Difference between revisions of "MicroTakaful – the way forward by Capt. M. Jamil Akhtar"

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MicroTakaful – the way
 
      forward
 
            Presented by:
 
            Capt. M. Jamil Akhtar Khan
 
                                    ACII, MCIT, Master Mariner
 
            Chief Executive Officer
 
            TAKAFUL PAKISTAN LIMITED
 
  
                    Contents
 
• Introduction
 
• Microtakaful defined
 
• Historical perspective
 
• MicroTakaful schemes in other countries
 
• Prospects in Pakistan
 
• Incremental values – The Takaful advantage
 
• Takaful Pakistan’s initiative
 
• The way forward
 
• Conclusion
 
  
                    Introduction
 
              Micro-insurance defined:
 
“Risk-pooling products that are designed to be appropriate
 
for the low-income market in relation to cost, terms,
 
coverage, and delivery mechanisms”.
 
                MicroTakaful refined:
 
“A  mechanism to provide Shariah-based protection to the
 
blue collared, under-privileged individuals at an affordable
 
cost”.
 
  
                                        Introduction Cont’d. …
+
== Top 20 FREQUENT WORDS ==
• Microfinance can help people improve.
+
takaful 13
• Microtakaful will help them sustain their financial well being.
+
microtakaful 7
• Feeling of togetherness & security.
+
pakistan 7
• Opens avenues for joint efforts for mutual benefits.
+
insurance 5
• Cooperative approach and outlook.
+
income 4
• Result – migration of individual level.
+
micro 4
• Society benefits at large.
+
rural 4
 +
advantage 3
 +
coverage 3
 +
introduction 3
 +
investment 3
 +
microfinance 3
 +
prospects 3
 +
surplus 3
 +
agriculture 2
 +
areas 2
 +
banks 2
 +
benefits 2
 +
cont 2
 +
countries 2
 +
credit 2
 +
defined 2
 +
efforts 2
 +
extensive 2
 +
financial 2
 +
historical 2
 +
incentives 2
 +
individual 2
 +
initiative 2
 +
initiatives 2
 +
insured 2
 +
jamil 2
 +
loss 2
 +
ngos 2
 +
perspective 2
 +
products 2
 +
profit 2
 +
required 2
 +
risk 2
 +
subsidy 2
 +
urban 2
  
            Historical Perspective
 
• Takaful concept evolved from individual common interest.
 
• Industrial era of early 1900s…
 
• Microfinancing hand in hand with Microinsurance and later
 
  Microtakaful.
 
• Bancassurance/Bancatakaful
 
  
                Global Landscape
 
• Only eighty million out of the world's 2.5 billion poor are
 
  currently covered by some form of micro insurance.
 
• Only 3% of poor lives are insured in India and China.
 
• Only 0.3% of the poor are insured in Africa.
 
• In 23 of the poorest 100 countries in the world, there is
 
  currently no identified micro insurance activity.
 
  
 +
== DOCUMENT KEY POINTS ==
 +
*jamil akhtar khan acii mcit master mariner chief executive officer takaful pakistan limited
 +
*microtakaful a the way forward presented by capt
  
 +
*introduction micro insurance defined risk pooling products that are designed to be appropriate for the low income market in relation to cost terms coverage and delivery mechanisms
 +
*microtakaful refined a mechanism to provide shariah based protection to the blue collared under privileged individuals at an affordable cost
  
 +
*a c opens avenues for joint efforts for mutual benefits
 +
*a c microtakaful will help them sustain their financial well being
  
 +
*a c industrial era of early sa a c microfinancing hand in hand with microinsurance and later microtakaful
 +
*historical perspective a c takaful concept evolved from individual common interest
  
 +
*a c in of the poorest countries in the world there is currently no identified micro insurance activity
 +
*a c only of poor lives are insured in india and china
  
 +
*prospects in pakistan a c serious efforts at national level only picked up during the last decade
 +
*a c large rural urban divide a c population below poverty level
  
    Types of MicroTakaful Products
+
*a c benefit of economies of scale to make these viable ventures
                Property
+
*a c state bank s initiative a branches of commercial banks required in rural areas
Fire                      Theft
 
