - Individuals do not take insurance – Just 2.5
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| − | million individual life policies
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| − | Even if 10% of existing market do not insure for religious
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| − | reasons, its almost 2 billion.
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| − | A large number of industrial groups are interested in group life and
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| − | health benefits based on takaful.
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| − | No Life takaful operator so far!! – Some under formation
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
| |
| | | | |
| − | TAKAFUL IN THE WORLD
| + | === Published Date === |
| − | • World Takaful Conference Dubai April 2006
| + | 2016-09-17 01:19:33 |
| − | • Around 70-80 companies are now operating in 28 countries.
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| − | • Takaful is one of the fastest growing sectors of the insurance
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| − | industry with around 20 per cent annual growth compared to
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| − | less than 10% for conventional.
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| − | • Global Takaful premiums are estimated at $3 billion, of which
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| − | 60 per cent is general takaful and the remaining is family
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| − | takaful.
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| − | • Middle East accounts for 36 per cent of premiums and about
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| − | 56 per cent is generated in South East Asia.
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
| |
| | | | |
| − | SYNERGIES AMONGST ISLAMIC
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| − | FINANCE PARTICIPANTS
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| − | Takaful Operators,
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| − | banks and Capital
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| − | market players
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| − | continuously focus on
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| − | product building to
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| − | offer more attractive
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| − | products that fulfill the
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| − | differentiated needs of
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| − | the customers.
| |
| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
| |
| | | | |
| − | Synergies in Islamic Financial System
| + | == Full Document == |
| − | • Islamic Banks, Capital Markets and Takaful Operators work together to develop
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| − | products using each others strengths leading to competitive products.
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| − | • Takaful Operators fill the gap by providing Shariah compliant protection for Islamic
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| − | Financing Products.
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| − | • Islamic Banks and takaful operators work together to distribute takaful savings
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| − | and protection products under bancatakaful arrangements in a more cost effective
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| − | manner leading to better consumer values.
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| − | • Takaful Operators need longer term investments which fulfill the long term
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| − | financing needs of Islamic financial institutions
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| − | • Long term investments enable takaful operators to offer better returns to its
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| − | customers and shareholders.
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
| |
| | | | |
| − | BANCATAKAFUL
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| − | • A mechanism for distribution of takaful products through banks.
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| − | Advantages for banks:
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| − | • Additional fee income from existing customers received upfront.
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| − | • Additional product offering
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| − | • Increase customer retention by offering long term plans
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| − | • Simple examples are:
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| − | • Motor Takaful policy with Car Ijarah of Islamic Bank
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| − | • Family Takaful cover with Housing or other financing facility.
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| − | • Depositors protection
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| − | • Credit card protection
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| − | • More complex products include:
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| − | • Savings products
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| − | • Education products
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| − | • Retirement products
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| − | • Protection products
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
| |
| | | | |
| − | BANCATAKAFUL TRENDS IN ASIA
| + | [https://www.hodhood.com/en/HodHoodDocuments/IslamicFinance/Takaful/Takaful%20and%20Mutuality%20by%20Mohd.%20Masua%20Billah.pdf Read the Full Document] |
| − | • Based on research conducted by Swiss Re Sigma report (2002)
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| − | “…by 2006, bancassurance could potentially account for 13% of total
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| − | premiums collected in Asia’s life insurance sector and 6% in the non-life
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| − | sector”.
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| − | • A large interest from insurers at this time as they seek to diversify
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| − | from traditional and less productive agency channels.
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| − | • Distribution agreements appear to be increasingly common as a
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| − | business model in Asia Pacific but increasing focus by major banks
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| − | in JVs and ownership models.
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| − | • Most of the larger banks in each country have an interest in a
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| − | bancassurance operation, or plans to enter the ‘manufacturing’ area
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| − | – moving from ‘fee income’ to ‘value creation’, by setting up its own
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| − | insurance company.
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
| |
| | | | |
| − | Recap
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| − | • Protection against unforeseen financial losses is a
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| − | concern for many. Religious prohibition stops.
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| − | • Takaful Offers a huge potential market by filling the
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| − | gap which remains untapped at present.
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| − | • Competitive Pricing of Takaful products would remain
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| − | a key factor along with quality service.
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| − | • Bancatakaful could fast track efficient distribution and
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| − | better customer value.
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| − | • Adherence to Shariah principles in operational
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| − | practices would be the long term driver for success.
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| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
| |
| | | | |
| − | THANK YOU
| + | [[Category:Islamic Finance]] |
| − | Abdul Rahim Abdul Wahab, FSA
| + | |
| − | Director & Actuary
| + | [[Category: Takaful]] |
| − | Actuarial Services Division
| |
| − | abdul.rahim@sidathyder.com.pk
| |
| − | Sidat Hyder Morshed Associates (Pvt) Ltd
| |
| − | Islamic Finance & Investment Symposium 6 - 7 Dec 2006,
| |
| − | Karachi
| |
| − | Actuarial Services Division Sidat Hyder Morshed Associates (Pvt) Ltd
| |
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