@insurance

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ADAMJEE TNSURANCE CO. LTD. . WINDOW TAKAFUL OPERATIONS

SHORT TITLE - These shall be called Participant Takaful Fund Policies.

DEFINITIONS - Following are the definitions of the terminologies used in various

clauses of the PTF Policies.

Accounting Year means financialyear of the Operator.

Board of Directors means board of directors of Adamjee lnsurance Company

Limited.

2.1.

7,2

7.3

1A

2.5

2,6

Commission

Contrib utio n

CompaniesOrdinance

Def icit

Ord ina nce

Ope rator

means the Securities and Exchange Commission ofPakistan (SECP).

means the amount payable by a Participant to an

Operator under a Takaful Contract

means the Companies Ordinance, 1984

means the shortfall in the PTF, that is where theadmissible assets are not sufficient to cover its all

liabilities.

means the lnsurance Ordinance 2000.

means a Window Takaful Operator authorized under

Takaful Rules, 201,2 here in thii case Adamjee lnsurance

Company Limited (Window Takaful Operations) working

in its capacity as a Wakeel thereby operating the PTF'

means a person who participates in a Takaful scheme and

to whom a Tal<aful Contract is issued.

2.7

L.O

2.9 Pa rticipa nt

Pa rticipa ntMembershipDocuments (PMD)

means the documents detailing the benefits

obligations of the Participant under a

Adamjee !nsurance Company LimitedRegistered Office

4th Floor, 27-C-lll, Tanveer Building, M.M. Alam Road, Gulberg-lll, Lahore-54000,Ph: (042) 35772960-79 | Faxr (042) 35772868

Email: info@www.adamieeisurance.com I www adamieeisrrrance rom

2.10ul Con

2.11,

2.1.7

2.18

2.19

2.20

2.L2 Qard-e-Hasna

2.1.3 Re-Ta kaf u I

2,1,4 Settl o r

2.15 Shariah Advisor

2.1,6 Window Tal<aful

Operator's Fund

Participant Tal<aful

Fund (PTF)

Supplementa ryDeeds

Takaful Rules

Waqf Fund

Waqif

means a separate fund set up into which the participant'srisk related contributioni are paid and from which riskrelated benefits are paid out here in this case it is

Adamjee lnsurance Company Limited (Window TakafulOperations) - Participant Takaful Fund established underthe PTF / Waqf Deed.

means an interest-free loan to the PTF from theOperator's Fund, when the PTF is in deficit and

insufficient to meet its Iiabilities.

means arrangement for re-Takaful of liabilities in respectof risks accepted by the Operator in the course of carryingon Tal<aful business and includes ceding risks fromParticipant Takaful Funds to Re-Takaful Operator(s).

means Adamjee lnsurance Company Limited (WindowTakaful Operations) in its capacity as Settlor of the TrustFund and / or Waqif of Waqf money through initialceding. The term Settlor or Operator may be used

intercha ngeably.

means Shariah Advisor of the Operator or a committee orBoard comprising more than one Shariah Advisorsworl<ing in such capacity appointed by the Adamjeelnsurance Company Limited (Window Takaful

Operations) under Rule 26 of the Takaf ul Rules, 2012.

means a Fund setup by a Window Takaful Operatorwhich shall undertake all transactions which theOperator undertakes other than those which pertains toParticipants Takaful Fund setuil for the Window Takaful

Operations.

means any Supplementary Deed of the PTF/Waqf Deed

created under clause 8.4 of this Deed.

means Takaful Rules, 20L2, issued by SECP

successor for the time being in force).

see Participant Takaful Fund.

see Settlor.

bAdamjee lnsurance Company Limited

Registered Office4th Floor, 27-C-lll, Tanveer Building, M.M. Alam Road, Gulberg-lll, Lahore-54000, Pakistan

Ph: (042) 35772960-79 | Fax: (042) 35772868Email: info@www.adamieeisurance.com I www adamipeiqrrrannp com

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lnsuranceUnless the context otherwise requires, words or expressions contained in this policies shallhave the same meaning as in the Companies Ordinance, 1984, lnsurance ordinance,2000and Tal<aful Rules; and words importing the singular shall include the plural, and vice versa,and words importing the masculine gender shall include feminine, and words importingpersons shall include corporate entities,

3. RISI( COVEREDAND BENEFITS PAYABLE BY PTF

3'1 t- '" ermitted to General Takaful Business

under the lnsurance Ordinance, 2000 and Takaful Rules, 2012.

3.2 The type of risl< covered shall be approved by the Shariah Advisor of the Company.

3 3 ffi ifi:1 :;.;'J" :"J::"JJ:',il'i'*il; .ii:*.:,T:;#i:,::,::H:,_T, il:lnsurance Ordinance, 2000.