                Agriculture    Prices                Health
 
                                                Surgical
 
      Disability
 
        Permanent                                        Out-patient
 
Partial                Total
 
            Temporary                      Hospitalisation
 
    Dismemberment
 
                    Life Insurance                Dental
 
          Credit Endowments          Funeral
 
          Life
 
  
 +
*a c students healthcare campus care cover a c factory workers daily wagers a c crop takaful a c credit coverage for islamic microfinance
 +
*takaful pakistan s initiatives a c coverage to over low cost houses
  
 +
*the takaful advantage a they seemed satisfied with the convenience and affordability of the policy but some thought that the premium should be reimbursed if they do not file a claim
 +
*excerpt from the demand for micro insurance in pakistan by elizabeth mcguinness and volodymyr tounytsky march
  
 +
*holder mudarib s management wakalah investmen share of ptf s expense of profit loss fee t investment the income income company takaful operator investment by the company waqf operational claims cost of takaful investment reserves surplus retakaful income balance p a r t i c i p a n t s t a k a f u l f u n d p
 +
*the takaful advantage share share h o l d e r s f u n d s
  
 +
*end of presentation jazzakallah khair captain
 +
*jamil takaful dot com
  
          Prospects in Pakistan
 
• Serious efforts at national level only picked up
 
  during the last decade.
 
• Advent of Microfinance banks.
 
• Large rural/urban divide (65% : 35%)
 
• 40% population below poverty level.
 
• Scope for extensive work.
 
• Mushroom growth of NGOs.
 
  
    Prospects in Pakistan (Cont’d. …)
+
''Please note, This is an auto generated summary based on sentances position in the document and other factors''
• Government’s initiatives – Rural support programs.
+
== DOCUMENT WORD ANALYSIS ==
• SMEDA.
+
=== Main Category ===
• Financial Support from ADB, WB, etc.
+
: AlHuda Material\takaful
• State Bank’s initiative – 20% branches of commercial
 
  banks required in rural areas.
 
• Agriculture/Crop & Livestock Finance and Takaful.
 
• Benefit of economies of scale to make these viable
 
  ventures.
 
  
                                    Potential areas of action
 
                                          Construction of a House
 
                                                                            Marriage
 
Importance of Risk/Economic Stress
 
                                                Death
 
                                                                Prolonged Illness
 
                                                              Education of Children
 
                                              Business Failure/Loss of Job
 
                                                                Birth of Children
 
  
      Takaful Pakistan’s initiatives
+
=== KeyWords ===
• Coverage to over 100,000 low-cost houses.
+
taka islam insur malaysia productdeferred shariah countries muslim financial retakaful model growth custom partner developed service mutual bankable provided scheme
• Synergy with NGOs.
 
• Students Healthcare/Campus care cover
 
• Factory workers’ & Daily wagers
 
• Crop Takaful
 
• Credit coverage for Islamic Microfinance.
 
• Covers tailored for SMEs financing.
 
• All above at ‘no profit basis’.
 
  
                The way forward
 
• Tax incentives
 
• Goodwill
 
• Awareness
 
• Extensive documentation
 
• Distribution channels
 
• Strategic alliances
 
• Incentives & Awards
 
  
The way forward
 
              ?????
 
    NO
 
  THEN
 
  
              The Takaful Advantage
+
== RELATED DOCUMENTS ==
  “ … they seemed satisfied with the convenience and
+
:[[A Review of Takaful by Prof. Khawaja Ahmed Saeed]]
  affordability of the policy, but some thought that the
+
:[[Agency Management,Training and Incentive Programme]]
premium should be reimbursed if they do not file a claim”.
+
:[[Audit Issue of Islamic Banking]]
                          Excerpt from
+
:[[Banca Takaful by Faisal Shahzad Abbassi]]
            The Demand for Micro insurance in Pakistan
+
:[[Best Practices from e- Insurance to e-Takaful by Sami Guello]]
                              by
+
:[[Calculated Risks, Measurable Results]]
    ELIZABETH MCGUINNESS AND VOLODYMYR TOUNYTSKY
+
:[[Challenges & Issues Faced by Takaful Industry by Mr. Imtiaz ]]
                          MARCH 2006
+
:[[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]]
  
              The Takaful Advantage
 
    Share            SHARE          H O L D E R S’    F U N D (S.H.F.)
 
