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| − | ICMIF
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| − | International Cooperative &
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| − | Mutual Insurance Federation
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| − | www.icmif.org
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| − | Key points
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| − | • About ICMIF
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| − | • Linkage with Takaful concept
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| − | • Avenues for collaboration
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| − | • The development function of ICMIF
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| − | • Importance of insurance to poverty alleviation
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| − | • Providing microinsurance products
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| − | • The need and possibilities in Muslim
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| − | countries
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| − | About ICMIF
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| − | • Established in 1922
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| − | • Not-for-profit voluntary trade association
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| − | • Represents 127 members from 67 countries
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| − | • Member driven
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| − | • “Strengthen and promote the cooperative and
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| − | mutual insurance sector”
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| − | Linkage with Takaful concept
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| − | • Policyholders co-operate among themselves
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| − | for their common good
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| − | • Every policyholder pays his subscription to
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| − | help those that need assistance
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| − | • Losses are divided and liabilities spread
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| − | according to the community pooling system
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| − | • It does not derive advantage at the cost of
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| − | others
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| − | Avenues for collaboration
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| − | • Reinsurance
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| − | • Information
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| − | • Training
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| − | • Establishing Takaful windows with members
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| − | • Development
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| − | ICMIF development function
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| − | • Objectives
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| − | Provide support to small members
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| − | Assist cooperative bodies to establish
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| − | insurance operations
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| − | Increase access to insurance to excluded
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| − | sectors of society
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| − | ICMIF development function
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| − | • Methodology
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| − | ICMIF Fees
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| − | Technical expertise provided by members
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| − | Development projects led by members
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| − | Partnerships with national and international
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| − | donor agencies
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| − | ICMIF development function
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| − | • Progress
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| − | Established 25 people-orientated insurance
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| − | organisations
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| − | Unique Insurance Company – Ghana
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| − | Financial support received for Latin America
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| − | Contract to write guidelines on microinsurance
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| − | Turkmenistan – State Insurance Organisation
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| − | Health Mutual scheme – Mali
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| − | Currently involved in 22 countries
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| − | “Insurance is being
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| − | recognized as an
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| − | important tool for
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| − | poverty alleviation”
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| − | Insurance and Poverty Alleviation
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| − | • The poor are the most vulnerable
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| − | • The impact of losses are more severe
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| − | • They have minimum means of recovery
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| − | • Success of microfinance schemes show the
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| − | poor can and want to save
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| − | • Savings and credit are used unproductively
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| − | • The poor need a safety net to escape poverty
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| − | Providing microinsurance
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| − | The challenges
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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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| − |
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| − | Providing microinsurance
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| − | The possibilities
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| − | • The cooperative microinsurance model
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| − | History of organising the poor
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| − | Operate for the interest of members by
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| − | members
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| − | Trust
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| − | Ownership and loyalty
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| − | Peer pressure
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| − | Surplus reinvested or redistributed
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| − | Providing microinsurance
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| − | • The partner agent model
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| − | No-risk fee for microinsurance provider
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| − | Better coverage for policyholder
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| − | Access to new market
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| − | Pooling of risks between informal and formal
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| − | sector
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| − | Providing microinsurance
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| − | • The donor agent model
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| − | Access to expertise
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| − | Financial sustainability
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| − | Guiding hand
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| − | The need in Muslim countries
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| − | • Social services inadequate or unavailable
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| − | • Large sectors of poverty in many Muslim
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| − | countries
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| − | • Over half of world’s lowest developed countries
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| − | have a majority Muslim population
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| − | • Increasing inequality in Middle East and Gulf
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| − | countries
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| − | “Takaful is the second
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| − | most important social
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| − | institution to counter
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| − | poverty and
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| − | deprivation”
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| − | Omar Fisher,1999
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| − | How can we provide microtakaful
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| − | products?
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| − | • Establish informal microtakaful schemes
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| − | • Encouragement of pro-poor organisations
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| − | • Education of government and donor agencies
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| − | • Involvement of Takaful sector
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| − | Technical expertise
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| − | Financial assistance
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| − | Partner-agent model
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| − | “Bear ye one another’s burden”
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| − | A Global reach for
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| − | local strength
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| − | Thank you for your attention
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