(a) For direct and facultative re-takaful business;(i) Class 1 being fire and property damage business;(ii) class 2 being marine, aviation and transport business;(iii) Class 3 being motor third party compulsory business;(iv) Class 4 being liability business;(v) Class 5 being workers,,compensation business;(vi) Class 6 being credit and surety-ship business;(vii) Class 7 being accident and health business;(viii) Class B being agriculture insurance including crop insurance; and(ix) Class 9 being miscellaneous business;

(b) For treaty re-takaful business:(i) Class 10 being proportional treaty business; and(ii) Class i.i. being non-proportional treaty business.

:

3.4 The list of events and Benefit to be payable to the participant shall be covered indetail in the respective type of PMDs according to the nature of the Risk underallowed classes.

3'5 The event upon which the benefits from PTF would be payable shall be according tothe terms and condition to be defined in the relevant PMDs including the exclusion of theevent if any. Any deviation may be allowed with the specific approval of Shariah Advisor.

The benefits payable shall be strictly determined under the laws, tconditions agreed with Participants and according to the shariah princj

Adamjee lnsurance Company LimitedRegistered Office

4th Floor, 27-C-lll, Tanveer Building, M.M. Alam Road, Gulberg-lll, Lahore-54000,Ph: (042) 35772960-79 | Fax: (042) 35772868

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P,tffi""i3.6

Pakistan

mSUfan(Q ftrere shall be paid into the PTF all receipts of the operator property attributable tothe business to which the PTF relates (including the income of the pTF), and theassets comprised in the PTF shall be utilized only to meet such part of the pTF,s

llabilities and expenses as is properly so attributable. Any deviation shall be subject tothe specific approval of Shariah Advisor.

4.2. Total contribution including the risk related component of contributions andoperator's fees shall be credited to the PTF and from which benefits shall be paidout and Operator's fee shall be paid in accordance with these pTF policies.

The Operator shall assess, classify, and determine risk prudently in accordance withsound underwriting guidelines and Shariah principles.

The Operator shall be entitled to appoint intermediaries for soliciting subscribers orparticipants or members and to perform such functions necessary and incidentalthereto.

The Operator shall perform all functions necessary for the operations of the pTF,

including but not limited to:

a) Receiving contributions from the participants;b) Utilizing these contributions for the benefits for allthe participants;c) Acting as Modarib or Wakeel in order to manage the funds in the best

interest of the pTF; and

d) To define, design, implement, manage, administer, run, control, govern,modify Takaful schemes for the benefits of all the participants, whetherexisting or prospective, with the approval of shariah Advisor.

The Takaful Operator shall be required to invest his available funds in the pTF in anymodes and products that adhere to principles established by the Shariah and allsuch modes and products shall be approved by the Shariah Advisor. The guidelinesprovided by the Takaful Rules and the Shariah Advisor shall be followed forinvestments of the funds in the pTF, including:

t1 )a. J,

4.4.

4.5.

4.6,

a)

b)c)d)e)

Sha riah compliant government securities;lmmoveable property;Equity instruments of Joint Stock Companies;Shariah compliant in redeemable capital and Sukuk; andPlacement of excess funds with various instruments of lslamic financialinstitutions particularly lslamic banks and lslamic mutual funds.

Adamjee lnsurance Company LimitedRegistered Office

4th Floor, 27-C-lll, Tanveer Building, M.M. Alam Road, Gulberg-lll, Lahore-54000, PakistanPh: (042) 35772960-79 | Fax: (042) 35772868

Email: info(Owww adamipe islrrAn.e .om I www edamiceisrrrance rom

4.7.

4.8.

Takaful Operator shall appoint a Shariah Compliance. Auditor in accordance with theTakaful Rules who will conduct its audit for each accounting period, which shall be

conducted before the close of accounts and annual audit to make the adjustments

advised by the Shariah Compliance Auditor.

The Operator shall not accept any risk in respect of any general business unless and

until the contribution payable is received by the Operator or is guaranteed to be paid

by such person. Provided, where the contribution payable, as aforesaid is received by

any person, including a Tal<aful agent or a Takaful broker, on behalf of the Operator,

such receipt shall be deemed to be receipt by the operator for the purposes

aforesaid and the onus of proving that the contribution payable was received by aperson, including a Tal<aful broker, who was not authorized to receive such

contribution shall lie on the operator. Provided further, any benefit, which may

become due to a participant on account of the cancellation of a policy or alteration in

its terms and conditions or for any other reason shall be paid by the Operator, fromthe PTF, directly to the participant and a proper receipt shall be obtained by theOperator from the participant and such payment shall under no circumstances be

paid or credited to any other person, including a Takaful broker.

4.9 The Operator shall deduct Operator's fee as per defined ratio approved by Shariah

Advisor out of the Contribution credited into the PTF under this policy. Such fee shall

be based on the Wakala principle since the Operator hereby acts as a Wakeel of theFund. The Wakala Fees shall be credited to the Operators Fund and remainingportion shall be remained credited in the Participant Takaful Fund. The rate ofWakala Fees shall be approved by the Shariah Advisor.

