Difference between revisions of "ReTakaful by Rohail Ali Khan"

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−	RETAKAFUL
−	Opportunities & Constraint
−	A Pre
−	Roh
−	Outline of Presentation
−	• Introduction
−	• ReTakaful worldwide
−	• Industry Statistics
−	• Recent Development
−	• ReTakaful Prospects in Pakistan
−	• Issues
−	• The way forward
−	• Takaful Windows
−	Introduction
−	• Preferred  type  is  proportional
−	share or surplus).
−	• Non proportional permissible.
−	• If  ReTakaful  is  unavailable,  the
−	permissible  to  use  a  conve
−	reinsurer.
−	ReTakaful Worldwide	+	== Top 20 FREQUENT WORDS ==
−	• Sudan (1979) National Reinsurance.	+	takaful 68
−	• Sudan (1983) Sheikhan Takaful Compan	+	business 40
−	• Bahamas (1983) Saudi Islamic Takaful a	+	ptf 34
−	ReTakaful Company.	+	mian 30
−	• Bahrain/Saudi Arabia (1985) Islamic Ins	+	sibghat 30
−	and Reinsurance Company.	+	dot 29
−	• Tunisia (1985) B.E.S.T. Re	+	gmail 29
−	• Malaysia (1997) ASEAN ReTakaful	+	mslaw 29
−	International.	+	august 28
−	• Dubai (2005)  TakafulRe.	+	operator 27
		+	rules 26
		+	surplus 20
		+	participants 15
		+	insurance 14
		+	investment 12
		+	shariah 11
		+	contributions 10
		+	fund 10
		+	operators 9
		+	risk 9
		+	shareholders 9
−	ReTakaful World
−	• Some conventional reinsurance compa
−	recognizing the active demand for cap
−	from Takaful  companies have formed
−	ReTakaful Pools/Arms/Divisions. Som
−	these are:
−	• Swiss Re
−	• Mitsui Sumitomo
−	• Hannover Re
−	• Kuwait Re
−	• Trust Re
−	• Labuan Re
−	Industry Statistics
−	S. No. Name of Company Paid-up Established in            Count
−	Capital
−	1    Takaful Re              USD          2005          Duba
−	125
−	million
−	2    B.E.S.T. Re          USD 55        1985        Tunis
−	million
−	3    ASEAN ReTakaful      USD 14        1997        Malay
−	International          million
−	Note : Data of other ReTakaful companies is not available
−	Recent Developments	+	== DOCUMENT KEY POINTS ==
−	• Salama has  established  a  Re	+	*august mian sibghat mslaw
−	Syndicate  with  Creechurch at  Lloy	+	*pk gmail dot com
−	is expected to start operations in 20
−	• Tokio Marine  ReTakaful  also  t
−	writing business in 2007.
−	• The above are expected to have ‘A’
−	ReTakaful Prospects in Pak	+	*august mian sibghat mslaw
−	• Proliferation of Takaful companies.	+	*pk gmail dot com
−	• Strategic location.
−	• Professional expertise.
−	• PRCL – ReTakaful Pool.
−	Issues	+	*islamic banking finance partner mian sibghat advocates legal consultants islamabad
−	• Only few globally active companies	+	*presented by sibghatullah ahsan ll
−	• Capacity constraints.
−	• Large initial capital required.
−	• Need for strong and committed spo
−	Meetak Re failure a major blow.
−	• Reliance on Retrocession.
−	• Different Models.
−	The way forward	+	*regulatory framework of takaful business in pakistan i R sources i R insurance ordinance i R takaful rules i R insurance rules made by federal govt
−	• IPOs.	+	*i R insurance rules made by secp august mian sibghat mslaw
−	• Retrocession Pools.
−	• Securitization/ART.
−	• Reconciliation of Different Models.
−	• Collaboration  with  Takaful  Assoc
−	ICMIF/Asian Takaful Group.
−	Takaful Windows	+	*regulation of takaful business i R the takaful business in pakistan shall be governed by i R insurance ordinance i R takaful rules i R insurance rules insurance rules i R securities and exchange commission of pakistan insurance rules secp rules i R if there is a conflict between takaful rules and insurance rules or secp rules the provisions of takaful rules shall prevail august mian sibghat mslaw
−	• Background.	+	*pk gmail dot com
−	• Malaysian Example.
−	• Conflict of Concept.
−	• Low Paid‐up Capital.
−	• Dearth of Experienced Professional
−	• Regulatory issues.
−	• Transparency.
−	• Foreign Investment.
−	Takaful Windows	+	*introduction to takaful rules i R in conformity with the insurance ordinance takaful rules also prohibit composite business ie no company can conduct life and non life business at a time i R a company can either do life business or non life business section of the ord
−	•Background.	+	*rule of takaful rules august mian sibghat mslaw
−	Takaful Rules 2005 were notified last year after protracted deli
−	the  issue  of  allowing  window  operations  to  the  conventio
−	Despite considerable pressure from certain vested interests, co
−	logical  arguments  against  window  operations  prevailed  and
−	Ministry  of  Commerce  notified  the  said  rules  specifically
−	window  operations.  Of  late,  however,  the  issue  of  allowi
−	operations is being raised again on the pretext that it will ‘give
−	to  the  Takaful  industry.  This,  apart  from  being  to  the  co
−	seriously  undermine  the  Takaful  concept  in  the  country  and
−	public will be misled and confused.
