Difference between revisions of "Takaful for Microfinance"

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== 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
 +
 +
 +
== 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


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


Full Document

Read the Full Document

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