ReTakaful by Rohail Ali Khan
From HodHood
Contents
Top 20 FREQUENT WORDS
takaful 68 business 40 ptf 34 mian 30 sibghat 30 dot 29 gmail 29 mslaw 29 august 28 operator 27 rules 26 surplus 20 participants 15 insurance 14 investment 12 shariah 11 contributions 10 fund 10 operators 9 risk 9 shareholders 9
DOCUMENT KEY POINTS
- august mian sibghat mslaw
- pk gmail dot com
- august mian sibghat mslaw
- pk gmail dot com
- islamic banking finance partner mian sibghat advocates legal consultants islamabad
- presented by sibghatullah ahsan ll
- regulatory framework of takaful business in pakistan i R sources i R insurance ordinance i R takaful rules i R insurance rules made by federal govt
- i R insurance rules made by secp august mian sibghat mslaw
- regulation of takaful business i R the takaful business in pakistan shall be governed by i R insurance ordinance i R takaful rules i R insurance rules insurance rules i R securities and exchange commission of pakistan insurance rules secp rules i R if there is a conflict between takaful rules and insurance rules or secp rules the provisions of takaful rules shall prevail august mian sibghat mslaw
- pk gmail dot com
- introduction to takaful rules i R in conformity with the insurance ordinance takaful rules also prohibit composite business ie no company can conduct life and non life business at a time i R a company can either do life business or non life business section of the ord
- rule of takaful rules august mian sibghat mslaw
- takaful business defined i R takaful business means business of takaful whose aims and operations do not involve any element which is not in consonance with the injunctions of islam as laid down in shariah i R the takaful rules do not define the word takaful august mian sibghat mslaw
- pk gmail dot com
- under section of the insurance ordinance i rules are applicable to takaful companies in addition to insurance rules and the securities and exchange commission insurance rules i the rules came into force at once on th september mian sibghat august mslaw
- introduction to takaful rules i rules are made by the federal govt
- who can do takaful business i R takaful business can only be carried on by i R a public company or i R a body corporate incorporated under the laws of pakistan i R other conditions i R no existing company doing conventional business can do takaful business i R however an existing non life company may convert its conventional business to takaful business within one year from the start date
- conventional licence will be cancelled automatically august mian sibghat mslaw
- classes of business life a non life non life i R a ordinary life business i R b capital redemption business i R c pension fund business and i R d accident and health business
- pk gmail dot com
- pk gmail dot com
- registration of takful operators i R no company to operate without registration i R registration through application in writing urdu or english i R application shall contain information and be accompanied by documents reports certificates as prescribed by section and r
- sec rules see annexf takaful alhu annex doc
- shariah supervision i R every takaful operator will have a shariah board of not less than three members i R there will be central shariah board appointed by secp august mian sibghat mslaw
- pk gmail dot com
- operational model t investment a k portion a f u l risk f wakala u portion n wakalah agreement d participant operator investment fund august mian sibghat mslaw
- pk gmail dot com
- participants takaful fund ptf i R a separate risk pool to which the participants risk related contributions are paid and from which risk related benefits are paid out i R a separate participants takaful fund ptf shall be created within the takaful business statutory fund to which the risk related component of contributions and takaful operator s fees shall be credited and from which benefits shall be paid out
- i R the objectives of the ptf shall be to provide relief to participants against defined losses as per the ptf rules and the pmd august mian sibghat mslaw
- income of the ptf i R contributions received from participants other than the portion transferred to the pif under family takaful policies including takaful operator s fees which should be a part of the contributions i R claims received from re takaful operators and reinsurers i R investment profits generated by the investment of funds and other reserves attributable to participants in the ptf i R salvages and recoveries i R qard e hasna by the shareholders fund to the ptf in case of a deficit i R commission received from re takaful operators and reinsurers and i R any donation made by the shareholders
- pk gmail dot com
- all expenses to be charged to the ptf other than benefit payments shall need to be defined in the ptf rules and the pmd i R re takaful and reinsurance costs i R takaful operator s fees which shall not be determined with reference to the surplus in the ptf i R a share of investment profits of the ptf as mudarib s share or a percentage of the funds as wakala fees for investment management or any other combination thereof approved by the appointed actuary in the case of family takaful operator and shariah board of the takaful operator i R surplus distributed to participants and i R return of qard e hasna to the shareholders fund august mian sibghat mslaw
