Difference between revisions of "Microinsurance and Takaful"

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combinations
 
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1st Asian Conference on
 
−
Microinsurance
 
−
July 25-26 2007
 
  
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Overview of presentation
 
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 About ICMIF
 
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 Overview of the cooperative and mutual
 
−
  sector
 
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 Microinsurance through cooperatives
 
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 Opportunities and need for microtakaful
 
  
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Cooperative definition
 
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“A cooperative is an autonomous
 
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  association of persons united
 
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  voluntarily to meet their common
 
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  economic, social, and cultural
 
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  needs and aspirations through a
 
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  jointly-owned and democratically
 
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  controlled enterprise”
 
  
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Cooperative/mutual values
+
== Top 20 FREQUENT WORDS ==
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 Self-help, self-responsibility
+
takaful 14
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 Democracy, equality, equity
+
microinsurance 10
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 Solidarity
+
cooperative 8
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 Honesty, openness
+
cooperatives 8
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 Social responsibility, caring for others
+
microtakaful 7
 +
mutual 6
 +
sector 5
 +
principles 4
 +
providing 4
 +
social 4
 +
usd 4
 +
community 3
 +
countries 3
 +
insurance 3
 +
members 3
 +
mutuals 3
 +
operators 3
 +
products 3
 +
providers 3
 +
source 3
 +
technical 3
 +
years 3
  
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Cooperative vs. Mutuals
 
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Cooperative principles    Mutual principles
 
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Open and voluntary        Free association
 
−
membership
 
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One member, one vote      User must be
 
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                            member
 
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Limited interest on shares "Not for profit”
 
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For the benefit of user-  Quality products
 
−
members
 
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Cooperative education      Personal
 
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                            development
 
  
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Why a cooperative/mutual?
 
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Cooperatives and Mutuals: the
 
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hidden giants of the world
 
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economy
 
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  The largest 300 cooperatives
 
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  and mutuals have a turnover
 
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                  of
 
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          1 trillion USD
 
  
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Worldwide importance of mutual insurers, 2001
+
== DOCUMENT KEY POINTS ==
−
                                                                  ESTIMATES
+
*mutuals cooperative principles mutual principles open and voluntary free association membership one member one vote user must be member limited interest on shares not for profit for the benefit of userquality products members cooperative education personal development
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Percent of total premiums
+
*cooperative vs
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                100% = 2416 bio USD
 
−
                                                    USA
 
−
                                                              32
 
−
                                                    EUR
 
−
                                                            21
 
−
                                                    CAN
 
−
                                                25        19
 
−
                                                    JAP
 
−
                                                        16
 
−
                                                    KOR
 
−
                                                        14
 
−
Source: Swiss Re for worldwide total premium; ICMIF
 
  
−
Providing microinsurance
+
*in no other region is the absence of microinsurance so evident source the landscape of microinsurance the microinsurance centre
−
The challenges
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*a noticeable lack of microinsurance in north africa and the middle east
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 Coverage
 
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 Regulation
 
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 Moral hazard and Fraud
 
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 Adverse selection
 
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 Education and trust
 
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 Technical expertise
 
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 Affordability
 
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 Retention
 
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 Sustainability
 
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 Penetration
 
  
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Potential for cooperatives to
+
*i R took out a month loan of usd from local baitul mal wat tamwil i R insurance premium was taken out with takmin at
−
provide microinsurance
+
*usd i R ibu iwit passed away a couple months later i R her husband amad age years no income
−
 History of organising the poor
 
−
 Operate for the interest of members by
 
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  members
 
−
 Trust
 
−
 Ownership and loyalty
 
−
 Peer pressure
 
−
 Surplus reinvested or redistributed
 
  
−
Cooperatives providing
+
*i R there is a need to find avenues to facilitate the sustainable growth of the informal sector operators
−
microinsurance
+
*summary i R cooperatives have for many years being providing insurance to the underserved population
−
 CARD MBA – The Philippines
 
−
 Sanasa Insurance Company – Sri Lanka
 
−
 Centre D’Innovation Financiere – West
 
−
  Africa
 
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 Columna - Guatemala
 
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 Torreon - Mexico
 
  
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Challenges
 
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for microinsurance cooperatives
 
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 Regulatory requirements
 
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 Accessing reinsurance
 
−
 Technical and financial investment
 
  
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The way forward?
+
''Please note, This is an auto generated summary based on sentances position in the document and other factors''
−
 Maintain informal operations
+
== DOCUMENT WORD ANALYSIS ==
−
 Merge with other providers
+
=== Main Category ===
−
 Enter into a partner-agent agreement
+
: AlHuda Material\takaful
−
 Lobbying regulators
 
  
−
Microtakaful:
 
−
Opportunities and need
 
  
−
Principles of Takaful
+
=== KeyWords ===
−
 Solidarity and joint guarantee
+
taka islam insur malaysia productdeferred shariah countries muslim financial retakaful model growth custom partner developed service mutual bankable provided scheme
−
 Self reliance and self sustaining for
 
−
  community well being
 
−
 Assist those that need assistance
 
−
 Community pooling system
 
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 Shari’ah approved investments and products
 
−
        “Bear ye one another’s burden”
 