−	Takaful Windows	+	*takaful business defined i R takaful business means business of takaful whose aims and operations do not involve any element which is not in consonance with the injunctions of islam as laid down in shariah i R the takaful rules do not define the word takaful august mian sibghat mslaw
−	•Malaysian Example.	+	*pk gmail dot com
−	Malaysia,  being  the  market  leader,  is  looked  upon  as  the  ro
−	Islamic  Banking  and  Takaful.  Their  regulators  are  on  re
−	admitted  their  ‘mistake’ in  allowing  window  Islamic  Bankin
−	some 15 years back.  They subsequently rectified the situation
−	issued directive to all banks to convert their Islamic windows i
−	subsidiary  companies/banks.  Even  when  the  allowed  Islamic
−	banks, they still did not allow Takaful windows to conventiona
−	they strongly felt, and still do, that it would be detrimental to
−	Takaful itself.
−	Takaful Windows	+	*under section of the insurance ordinance i rules are applicable to takaful companies in addition to insurance rules and the securities and exchange commission insurance rules i the rules came into force at once on th september mian sibghat august mslaw
−	•Conflict of Concept.	+	*introduction to takaful rules i rules are made by the federal govt
−	Unlike  banks,  there  is  a  clear  conflict  in  the  concept  of
−	insurance viz‐a‐viz the Takaful insurance. Conventional insura
−	transfer  mechanism.  This  means,  that  the  risk  is  transferr
−	individual/policy  holder  to  the  insurance  company.  This,  acco
−	Shariah scholars, is not permissible in Islam. Takaful, on the o
−	risk  sharing  mechanism,  which  is  in  conformity  with  the  S
−	these  two  conflicting  concepts  cannot  be  reconciled  within  th
−	single company.
−	Takaful Windows	+	*who can do takaful business i R takaful business can only be carried on by i R a public company or i R a body corporate incorporated under the laws of pakistan i R other conditions i R no existing company doing conventional business can do takaful business i R however an existing non life company may convert its conventional business to takaful business within one year from the start date
−	•Low Paid‐up Capital.	+	*conventional licence will be cancelled automatically august mian sibghat mslaw
−	Whereas the minimum paid‐up‐capital required for setting‐up
−	has  already  been  enhanced  to  Rs.6  billion,  the  capital  required
−	up  a  new  Takaful/Insurance  company  is  far  too  low  i.e.  Rs.8
−	general and Rs.150 million for Life/Family business. Although,
−	considering to increase these figures progressively to Rs.500 m
−	year  2011,  it  still  very  low  compared  to  the  banks.  Hence,  e
−	stand  justified  to  be  allowed  window  operations  instead
−	subsidiaries, the same cannot be held as justifiable for Takaful o
−	Takaful Windows	+	*classes of business life a non life non life i R a ordinary life business i R b capital redemption business i R c pension fund business and i R d accident and health business
−	•Dearth of Experienced Professionals?	+	*pk gmail dot com
−	This  excuse  put  forward  by  the  conventional  insurance  co
−	myth.  There  are  a  large  number  of  young,  competent  a
−	professionals  within  the  insurance  industry  who  are  not  ge
−	exposure  and  respectable  salaries.  In  fact,  there  is  an  enormo
−	between  the  salaries  and  perks  enjoyed  by  the  top‐most  hier
−	insurance  companies  and  those  of  their  junior  and  middle
−	level employees. Due to such tendency of exploitation, a signifi
−	of such insurance professionals have moved to the Middle Ea
−	right  incentives,  they  shall  return  and  will  be  a  valuable  a
−	emerging Takaful companies due to their enriched experience.
−	in this area can be drawn from the banks which faced a similar
−	over  the  last  ten  years  several  Pakistani  banking  profess
−	returned from abroad and are currently serving in Pakistan.
−	Takaful Windows	+	*pk gmail dot com
−	•Regulatory issues.
−	In  contrast  with  the  banks  in  Pakistan  which  are  very  well  re
−	monitored by the State Bank of Pakistan that itself incorporate
−	professionals to ensure that their stringent requirements are fu
−	with, the insurance regulatory regime has undergone several ch
−	recent  past.  First,  the  role  of  regulator  was  switched  from  the
−	office  under  the  Ministry  of  Commerce  to  the  Insurance  Div
−	SECP just a few years back. Then in the year 2000 the age old I
−	1938  was  repealed  and  replaced  by  the  Insurance  Ordinance  2
−	areas  thereof  still  need  correct  interpretation  and  clarificatio
−	there  are  several  loopholes  that  are  being  exploited  by  the
−	insurance  industry.  Several  malpractices  have  also  cropped
−	years  within  the  conventional  insurance  circles  who  have  co
−	these  as  ‘marketing  techniques’ rather  than  malpractices.  If  su
−	are allowed to open up Islamic windows with the same minds
