Difference between revisions of "Takaful for Microfinance"
From HodHood
(Imported from text file) |
m (Text replacement - "http://45.40.136.134/~hodhood/" to "https://www.hodhood.com/en/") |
||
| (2 intermediate revisions by the same user not shown) | |||
| Line 1: | Line 1: | ||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | + | == Top 20 FREQUENT WORDS == | |
| − | + | takaful 79 | |
| − | + | insurance 30 | |
| − | + | waqf 27 | |
| + | islamic 21 | ||
| + | fund 17 | ||
| + | participant 16 | ||
| + | contract 13 | ||
| + | profit 13 | ||
| + | surplus 11 | ||
| + | business 10 | ||
| + | investment 10 | ||
| + | model 9 | ||
| + | operational 9 | ||
| + | participants 9 | ||
| + | based 7 | ||
| + | shareholders 7 | ||
| + | expenses 6 | ||
| + | loss 6 | ||
| + | products 6 | ||
| + | account 5 | ||
| + | countries 5 | ||
| + | financial 5 | ||
| + | management 5 | ||
| + | muslim 5 | ||
| + | payment 5 | ||
| + | profits 5 | ||
| + | psa 5 | ||
| + | risk 5 | ||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | + | == DOCUMENT KEY POINTS == | |
| − | + | *all human activities are subject to risk which may lead to financial or physical losses to him | |
| − | + | *risk and insurance risk and uncertainty are fundamental facts of life | |
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | + | *a those who accept the concept of insurance but find prohibited elements in its present practice | |
| − | + | *shariah position of insurance opinion of shariah scholars is divided on insurance | |
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | + | *a council of grand ulama of saudi arabia a majlis tahqiqat e shari yah lucknow india a islamic fiqh academy of rabita alaa lam e islami a al majma al fiqhi alislami of oic a council of islamic ideology pakistan | |
| − | + | *rulings of collective fiqhi bodies about insurance a islamic research institute of al azhar uni | |
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | + | *islamic substitute i the islamic substitute of conventional insurance according to these fiqhi bodies may be some scheme based on mutual cooperation and joint responsibility | |
| − | + | *i that alternative is introduced under the title of takaful in recent past | |
| − | |||
| − | |||
| − | |||
| − | |||
| − | + | *takaful pioneers i takaful started some years ago in the middle east with the launching of two companies in a the islamic arab insurance co | |
| − | + | *of sudan i but it took some time for the movement to take shape | |
| − | + | *i this was instrumental in the successful launching of the takaful movement in malaysia and in other countries of south east asia | |
| − | + | *takaful pioneers i later in malaysia played a pioneering role in setting the first legal framework specific to takaful takaful act malaysia | |
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | + | *other islamic takaful legislations i other markets such as the sudan and iran have islamic regulatory environments and became naturally takaful markets | |
| − | + | *i in the gulf countries specific takaful legislations are coming through in bahrain and in saudi arabia | |
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | + | *takaful drivers i islamic banks and financial institutions play a strategic and important role in the distribution of takaful products especially life takaful products | |
| − | + | *i just as bancassurance played an important role in the distribution of personal lines insurance products bancatakaful is an important driver for takaful | |
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | + | *on average i world takaful contributions are conservatively estimated at around us billions of which a general takaful a family takaful | |
| − | + | *takaful premium i takaful is one of the fastest growing segments in insurance at around pa | |
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | + | *the members of the group agree to guarantee jointly that should any of them suffer a catastrophe or disaster he would receive certain sum of money to meet the loss or damage | |
| − | + | *in a practical sense takaful can be visualized as a method of joint guarantee among a group of members or participants against loss or damage that may inflict upon any of them | |
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | + | *working of the takaful business the malaysian case i takaful business is based on the concepts of mudarabah and tabarru | |
| − | + | *i in family takaful each takaful installment is divided and credited into two separate accounts namely the participants account pa and the participants special account psa | |
| − | |||
| − | |||
| − | |||
| − | + | *expenses takaful contract investment profit based on mudarabah pa pa payment from pa participant ftf payment from psa psa psa | |
| − | + | *mudarabah model profit attributed family takaful to shareholders company company s admin manag | |
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | + | *payment of claims should the participant die or suffer permanent and total disability in the fifth year of participation takaful benefit will be paid in the following manner i i | |
| − | + | *from participant s account rm rm x profit if any say rm i ii | |
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | |||
| − | A | + | *in case the partcipant survived should the participant survive until the maturity of his ftp payment of takaful benefit will be made to him as follows i |
| − | + | *from his participant s account rm rm x profit from investment rm ii | |
| − | + | ||
| − | + | *i in technical meaning waqf means to allocate or donate some property or cash for a specific purpose to get pleasure of allah and not to let it go through consumption or sale | |
| + | *i the waqf property comes into ownership of allah swt and waqif will have no property rights on it | ||
| + | |||
| + | *i waqf may be general purpose or specific purpose like waqf a ala al aulad or waqf a ala al aqarib | ||
| + | *i waqif has right to set the rules for waqf and manage the waqf | ||
| + | |||
| + | *i the objectives of the waqf fund would be to provide relief to participants against defined losses as per the rules of the waqf fund | ||
| + | *i the donation can be of any reasonable amount shariah board may specify such an amount | ||
| + | |||
| + | *the operator is the wakeel of the waqf fund and the participants pay one sided donation to the waqf fund not conditional which also eliminates the issue of gharar | ||