4.tO The Operator shall act as a Mudarib or Wakeel for the purpose of managing theinvestment of the participant's Contribution. As such, the Operator stands entitled toa Mudarib share or Wakalatul lstismar fee in the investment income subject toapproval by the Shariah Advisor.

4.1"1,

Adamjee lnsurance Company [imitedRegistered Office

4th Floori 27-C-lll, Tanveer Building, M.M. Alam Road, Gulberg-lll, Lahore-54000, PakistanPh: (042) 35772960-79 | Fax: (042) 35772868

Email: info@www.adamieeisurance.com I www.adamieeisurance-com

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As a contingency reserve (over and above the technical provisions)

For meeting solvency level under the lnsurance Ordinance, 2000

and Takaful Rules, 2012

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msurance4'1'2 The remaining portion of the surplus may be distributed to participants in proportion

to the contributions to the PTF net of any risk related claims which they may havecredited during the under evaluation period in accordance with the approvedSurplus Distribution Mechanism and Policy approved by the Shariah Advisor.

4.13 For this purpose the Commission is also empowered to develop and issue theSurplus Distribution Mechanism for the General Takaful operator which shall also becomplied by the Operator in supersession of the Company's Surplus DistributionMechanism.

4.14 ln the case of deficit within the prF, the operator herebyQard-e-Hasana to the pTF to eliminate the Deficit andrequirement of the Takaful Rules, 2012.

undertakes to provide

to meet the solvency

4'15 The amount of Qard-e-Hasana shall be re-payable to the operator in the event of theSurplus subject to the meeting the solvency requirement,

4.1,6 For this purpose the Commission is also empowered to develop and issue theSurplus Distribution Mechanism for the General Takaful Operator which shall also becomplied with by the Operator.

5. DISSOLUTION

5.2. ln case of discontinuation of the Window Takaful Operation of the Adamjeelnsurance Company Limited, the Participant Takaful Fund may be transferred to otherauthorized Takaful Operator under the Takaful Rules, 2012.

5.2. lf PTF is transferred to another authorized operator, theh balance of all the assetsand liabilities shall be transferred.

5.3. lf in case it is required to discharge all the existing liabilities before the transfer ofsuch fund than firstly shall pay the entire liability and then if there is a surplus, itwould be used to repay any remaining payment of eard_e_Hasna. lf the surplus is notsufficient to repay the entire liability, it would be repaid to the extent that there is asurplus in the PTF. lf there is a surplus even after paying the liabilities and eard-e-Hasna, it would either be distributed to the participants in a manner as advised by thShariah Advisor.

Adamjee lnsurance Company LimitedRegistered Office

4th Floor, 27-C-lll, Tanveer Building, M.M. Alam Road, Gulberg-lll, Lahore-54000,Ph: (042) 35772960-79 | Fax: (042) 35772868

Email: infot@www adamiepislrrAncp .om I www ademipeisrrranrc com

ffi.

Pakistan

rnsuranceHowever, in the above clause, if the Operator has created(before settlement of eard-e-Hasna) in any sub-fund wourddeficit in any other sub-fund, if any.

sub-funds, the surplus

first be used to offset

5.6.

5.7.

tl. 1.

5.5.

6.2.

lf the valuation shows that the PTF is not sufficient to pay the participants, liabilities,the deficit would be funded by the operator from its paid-up capital and reserves, inform of a donation for which the operator hereby undertakes.

The cede amount would be transferred, with the approval of the shariah Advisor, toanother PTF or any other waqf, formed for similar or any other purpose. However,the shareholders of the operator shall not be entitled to any of the aforesaidamounts.

The Adamjee lnsurance Company Limited (window Takaful operation) shall complywith the requirement that may be prescribed by the commission for the purpose ofdissolution of the ptf .

GENERAL

These PTF Policies shall be governed by the applicable laws of the tslamic Republic ofPakistan to the extent that these laws do not conflict with the principles of shariah(as interpreted by the Shariah Advisor) in which case the principles of Shariah shallprevail.

The operator shail have the right to modify, change, add, subtractthese as may be deemed necessary in the light of the waqf/plF Deed and with thedue approval of Shariah Advisor.

Shariah Advisor

Mufti Muhammad Hassaan Kaleem

Adamjee lnsurance Company LimitedRegistered Office

4th Floor, 27-C-lll, Tanveer Building, M.M. Alam Road, Gulberg-lll, Lahore-54000, PakistanPh: (0a2) 35772960-79 I Fax: (042) 35772868

Email: info@www.adamieeisurance.com I www.adamieeisurance.com

\,

w"{r ?*L' tT.% *,ryyru*\l

Mr, Muhamad AliZeb

4;::h2. Orfice ;orK. y