- outgo from the ptf i R losses settled related to participants risks and expenses directly related to settlement of claims such as surveyors fees etc but not including any office expenses
- reserves i R subject to the provisions of the ordinance technical reserves required to be set up in the ptf shall consist of all of the following reserves or any one of them or any combination of two or more of them or such other reserves as the appointed actuary of the takaful operator may require to be provided namely i R a unearned contributions reserves i R b incurred but not reported reserve i R c deficiency reserve i R d contingency reserve i R e reserve for qarde e hasna to be returned in future and i R f surplus equalization reserve august mian sibghat mslaw
- pk gmail dot com
- i R the other relationship with the takaful operator shall be that of either mudarib or wakeel or both where in the case of the ptf the takaful operator shall also act either as mudarib or wakeel or both to the ptf
- i R the shareholders shall provide an undertaking to the ptf to provide the members benefits in the event that there is a deficit in the ptf at any point by giving a qard e hasna to the ptf
- at least once in year i R surplus at each valuation date shall be made up of technical results and investment returns related to the ptf i R surplus total contributions to ptf total value of claims paid claims received from retakaful and reinsurance and recoveries takaful operators fees commission paid to intermediaries and change in the technical reserves august mian sibghat mslaw
- sharing surplus i R at the end of each financial year the takaful operator shall evaluate the assets and liabilities of the ptf and determine whether the operation for that particular period had produced a surplus or a deficit for sharing amongst the participants
- the rest of the surplus shall be distributed to participants in proportion to the contributions to the ptf net of any risk related claims which they may have received during the intervaluation period i R in the case of general takaful business the distribution of surplus shall be after each valuation
- contracts completing their risk period in the accounting year for which the valuation is done shall be taken into account for surplus distribution based on the results of the previous valuation
- the determination of surplus shall consider the method of surplus distribution i R a takaful operator may compute the distributable surpluses on the basis of the combined results of all the classes of business or calculate the surpluses separately for each class
- surplus continued i R in the case of family takaful business the urplus distribution may be done after each actuarial valuation or it may be distributed only to those participants who actually leave the risk pool by way of termination of membership which may be due to the payment of benefits as per the pmd or otherwise
- surplus continued i R the takaful operator may distribute surplus either in cash or adjust against future contributions or in the case of family takaful contracts credit the surplus to the pia
- however in the case that a member does not wish to continue as a participant in the ptf it shall be necessary to pay surplus to such member based on his entitlement
- however investments in non shariah compliant preferred stocks debentures and interest based redeemable capital securities are not allowed i R the takaful operators may invest a portion of their funds in liquid or short notice deposits schemes of islamic banks and their branches or other islamic financial institutions placements in pls saving accounts of islamic banks and placement in current accounts of traditional banks without any return thereon i R the takaful operators may make arrangements with the islamic banks operating in pakistan to directly finance under musharika murabaha ijara lease salam istisna contracts approved by the commission august mian sibghat mslaw
- investments i R the takaful operator may invest its funds in joint stock companies
- however in case of investment in redeemable capital it shall be necessary that the certificates are issued in compliance with the islamic injunctions and the scheme of their issue be examined by the shariah board of the takaful operator
- the takaful operators may invest their funds in shariah compliant instruments like musharika certificates term finance certificates tfcs participation term certificates ptcs etc
- management and marketing expenses i R all the administrative and management expenses of the takaful operator except those enumerated under sub rule of rule shall be borne by the shareholders in consideration of receiving a stipulated proportion of the gross contributions to the ptf by way of takaful operator fee
- i R all expenses of takaful business shall form part of the expenses of takaful business statutory fund for family takaful operators and shareholders fund for general takaful operators
- august mian sibghat mslaw
- pk gmail dot com
- contact sibghatullah ahsan advocate high court mian sibghat advocates legal consultants off
- a st floor azeem mansion block e fazal e haq road blue area islamabad
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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
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DOCUMENT REFERENCES
Number of Pages
28
Published Date
2016-09-17 01:18:52