  
−
The Global Takaful sector
 
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 1979 First Takaful Company established
 
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 1996 – 30 Institutions transacting Takaful
 
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 2002 – 50 Takaful operators and four Retakaful
 
−
  providers
 
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 2004 – 80 Takaful operators, 200 Takaful
 
−
  windows and 12 Retakaful providers
 
−
Source: IBB Solicitors, UK – (2005)
 
  
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The need for microtakaful
 
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 Social services inadequate or unavailable
 
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 Large sectors of poverty in many Muslim
 
−
  countries
 
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 Over half of world’s lowest developed
 
−
  countries have a majority Muslim population
 
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 Increasing inequality in Middle East and Gulf
 
−
  countries
 
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 Religious considerations are important in
 
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  villages and small communities
 
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 Established Takaful sector neglecting low
 
  
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“A noticeable lack of microinsurance
+
== RELATED DOCUMENTS ==
−
  in North Africa and the Middle East.
+
:[[A Review of Takaful by Prof. Khawaja Ahmed Saeed]]
−
  In no other region is the absence
+
:[[Agency Management,Training and Incentive Programme]]
−
  of microinsurance so evident”
+
:[[Audit Issue of Islamic Banking]]
−
          Source: The Landscape of
+
:[[Banca Takaful by Faisal Shahzad Abbassi]]
−
  Microinsurance
+
:[[Best Practices from e- Insurance to e-Takaful by Sami Guello]]
−
                      (The Microinsurance Centre)
+
:[[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]]
  
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second most
 
−
important social
 
−
institution to
 
−
counter poverty
 
−
and deprivation”
 
−
          Omar Fischer
 
−
1999
 
  
−
“A cooperative and mutual scheme
 
−
  providing Shari’ah approved
 
−
  products and investments is
 
−
  permissible under Islamic Law”
 
  
−
Possibilities for
+
== DOCUMENT REFERENCES ==
−
microtakaful
 
−
 Establish community based microtakaful
 
−
  schemes
 
−
 Involvement of NGOs, zakat funds,
 
−
  donor agencies
 
−
 Support from Takaful sector
 
−
   Technical expertise
 
−
   Financial assistance
 
−
   Partner-agent model
 
  
−
Microtakaful in practice
 
−
 Agricultural Mutual Fund - Lebanon
 
−
 Amana Takaful – Sri Lanka
 
−
 Takaful Ikhlas
 
−
 Takmin - Indonesia
 
  
−
The case of a microtakaful
+
=== Number of Pages ===
−
policyholder
+
25
−
 Ibu Iwit, 50 years, farmworker, earning
 
−
  one dollar a day.
 
−
 Took out a 6 month loan of 55 USD
 
−
  from local Baitul mal Wat Tamwil
 
−
 Insurance premium was taken out with
 
−
  Takmin at 0.16 USD
 
−
 Ibu Iwit passed away a couple months
 
−
  later
 
−
 Her husband, Amad, age 60 years, no
 
−
  income
 
  
−
Summary
 
−
 Cooperatives have for many years being
 
−
  providing insurance to the underserved
 
−
  population.
 
−
 There is a need to find avenues to facilitate
 
−
  the sustainable growth of the informal sector
 
−
  operators.
 
−
 The philosophy and principles of Takaful are
 
−
  similar to cooperatives.
 
−
 Takaful requires the needy to be given
 
−
  protection.
 
−
 There is a need for microtakaful in many
 
  
−
A Global reach for
+
=== Published Date ===
−
local strength
+
2016-09-17 01:18:27
−
        Thank you
+
 
−
      www.takaful.coop
+
 
 +
== Full Document ==
 +
 
 +
 
 +
[https://www.hodhood.com/en/HodHoodDocuments/IslamicFinance/Takaful/Microinsurance%20and%20Takaful.pdf Read the Full Document]
 +
 
 +
 
 +
[[Category:Islamic Finance]]
 +
 
 +
[[Category: Takaful]]

Latest revision as of 04:52, 10 November 2017


Top 20 FREQUENT WORDS

takaful 14 microinsurance 10 cooperative 8 cooperatives 8 microtakaful 7 mutual 6 sector 5 principles 4 providing 4 social 4 usd 4 community 3 countries 3 insurance 3 members 3 mutuals 3 operators 3 products 3 providers 3 source 3 technical 3 years 3


DOCUMENT KEY POINTS

  • mutuals cooperative principles mutual principles open and voluntary free association membership one member one vote user must be member limited interest on shares not for profit for the benefit of userquality products members cooperative education personal development
  • cooperative vs
  • in no other region is the absence of microinsurance so evident source the landscape of microinsurance the microinsurance centre
  • a noticeable lack of microinsurance in north africa and the middle east
  • i R took out a month loan of usd from local baitul mal wat tamwil i R insurance premium was taken out with takmin at
  • usd i R ibu iwit passed away a couple months later i R her husband amad age years no income
  • i R there is a need to find avenues to facilitate the sustainable growth of the informal sector operators
  • summary i R cooperatives have for many years being providing insurance to the underserved population


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

25


Published Date

2016-09-17 01:18:27


Full Document

Read the Full Document