Difference between revisions of "Takful - Zubair Mughal"

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The Takaful
 
Current Achievements
 
&
 
Future Outlook
 
                            Zubair Mughal.
 
  Director : AlHuda : Centre of Islamic Banking and Islamic Economics.
 
                        042-5858990 - 8407850
 
  
      Introduction
 
“Takaful” is the Sharia Compliant brand
 
  name for the Islamic alternative to
 
  conventional insurance. Its based on the
 
  principle of Ta’awan or mutual assistance.
 
  It provide provides mutual protection and
 
  joint risk sharing in the event of a loss by
 
  one of its member
 
  
Origins of Takaful
 
In the event of death caused by
 
  someone from another tribe, the
 
  member of the offender’s tribe would
 
  share the “ blood money” (Khoon Baha)
 
  to provide for the family of the victim.
 
  
From the Holly Quran
+
== Top 20 FREQUENT WORDS ==
 The need for insurance is shown in the
+
takaful 7
  following verse of The Quran.
+
ace 5
“ Those of you who die and leave widows
+
agents 5
  should bequeath for their widows a
+
customers 5
  year’s maintenance and residence”
+
distribution 3
  (2.240)
+
rate 3
 +
awareness 2
 +
bnm 2
 +
business 2
 +
factors 2
 +
infrastructure 2
 +
malaysia 2
 +
model 2
 +
prubsn 2
 +
sri 2
 +
values 2
 +
<U+202B>ÈÓã 1
 +
accumulation 1
 +
agency 1
 +
akhtar 1
 +
allah 1
 +
alternative 1
 +
announced 1
 +
approach 1
 +
attitude 1
 +
award 1
 +
aziz 1
 +
bancatakaful 1
 +
beginning 1
 +
birth 1
 +
branding 1
 +
bsn 1
 +
capita 1
 +
challenges 1
 +
concept 1
 +
contribution 1
 +
core 1
 +
corporate 1
 +
date 1
 +
dato 1
 +
developing 1
 +
embrace 1
 +
emphasize 1
 +
ethical 1
 +
february 1
 +
financial 1
 +
focus 1
 +
future 1
 +
governance 1
 +
governor 1
 +
gracious 1
 +
higher 1
 +
identifying 1
 +
inclination 1
 +
income 1
 +
increase 1
 +
insight 1
 +
investment 1
 +
january 1
 +
launched 1
 +
leverage 1
 +
license 1
 +
linked 1
 +
living 1
 +
loved 1
 +
merciful 1
 +
muslim 1
 +
negara 1
 +
network 1
 +
operator 1
 +
opportunities 1
 +
penetration 1
 +
positioning 1
 +
practices 1
 +
processes 1
 +
products 1
 +
project 1
 +
prudential 1
 +
recruiting 1
 +
regular 1
 +
riding 1
 +
services 1
 +
shared 1
 +
shareholders 1
 +
snapshot 1
 +
succes 1
 +
tan 1
 +
till 1
 +
today 1
 +
untapped 1
 +
wealth 1
 +
zeti 1
 +
ÇáÑÍãä 1
 +
ÇáÑÍíã<U+202C> 1
 +
åááÇ 1
  
From the Hadiths
 
 By Anas-bin-Malik, One day Prophet
 
  Muhammad(PBUH) notced a bedouin
 
  leaving his Camel without tying it. He
 
  asked the bedouin, “Why don’t you tie
 
  down your camel”? The Bedouin
 
  answered, “ I put my trust in Allah
 
  (SWT)”. The Prophet (PBUH) then
 
  said,” Tie your camel first, then put
 
  your trust in Allah(SWT)” <Tirmidhi>
 
  
Why Insurance ?
 
Is Some thing wrong with Concept ?
 
 Risk Aversion
 
 Assuring others
 
 Risk sharing
 
  
What wrong with practice ?
+
== DOCUMENT KEY POINTS ==
The contract between the insurer & the
+
*huge untapped market to be shared i higher cost of living increase per capita income rm k more awareness on wealth accumulation for the future and loved ones i non muslim awareness inclination towards ethical financial services takaful is a solution not an alternativea
  insured is technically wrong from the
+
*takaful penetration rate in malaysia birth rate
  sharia perspective because of
 
 Gharar (Uncertainty))
 
 Gambling (Qamar & Maisir)
 
 Interest (Riba)
 
  
Gharar
 
 Lexically it means uncertainty and
 
  technically it means the uncertainty of
 
  the counteract or the subject matter.
 