  Holder
 
                                          Mudarib’s        Management
 
            Wakalah    Investmen        Share of PTF’s      Expense of      Profit/Loss
 
            Fee              t          Investment            the
 
                          Income            Income            Company
 
  Takaful
 
Operator
 
                                Investment by
 
                                  the Company
 
WAQF                  Operational                          Claims &
 
                    Cost of Takaful    Investment        Reserves      Surplus
 
                      / ReTakaful          Income                        (Balance)
 
                    P A R T I C I P A N T S’ T A K A F U L F U N D
 
                                            (P.T.F.)
 
Participant
 
  
The Paradigm shift
 
  ALONG
 
    WITH
 
  
Urban – Subsidy – Rural
+
== DOCUMENT REFERENCES ==
            Surplus
 
      Subsidy for Takaful
 
          Contribution
 
            Surplus
 
  
Current scenario
 
  What is required?
 
When there is will, there is a way!
 
  
  End of presentation
+
=== Number of Pages ===
      Jazzakallah khair !
+
30
captain.jamil@takaful.com.pk
+
 
 +
 
 +
=== Published Date ===
 +
2016-09-17 01:18:32
 +
 
 +
 
 +
== Full Document ==
 +
 
 +
 
 +
[http://45.40.136.134/~hodhood/HodHoodDocuments/IslamicFinance/Takaful/MicroTakaful%20–%20the%20way%20forward%20by%20Capt.%20M.%20Jamil%20Akhtar.pdf Read the Full Document]
 +
 
 +
 
 +
[[Category:Islamic Finance]]
 +
 
 +
[[Category: Takaful]]

Revision as of 02:28, 21 September 2016


Top 20 FREQUENT WORDS

takaful 13 microtakaful 7 pakistan 7 insurance 5 income 4 micro 4 rural 4 advantage 3 coverage 3 introduction 3 investment 3 microfinance 3 prospects 3 surplus 3 agriculture 2 areas 2 banks 2 benefits 2 cont 2 countries 2 credit 2 defined 2 efforts 2 extensive 2 financial 2 historical 2 incentives 2 individual 2 initiative 2 initiatives 2 insured 2 jamil 2 loss 2 ngos 2 perspective 2 products 2 profit 2 required 2 risk 2 subsidy 2 urban 2


DOCUMENT KEY POINTS

  • jamil akhtar khan acii mcit master mariner chief executive officer takaful pakistan limited
  • microtakaful a the way forward presented by capt
  • introduction micro insurance defined risk pooling products that are designed to be appropriate for the low income market in relation to cost terms coverage and delivery mechanisms
  • microtakaful refined a mechanism to provide shariah based protection to the blue collared under privileged individuals at an affordable cost
  • a c opens avenues for joint efforts for mutual benefits
  • a c microtakaful will help them sustain their financial well being
  • a c industrial era of early sa a c microfinancing hand in hand with microinsurance and later microtakaful
  • historical perspective a c takaful concept evolved from individual common interest
  • a c in of the poorest countries in the world there is currently no identified micro insurance activity
  • a c only of poor lives are insured in india and china
  • prospects in pakistan a c serious efforts at national level only picked up during the last decade
  • a c large rural urban divide a c population below poverty level
  • a c benefit of economies of scale to make these viable ventures
  • a c state bank s initiative a branches of commercial banks required in rural areas
  • a c students healthcare campus care cover a c factory workers daily wagers a c crop takaful a c credit coverage for islamic microfinance
  • takaful pakistan s initiatives a c coverage to over low cost houses
  • the takaful advantage a they seemed satisfied with the convenience and affordability of the policy but some thought that the premium should be reimbursed if they do not file a claim
  • excerpt from the demand for micro insurance in pakistan by elizabeth mcguinness and volodymyr tounytsky march
  • holder mudarib s management wakalah investmen share of ptf s expense of profit loss fee t investment the income income company takaful operator investment by the company waqf operational claims cost of takaful investment reserves surplus retakaful income balance p a r t i c i p a n t s t a k a f u l f u n d p
  • the takaful advantage share share h o l d e r s f u n d s
  • end of presentation jazzakallah khair captain
  • jamil takaful dot com


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

30


Published Date

2016-09-17 01:18:32


Full Document

Read the Full Document