| + | *the waqf fund rules may define the sharing of surplus and other rules under which it would operate but there is no obligation to distribute surplus | ||
| + | |||
| + | *i a two digit growth in the range of to can be reasonably sustained for at least the next years in the existing markets far and middle east | ||
| + | *billions of which around are based in asia and africa | ||
| + | |||
| + | *conclusions i despite the challenges facing this new industry exciting times are ahead once the latent potential is unleashed | ||
| + | *i the success of takaful largely depends on that of islamic financial institutions on a global basis | ||
| + | |||
| + | |||
| + | ''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 === | ||
| + | 46 | ||
| + | |||
| + | |||
| + | === Published Date === | ||
| + | 2016-09-17 01:20:24 | ||
| + | |||
| + | |||
| + | == Full Document == | ||
| + | |||
| + | |||
| + | [https://www.hodhood.com/en/HodHoodDocuments/IslamicFinance/Takaful/Takaful%20Concepts%20and%20Models%20by%20Atiquzzafar%20Khan.pdf Read the Full Document] | ||
| + | |||
| + | |||
| + | [[Category:Islamic Finance]] | ||
| + | |||
| + | [[Category: Takaful]] | ||
Latest revision as of 04:52, 10 November 2017
Contents
Top 20 FREQUENT WORDS
takaful 79 insurance 30 waqf 27 islamic 21 fund 17 participant 16 contract 13 profit 13 surplus 11 business 10 investment 10 model 9 operational 9 participants 9 based 7 shareholders 7 expenses 6 loss 6 products 6 account 5 countries 5 financial 5 management 5 muslim 5 payment 5 profits 5 psa 5 risk 5
DOCUMENT KEY POINTS
- all human activities are subject to risk which may lead to financial or physical losses to him
- risk and insurance risk and uncertainty are fundamental facts of life
- a those who accept the concept of insurance but find prohibited elements in its present practice
- shariah position of insurance opinion of shariah scholars is divided on insurance
- a council of grand ulama of saudi arabia a majlis tahqiqat e shari yah lucknow india a islamic fiqh academy of rabita alaa lam e islami a al majma al fiqhi alislami of oic a council of islamic ideology pakistan
- rulings of collective fiqhi bodies about insurance a islamic research institute of al azhar uni
- islamic substitute i the islamic substitute of conventional insurance according to these fiqhi bodies may be some scheme based on mutual cooperation and joint responsibility
- i that alternative is introduced under the title of takaful in recent past
- takaful pioneers i takaful started some years ago in the middle east with the launching of two companies in a the islamic arab insurance co
- of sudan i but it took some time for the movement to take shape
- i this was instrumental in the successful launching of the takaful movement in malaysia and in other countries of south east asia
- takaful pioneers i later in malaysia played a pioneering role in setting the first legal framework specific to takaful takaful act malaysia
- other islamic takaful legislations i other markets such as the sudan and iran have islamic regulatory environments and became naturally takaful markets
- i in the gulf countries specific takaful legislations are coming through in bahrain and in saudi arabia
- takaful drivers i islamic banks and financial institutions play a strategic and important role in the distribution of takaful products especially life takaful products
- i just as bancassurance played an important role in the distribution of personal lines insurance products bancatakaful is an important driver for takaful
- on average i world takaful contributions are conservatively estimated at around us billions of which a general takaful a family takaful
- takaful premium i takaful is one of the fastest growing segments in insurance at around pa
- the members of the group agree to guarantee jointly that should any of them suffer a catastrophe or disaster he would receive certain sum of money to meet the loss or damage
- in a practical sense takaful can be visualized as a method of joint guarantee among a group of members or participants against loss or damage that may inflict upon any of them
- working of the takaful business the malaysian case i takaful business is based on the concepts of mudarabah and tabarru
- i in family takaful each takaful installment is divided and credited into two separate accounts namely the participants account pa and the participants special account psa
- expenses takaful contract investment profit based on mudarabah pa pa payment from pa participant ftf payment from psa psa psa
- mudarabah model profit attributed family takaful to shareholders company company s admin manag
- payment of claims should the participant die or suffer permanent and total disability in the fifth year of participation takaful benefit will be paid in the following manner i i
- from participant s account rm rm x profit if any say rm i ii
- in case the partcipant survived should the participant survive until the maturity of his ftp payment of takaful benefit will be made to him as follows i
- from his participant s account rm rm x profit from investment rm ii
- i in technical meaning waqf means to allocate or donate some property or cash for a specific purpose to get pleasure of allah and not to let it go through consumption or sale
- i the waqf property comes into ownership of allah swt and waqif will have no property rights on it
- i waqf may be general purpose or specific purpose like waqf a ala al aulad or waqf a ala al aqarib
- i waqif has right to set the rules for waqf and manage the waqf
- i the objectives of the waqf fund would be to provide relief to participants against defined losses as per the rules of the waqf fund
- i the donation can be of any reasonable amount shariah board may specify such an amount
- the operator is the wakeel of the waqf fund and the participants pay one sided donation to the waqf fund not conditional which also eliminates the issue of gharar
- the waqf fund rules may define the sharing of surplus and other rules under which it would operate but there is no obligation to distribute surplus
- i a two digit growth in the range of to can be reasonably sustained for at least the next years in the existing markets far and middle east
- billions of which around are based in asia and africa
- conclusions i despite the challenges facing this new industry exciting times are ahead once the latent potential is unleashed
- i the success of takaful largely depends on that of islamic financial institutions on a global basis
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
46
Published Date
2016-09-17 01:20:24