−	malpractices will be introduced in Takaful as well.
−	Takaful Windows	+	*registration of takful operators i R no company to operate without registration i R registration through application in writing urdu or english i R application shall contain information and be accompanied by documents reports certificates as prescribed by section and r
−	•Transparency.	+	*sec rules see annexf takaful alhu annex doc
−	It  is  argued  that  by  the  very  reason  of  Life  Assurance  m
−	separate  Policy  Holders’ Fund,  it  stands  to  qualify  to  o
−	windows. If this argument is taken, then their next logical step
−	ask  for  Takaful  windows  in  General  Insurance  on  the  plea  of
−	separate Takaful Fund. Since the intentions would only be  not
−	clientele  who  would  prefer  to  switch  over  to  Takaful,  they
−	setting‐up  a  separate  fund  would  be  able  to  hoodwink  the
−	introduce  malpractices  in  Takaful  as  well.  Furthermore,  it
−	possible  to  clearly  segregate  the  expense  allocation  between
−	and  Takaful  operations  within  the  same  company  as  just
−	percentage allocation of expense is not an ideal solution. Thus
−	an  inevitable  mix  between  the  ‘right’ and  the  ‘wrong’ which
−	even  to  the  Quranic injunction:  “And  mix  not,  the  Right  with
−	and hide not the Truth when you know it” (Al Baqara, verse 42).
−	Takaful Windows	+	*shariah supervision i R every takaful operator will have a shariah board of not less than three members i R there will be central shariah board appointed by secp august mian sibghat mslaw
−	•Foreign Investment.	+	*pk gmail dot com
−	There  are  currently  a  number  of  foreign  investment  groups
−	companies  who  are  actively  contemplating  and  are  in  touch
−	local  groups  in  Pakistan  to  jointly  set  up  new  Takaful  c
−	windows  are  allowed  to  the  local  insurance  companies,  s
−	investors shall be discouraged.
−	End of Presentation	+	*operational model t investment a k portion a f u l risk f wakala u portion n wakalah agreement d participant operator investment fund august mian sibghat mslaw
−	Jazakalllah al khair	+	*pk gmail dot com
		+
		+	*participants takaful fund ptf i R a separate risk pool to which the participants risk related contributions are paid and from which risk related benefits are paid out i R a separate participants takaful fund ptf shall be created within the takaful business statutory fund to which the risk related component of contributions and takaful operator s fees shall be credited and from which benefits shall be paid out
		+	*i R the objectives of the ptf shall be to provide relief to participants against defined losses as per the ptf rules and the pmd august mian sibghat mslaw
		+
		+	*income of the ptf i R contributions received from participants other than the portion transferred to the pif under family takaful policies including takaful operator s fees which should be a part of the contributions i R claims received from re takaful operators and reinsurers i R investment profits generated by the investment of funds and other reserves attributable to participants in the ptf i R salvages and recoveries i R qard e hasna by the shareholders fund to the ptf in case of a deficit i R commission received from re takaful operators and reinsurers and i R any donation made by the shareholders
		+	*pk gmail dot com
		+
		+	*all expenses to be charged to the ptf other than benefit payments shall need to be defined in the ptf rules and the pmd i R re takaful and reinsurance costs i R takaful operator s fees which shall not be determined with reference to the surplus in the ptf i R a share of investment profits of the ptf as mudarib s share or a percentage of the funds as wakala fees for investment management or any other combination thereof approved by the appointed actuary in the case of family takaful operator and shariah board of the takaful operator i R surplus distributed to participants and i R return of qard e hasna to the shareholders fund august mian sibghat mslaw
		+	*outgo from the ptf i R losses settled related to participants risks and expenses directly related to settlement of claims such as surveyors fees etc but not including any office expenses
		+
		+	*reserves i R subject to the provisions of the ordinance technical reserves required to be set up in the ptf shall consist of all of the following reserves or any one of them or any combination of two or more of them or such other reserves as the appointed actuary of the takaful operator may require to be provided namely i R a unearned contributions reserves i R b incurred but not reported reserve i R c deficiency reserve i R d contingency reserve i R e reserve for qarde e hasna to be returned in future and i R f surplus equalization reserve august mian sibghat mslaw
		+	*pk gmail dot com
		+
