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| − | Family Takaful
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| − | Products & Services
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| − | By
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| − | P. Ahmed, Director & CEO
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| − | Pak-Qatar Family Takaful Limited
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| − | Lahore- August 25, 2008
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| − | FAMILY TAKAFUL
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| − | What is Family Takaful?
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| − | • It is an Islamic alternative to conventional life
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| − | insurance
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| − | • The concept is based on the principles of Risk
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| − | Sharing (as opposed to Risk Transfer)
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| − | • Life cannot be insured but the beneficiaries can
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| − | be financially supported by a system of mutual
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| − | assistance
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| − | FAMILY TAKAFUL
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| − |
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| − | How does it function?
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| − | • Participants pool their savings into two separate accounts with the
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| − | FT Operator
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| − | – Into Waqf Pool:
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| − | • As taburru: to eliminate Riba and make Gharrar & Qimar
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| − | ineffective
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| − | • Nobody owns the Waqf Pool;The FT Operator acts as its
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| − | Wakeel
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| − | • All claims are paid from the Waqf Pool
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| − | – Into Participants Investment Account:
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| − | • Which is unit-linked
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| − | • Contributions are invested to generate Halal profits for
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| − | members
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| − | FAMILY TAKAFUL
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| − |
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| − | The Local Family Takaful Industry
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| − | • Pioneers: Pak-Qatar Family Takaful Limited
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| − | • Players Strength: Currently 2, with 1 more to arrive
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| − | in near future
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| − | • Regulations:
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| − | – Only dedicated companies can operate; no window
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| − | operations allowed
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| − | – Paid-up Capital requirement: Rs. 500 million
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| − | – The Wakala-Waqf Model is being followed
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| − | – Regulated by Takaful Rules 2005 and Insurance
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| − | Ordinance 2000
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| − | • Legal: All Family Takaful companies are Regulated by
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| − | S.E.C.P
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| − | • Shari’ah Board: An Independent Shari’ah Board
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| − | supervises business operations and product
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| − | FAMILY TAKAFUL
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| − | development for Shari’ah compliance
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| − |
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| − | Penetration of Life Insurance in
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| − | Pakistan
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| − | • The graph below shows the penetration of life insurance
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| − | products in Pakistan and other regional countries:
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| − | 4.50%
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| − | 3.95%
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| − | 4.00%
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| − | 3.50%
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| − | 2.95%
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| − | 3.00%
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| − | 2.50%
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| − | 2.00%
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| − | 1.50%
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| − | 0.89% 1.00%
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| − | 0.36% 0.50%
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| − | 0.00%
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| − | Malaysia - GDP $4762 Indonesia - GDP $1186 India - GDP $621 Pakistan - GDP $519
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| − | FAMILY TAKAFUL
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| − |
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| − | There is a Gap !!!!!!
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| − | Public
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| − | Needs
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| − | Present Financial
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| − | Public Gap!!! Protections Tools
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| − | Beliefs
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| − | Public
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| − | Awareness
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| − | FAMILY TAKAFUL
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| − |
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| − | Bridging the Vital Gap
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| − | • Family Takaful can bridge this gap by
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| − | – Creating Awareness amongst public regarding
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| − | risk mitigation and long terms saving
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| − | – Offering need-based products and services
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| − | – By maintaining high level of service quality
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| − | and ethical standards
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| − | FAMILY TAKAFUL
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| − |
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| − | Products & Services Available
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| − | Group
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| − | Healthcare for
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| − | Employees
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| − | Corporate
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| − | customers Salary
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| − | Continuation in
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| − | Retirement case of
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| − | Income plans employee’s Death
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| − | or disability
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| − | FAMILY TAKAFUL
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| − |
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| − | Products & Services Available
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| − | Savings and
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| − | Protection
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| − | Plans
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| − | Education Individual Retirement
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| − | Plan Customers Income Plan
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| − | Mortgage
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| − | Takaful
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| − | FAMILY TAKAFUL
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| − |
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| − | Value Propositions in Family Takaful
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| − | • Usability
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| − | – Win-Win:
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| − | • The only protection + savings tool available. Not only does
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| − | it provide financial protection against specific risks, it also
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| − | generates Halal profits
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| − | – Surplus Sharing:
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| − | • Surplus shared between participants who did not make any
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| − | claims
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| − | – Non-discriminatory: (FT is for everyone)
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| − | • UHNWI , HNWI
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| − | • Corporate
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| − | • Mass Affluent
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| − | • Poor & Needy
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| − | – Affordable:
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| − | • Cost-effective Takaful solutions available for every segment
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| − | of the society
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| − | FAMILY TAKAFUL
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| − |
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| − | Value Propositions in Family Takaful
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| − | • Reliability & Credibility
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| − | • SECP:
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| − | • All FT Companies are registered and supervised by SECP as
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| − | per the rules defined in Takaful Ordinance 2005
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| − | • Shari’ah Board:
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| − | • An independent Shari’ah Board comprising of world-
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| − | renown Scholars supervises all business operations and
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| − | product development for Shari’ah compliance
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| − | • Market Capitalization:
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| − | • High paid-up capital requirements ensures only serious
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| − | and dedicated operators enter the Takaful market
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| − | • Heavy investments in technology and human capital as a
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| − | result
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| − | • ReTakaful:
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| − | • ReTakaful arrangements with global companies such as
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| − | Munich Re which is a ‘AAA’ company
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| − | FAMILY TAKAFUL
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| − |
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| − | Through Family Takaful, we will be
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| − | • Promoting brotherhood, mutual cooperation and
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| − | solidarity between members of community
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| − | • Promoting the cause of Islamic Economics &
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| − | Finance in Pakistan
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| − | • Fighting against poverty, destitution and
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| − | dependency, by promoting self dependency
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| − | • Promoting ethics and complete transparency in
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| − | business processes
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| − | • Tapping the untapped potential of life insurance
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| − | market in Pakistan
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| − | FAMILY TAKAFUL
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| − |
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| − | Jazaakumullah Khairan
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| − | FAMILY TAKAFUL
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