  
Riba in Insurance
+
''Please note, This is an auto generated summary based on sentances position in the document and other factors''
 Direct Riba
+
== DOCUMENT WORD ANALYSIS ==
  Excess on one side in case of exchange
+
=== Main Category ===
    between the amount of premium.
+
: AlHuda Material\takaful
 Indirect Riba
 
  The interest earned on interest based
 
    investments
 
  
The concept of Takaful
 
 Taburro (Contribution) from the
 
  participants (Policy Holders)
 
 Partnership among the participants.
 
 Need of an Operator
 
 Investment in Sharia Compliant modes.
 
  
Shariah Compliance
+
=== KeyWords ===
 Shariah compliance is an essential
+
taka islam insur malaysia productdeferred shariah countries muslim financial retakaful model growth custom partner developed service mutual bankable provided scheme
  element in Takaful .
 
 It is ensured through a Shariah
 
  Supervisory/ Advisory Board at the level
 
  of each Takaful company.
 
 The role of the Shariah Board is vital in
 
  meeting the specific demand of a public
 
  who would not insure otherwise.
 
  
Different Models of Takaful
 
 Pure Mudarabah Model : The participants
 
  and operator enter into modarabah Contract.
 
 Wakalah Model : An Agency Agreement is
 
  made between participants and Operators on
 
  the basis of Wakalah ( Agency agreements)
 
 Wakalah Based on Waqf Model : The
 
  participant's donate the fund and operator
 
  charge an agency fee.
 
  
Takaful Pioneers
 
 Takaful started some 27 years ago in
 
  the Middle East with the launching of
 
  two companies:
 
   The Islamic Arab Insurance Co. (IAIC) in
 
    the UAE and
 
   The Islamic Insurance Co. of Sudan
 
  But it took some time for the
 
  movement to take shape.
 
  
Takaful Pioneers
+
== RELATED DOCUMENTS ==
 Later in 1984, Malaysia played a
+
:[[A Review of Takaful by Prof. Khawaja Ahmed Saeed]]
  pioneering role in setting the first Legal
+
:[[Agency Management,Training and Incentive Programme]]
  framework specific to Takaful (Takaful
+
:[[Audit Issue of Islamic Banking]]
  Act).
+
:[[Banca Takaful by Faisal Shahzad Abbassi]]
 This was instrumental in the successful
+
:[[Best Practices from e- Insurance to e-Takaful by Sami Guello]]
  launching of the Takaful movement in
+
:[[Calculated Risks, Measurable Results]]
  Malaysia and in other countries of South
+
:[[Challenges & Issues Faced by Takaful Industry by Mr. Imtiaz ]]
  East Asia.
+
:[[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]]
  
Other Islamic/ Takaful
 
Legislations
 
 Other markets such as the Sudan and
 
  Iran have Islamic regulatory
 
  environments and became naturally
 
  Takaful markets.
 
 In the Gulf countries specific Takaful
 
  legislations are coming through in
 
  Bahrain and in Saudi Arabia
 
  
Takaful drivers
 
 This movement is driven by
 
   A strong demand from a public who would
 
    not insure otherwise (because of religious
 
    beliefs); and
 
   The successful development of Islamic
 
    banking institutions providing capital and
 
    Islamic financial instruments for asset
 
    management and investment.
 
  
Takaful Drivers
+
== DOCUMENT REFERENCES ==
 Islamic banks and financial institutions play a
 
  strategic and important role in the distribution
 
  of Takaful products (especially Life Takaful
 
  Products).
 
  
Takaful Operators
 
 The number of Takaful operators
 
  worldwide is now estimated at:
 
 60 Takaful companies
 
 3 Retakaful companies
 
 This number may reach 90 + if so-
 
  called Takaful windows are to be
 
  included.
 