		+	*i R the other relationship with the takaful operator shall be that of either mudarib or wakeel or both where in the case of the ptf the takaful operator shall also act either as mudarib or wakeel or both to the ptf
		+	*i R the shareholders shall provide an undertaking to the ptf to provide the members benefits in the event that there is a deficit in the ptf at any point by giving a qard e hasna to the ptf
		+
		+	*at least once in year i R surplus at each valuation date shall be made up of technical results and investment returns related to the ptf i R surplus total contributions to ptf total value of claims paid claims received from retakaful and reinsurance and recoveries takaful operators fees commission paid to intermediaries and change in the technical reserves august mian sibghat mslaw
		+	*sharing surplus i R at the end of each financial year the takaful operator shall evaluate the assets and liabilities of the ptf and determine whether the operation for that particular period had produced a surplus or a deficit for sharing amongst the participants
		+
		+	*the rest of the surplus shall be distributed to participants in proportion to the contributions to the ptf net of any risk related claims which they may have received during the intervaluation period i R in the case of general takaful business the distribution of surplus shall be after each valuation
		+	*contracts completing their risk period in the accounting year for which the valuation is done shall be taken into account for surplus distribution based on the results of the previous valuation
		+
		+	*the determination of surplus shall consider the method of surplus distribution i R a takaful operator may compute the distributable surpluses on the basis of the combined results of all the classes of business or calculate the surpluses separately for each class
		+	*surplus continued i R in the case of family takaful business the urplus distribution may be done after each actuarial valuation or it may be distributed only to those participants who actually leave the risk pool by way of termination of membership which may be due to the payment of benefits as per the pmd or otherwise
		+
		+	*surplus continued i R the takaful operator may distribute surplus either in cash or adjust against future contributions or in the case of family takaful contracts credit the surplus to the pia
		+	*however in the case that a member does not wish to continue as a participant in the ptf it shall be necessary to pay surplus to such member based on his entitlement
		+
		+	*however investments in non shariah compliant preferred stocks debentures and interest based redeemable capital securities are not allowed i R the takaful operators may invest a portion of their funds in liquid or short notice deposits schemes of islamic banks and their branches or other islamic financial institutions placements in pls saving accounts of islamic banks and placement in current accounts of traditional banks without any return thereon i R the takaful operators may make arrangements with the islamic banks operating in pakistan to directly finance under musharika murabaha ijara lease salam istisna contracts approved by the commission august mian sibghat mslaw
		+	*investments i R the takaful operator may invest its funds in joint stock companies
		+
		+	*however in case of investment in redeemable capital it shall be necessary that the certificates are issued in compliance with the islamic injunctions and the scheme of their issue be examined by the shariah board of the takaful operator
		+	*the takaful operators may invest their funds in shariah compliant instruments like musharika certificates term finance certificates tfcs participation term certificates ptcs etc
		+
		+	*management and marketing expenses i R all the administrative and management expenses of the takaful operator except those enumerated under sub rule of rule shall be borne by the shareholders in consideration of receiving a stipulated proportion of the gross contributions to the ptf by way of takaful operator fee
		+	*i R all expenses of takaful business shall form part of the expenses of takaful business statutory fund for family takaful operators and shareholders fund for general takaful operators
		+
		+	*august mian sibghat mslaw
		+	*pk gmail dot com
		+
		+	*contact sibghatullah ahsan advocate high court mian sibghat advocates legal consultants off
		+	*a st floor azeem mansion block e fazal e haq road blue area islamabad
		+
		+
		+	''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 ===
		+	28
		+
		+
		+	=== Published Date ===
		+	2016-09-17 01:18:52
		+
		+
		+	== Full Document ==
		+
		+
		+	[https://www.hodhood.com/en/HodHoodDocuments/IslamicFinance/Takaful/Regulatory%20Framework%20of%20Takaful%20Business%20in%20Pakistan%20by%20Sibg.pdf Read the Full Document]
		+
		+
		+	[[Category:Islamic Finance]]
		+
		+	[[Category: Takaful]]

---

Latest revision as of 03:57, 11 November 2017

Top 20 FREQUENT WORDS

takaful 68 business 40 ptf 34 mian 30 sibghat 30 dot 29 gmail 29 mslaw 29 august 28 operator 27 rules 26 surplus 20 participants 15 insurance 14 investment 12 shariah 11 contributions 10 fund 10 operators 9 risk 9 shareholders 9

DOCUMENT KEY POINTS

• august mian sibghat mslaw
• pk gmail dot com

• august mian sibghat mslaw
• pk gmail dot com

• islamic banking finance partner mian sibghat advocates legal consultants islamabad
• presented by sibghatullah ahsan ll

• regulatory framework of takaful business in pakistan i R sources i R insurance ordinance i R takaful rules i R insurance rules made by federal govt
• i R insurance rules made by secp august mian sibghat mslaw

• regulation of takaful business i R the takaful business in pakistan shall be governed by i R insurance ordinance i R takaful rules i R insurance rules insurance rules i R securities and exchange commission of pakistan insurance rules secp rules i R if there is a conflict between takaful rules and insurance rules or secp rules the provisions of takaful rules shall prevail august mian sibghat mslaw
• pk gmail dot com

• introduction to takaful rules i R in conformity with the insurance ordinance takaful rules also prohibit composite business ie no company can conduct life and non life business at a time i R a company can either do life business or non life business section of the ord
• rule of takaful rules august mian sibghat mslaw

• takaful business defined i R takaful business means business of takaful whose aims and operations do not involve any element which is not in consonance with the injunctions of islam as laid down in shariah i R the takaful rules do not define the word takaful august mian sibghat mslaw
• pk gmail dot com

• under section of the insurance ordinance i rules are applicable to takaful companies in addition to insurance rules and the securities and exchange commission insurance rules i the rules came into force at once on th september mian sibghat august mslaw
• introduction to takaful rules i rules are made by the federal govt

• who can do takaful business i R takaful business can only be carried on by i R a public company or i R a body corporate incorporated under the laws of pakistan i R other conditions i R no existing company doing conventional business can do takaful business i R however an existing non life company may convert its conventional business to takaful business within one year from the start date
• conventional licence will be cancelled automatically august mian sibghat mslaw

• classes of business life a non life non life i R a ordinary life business i R b capital redemption business i R c pension fund business and i R d accident and health business
• pk gmail dot com

• pk gmail dot com

• registration of takful operators i R no company to operate without registration i R registration through application in writing urdu or english i R application shall contain information and be accompanied by documents reports certificates as prescribed by section and r
• sec rules see annexf takaful alhu annex doc

• shariah supervision i R every takaful operator will have a shariah board of not less than three members i R there will be central shariah board appointed by secp august mian sibghat mslaw
• pk gmail dot com

• operational model t investment a k portion a f u l risk f wakala u portion n wakalah agreement d participant operator investment fund august mian sibghat mslaw
• pk gmail dot com

• participants takaful fund ptf i R a separate risk pool to which the participants risk related contributions are paid and from which risk related benefits are paid out i R a separate participants takaful fund ptf shall be created within the takaful business statutory fund to which the risk related component of contributions and takaful operator s fees shall be credited and from which benefits shall be paid out
• i R the objectives of the ptf shall be to provide relief to participants against defined losses as per the ptf rules and the pmd august mian sibghat mslaw

• income of the ptf i R contributions received from participants other than the portion transferred to the pif under family takaful policies including takaful operator s fees which should be a part of the contributions i R claims received from re takaful operators and reinsurers i R investment profits generated by the investment of funds and other reserves attributable to participants in the ptf i R salvages and recoveries i R qard e hasna by the shareholders fund to the ptf in case of a deficit i R commission received from re takaful operators and reinsurers and i R any donation made by the shareholders
• pk gmail dot com