  
Takaful Premium
+
=== Number of Pages ===
 Takaful is one of the fastest growing
+
10
  segments in insurance (at around 20%
 
  pa. on average)
 
 World Takaful contributions are
 
  conservatively estimated at around US$
 
  3billions, of which:
 
   60% General Takaful
 
   40% Family Takaful
 
  
Takaful Geographical Spread
 
 South& East Asia :    56%
 
 Middle East :        36%
 
 Africa:              7%
 
 Europe, USA & Others: 1%
 
  
Main Markets
+
=== Published Date ===
 Malaysia
+
2016-09-17 01:21:13
 Indonesia
 
 Iran
 
 GCC countries
 
 Other Arab countries
 
 Other Asia Pacific
 
 Pakistan ( Emerging Market )
 
  
The Challenges ahead
 
 Despite a remarkable breakthrough and
 
  a dynamic and sustained growth, there
 
  are challenges facing the Takaful
 
  industry.
 
  
Challenges
+
== Full Document ==
 Business Model Dilemma
 
 Could create an uneven / unfair business
 
  environment to operate
 
  Need to reach a consensus internationally on a
 
  common and standard Takaful business model
 
  
Takaful Best Practices
 
 Regional Takaful institutions and
 
  organisations need to come together
 
  internationally in order to promote and
 
  standardise best practices within the industry:
 
   Islamic Financial Services Board (IFSB)
 
   ASEAN Takaful Group (ATG)
 
   International Takaful Association (ITA)
 
   Accounting and Auditing Organization of Islamic
 
    Financial institutions (AAOIFI)
 
  
Growth Outlook
+
[https://www.hodhood.com/en/HodHoodDocuments/IslamicFinance/Takaful/Takaful.pdf Read the Full Document]
 World Muslim population is estimated at
 
  1.5 billions, of which around 97% are
 
  based in Asia and Africa.
 
 A two-digit growth in the range of 15%
 
  to 20% can be reasonably sustained for
 
  at least the next 10 years in the existing
 
  markets (Far and Middle East).
 
  
Takaful Products to Non-
 
Muslims
 
 Takaful Products are not exclusive to
 
  Muslims.
 
 Competitively priced and sold through
 
  the right channel it could attract any
 
  consumer irrespective of their origin or
 
  faith.
 
  
Conclusions
+
[[Category:Islamic Finance]]
 Despite the challenges facing this “new”
 
  industry, exciting times are ahead once
 
  the latent potential is unleashed.
 
 The success of Takaful largely depends
 
  on that of Islamic Financial institutions
 
  on a global basis.
 
  
Conclusions
+
[[Category: Takaful]]
 There is a need for
 
   More strategic alliances and synergy
 
    between Islamic Financial institutions
 
   More cooperation between Islamic
 
    operators at an international level
 
   A better legal and regulatory environment
 
   Better competencies in Islamic Finance.
 

Latest revision as of 07:23, 11 November 2017


Top 20 FREQUENT WORDS

takaful 7 ace 5 agents 5 customers 5 distribution 3 rate 3 awareness 2 bnm 2 business 2 factors 2 infrastructure 2 malaysia 2 model 2 prubsn 2 sri 2 values 2 <U+202B>ÈÓã 1 accumulation 1 agency 1 akhtar 1 allah 1 alternative 1 announced 1 approach 1 attitude 1 award 1 aziz 1 bancatakaful 1 beginning 1 birth 1 branding 1 bsn 1 capita 1 challenges 1 concept 1 contribution 1 core 1 corporate 1 date 1 dato 1 developing 1 embrace 1 emphasize 1 ethical 1 february 1 financial 1 focus 1 future 1 governance 1 governor 1 gracious 1 higher 1 identifying 1 inclination 1 income 1 increase 1 insight 1 investment 1 january 1 launched 1 leverage 1 license 1 linked 1 living 1 loved 1 merciful 1 muslim 1 negara 1 network 1 operator 1 opportunities 1 penetration 1 positioning 1 practices 1 processes 1 products 1 project 1 prudential 1 recruiting 1 regular 1 riding 1 services 1 shared 1 shareholders 1 snapshot 1 succes 1 tan 1 till 1 today 1 untapped 1 wealth 1 zeti 1 ÇáÑÍãä 1 ÇáÑÍíã<U+202C> 1 åááÇ 1


DOCUMENT KEY POINTS

  • huge untapped market to be shared i higher cost of living increase per capita income rm k more awareness on wealth accumulation for the future and loved ones i non muslim awareness inclination towards ethical financial services takaful is a solution not an alternativea
  • takaful penetration rate in malaysia birth rate


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

10


Published Date

2016-09-17 01:21:13


Full Document

Read the Full Document