• all expenses to be charged to the ptf other than benefit payments shall need to be defined in the ptf rules and the pmd i R re takaful and reinsurance costs i R takaful operator s fees which shall not be determined with reference to the surplus in the ptf i R a share of investment profits of the ptf as mudarib s share or a percentage of the funds as wakala fees for investment management or any other combination thereof approved by the appointed actuary in the case of family takaful operator and shariah board of the takaful operator i R surplus distributed to participants and i R return of qard e hasna to the shareholders fund august mian sibghat mslaw
• outgo from the ptf i R losses settled related to participants risks and expenses directly related to settlement of claims such as surveyors fees etc but not including any office expenses

• reserves i R subject to the provisions of the ordinance technical reserves required to be set up in the ptf shall consist of all of the following reserves or any one of them or any combination of two or more of them or such other reserves as the appointed actuary of the takaful operator may require to be provided namely i R a unearned contributions reserves i R b incurred but not reported reserve i R c deficiency reserve i R d contingency reserve i R e reserve for qarde e hasna to be returned in future and i R f surplus equalization reserve august mian sibghat mslaw
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• i R the other relationship with the takaful operator shall be that of either mudarib or wakeel or both where in the case of the ptf the takaful operator shall also act either as mudarib or wakeel or both to the ptf
• i R the shareholders shall provide an undertaking to the ptf to provide the members benefits in the event that there is a deficit in the ptf at any point by giving a qard e hasna to the ptf

• at least once in year i R surplus at each valuation date shall be made up of technical results and investment returns related to the ptf i R surplus total contributions to ptf total value of claims paid claims received from retakaful and reinsurance and recoveries takaful operators fees commission paid to intermediaries and change in the technical reserves august mian sibghat mslaw
• sharing surplus i R at the end of each financial year the takaful operator shall evaluate the assets and liabilities of the ptf and determine whether the operation for that particular period had produced a surplus or a deficit for sharing amongst the participants

• the rest of the surplus shall be distributed to participants in proportion to the contributions to the ptf net of any risk related claims which they may have received during the intervaluation period i R in the case of general takaful business the distribution of surplus shall be after each valuation
• contracts completing their risk period in the accounting year for which the valuation is done shall be taken into account for surplus distribution based on the results of the previous valuation

• the determination of surplus shall consider the method of surplus distribution i R a takaful operator may compute the distributable surpluses on the basis of the combined results of all the classes of business or calculate the surpluses separately for each class
• surplus continued i R in the case of family takaful business the urplus distribution may be done after each actuarial valuation or it may be distributed only to those participants who actually leave the risk pool by way of termination of membership which may be due to the payment of benefits as per the pmd or otherwise

• surplus continued i R the takaful operator may distribute surplus either in cash or adjust against future contributions or in the case of family takaful contracts credit the surplus to the pia
• however in the case that a member does not wish to continue as a participant in the ptf it shall be necessary to pay surplus to such member based on his entitlement

• however investments in non shariah compliant preferred stocks debentures and interest based redeemable capital securities are not allowed i R the takaful operators may invest a portion of their funds in liquid or short notice deposits schemes of islamic banks and their branches or other islamic financial institutions placements in pls saving accounts of islamic banks and placement in current accounts of traditional banks without any return thereon i R the takaful operators may make arrangements with the islamic banks operating in pakistan to directly finance under musharika murabaha ijara lease salam istisna contracts approved by the commission august mian sibghat mslaw
• investments i R the takaful operator may invest its funds in joint stock companies

• however in case of investment in redeemable capital it shall be necessary that the certificates are issued in compliance with the islamic injunctions and the scheme of their issue be examined by the shariah board of the takaful operator
• the takaful operators may invest their funds in shariah compliant instruments like musharika certificates term finance certificates tfcs participation term certificates ptcs etc

• management and marketing expenses i R all the administrative and management expenses of the takaful operator except those enumerated under sub rule of rule shall be borne by the shareholders in consideration of receiving a stipulated proportion of the gross contributions to the ptf by way of takaful operator fee
• i R all expenses of takaful business shall form part of the expenses of takaful business statutory fund for family takaful operators and shareholders fund for general takaful operators

• august mian sibghat mslaw
• pk gmail dot com

• contact sibghatullah ahsan advocate high court mian sibghat advocates legal consultants off
• a st floor azeem mansion block e fazal e haq road blue area islamabad

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AlHuda Material\takaful

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taka islam insur malaysia productdeferred shariah countries muslim financial retakaful model growth custom partner developed service mutual bankable provided scheme

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DOCUMENT REFERENCES

Number of Pages

28

Published Date

2016-09-17 01:18:52

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