capt. m. jamil akhtar khan acii, mcit, master mariner chief executive officer email:...
TRANSCRIPT
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Capt. M. Jamil Akhtar Khan ACII, MCIT, Master Mariner
Chief Executive Officer
Email: [email protected]
TAKAFUL PAKISTAN LIMITED
Partnering with people
Introduction toTakaful
&MicroTakaful
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Contents
• Introduction
• Benefits of MicroTakaful
• The Takaful advantage
• Global Landscape
• Takaful Products
• Prospects in Pakistan
• Initiatives by Takaful Pakistan
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Introduction
• The word ‘Takaful’ has been derived from the Arabic root word ‘ Kafala’ meaning ‘mutual guarantee’.
• It is risk-sharing instead of risk-transfer.
• Takaful is a practical manifestation of the Quranic injunction for mutual co-operation and assistance for the common good/benefit.
• It encompasses the predominant elements of social good, brotherhood and solidarity – founded on the core Shariah principles.
• By doing so, one gets benefited – from cradle to grave and even in the Hereafter!
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Introduction
Micro-insurance defined:“Risk-pooling products that are designed to be appropriate for
the low-income market in relation to cost, terms, coverage, and delivery mechanisms”.
MicroTakaful refined:“A mechanism to provide Shariah-based protection to the blue
collared, under-privileged individuals at an affordable cost”.
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Benefits of MicroTakaful
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The Takaful Advantage
InvestmentIncome
Operational Cost of Takaful
/ ReTakaful
Claims &Reserves Surplus
(Balance)
P A R T I C I P A N T S’ T A K A F U L F U N D (P.T.F.)
Mudarib’s Share of PTF’s
Investment Income
Wakalah Fee
InvestmentIncome
Management Expense of
the Company
Profit/Loss
S H A R E H O L D E R S’ F U N D (S.H.F.)
Participant
WAQF
Takaful Operator
Share Holder
Investment by the Company
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The Takaful Advantage
“ … they seemed satisfied with the convenience and affordability of the policy, but some thought that the premium should be reimbursed if they do not file a claim”.
Excerpt from
The Demand for Micro insurance in Pakistan
by
ELIZABETH MCGUINNESS AND VOLODYMYR TOUNYTSKY MARCH 2006
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Global Landscape
• Only eighty million out of the world's 2.5 billion poor are
currently covered by some form of micro insurance.
• Only 3% of poor lives are insured in India and China.
• Only 0.3% of the poor are insured in Africa.
• In 23 of the poorest 100 countries in the world, there is
currently no identified micro insurance activity.
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International Product Offerings
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Delta Life Insurance Company, Bangladesh
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Vimo SEWA, India
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People’s Insurance Company, China
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MicroTakaful Products
Most Complex
Least Complex
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Takaful prospects in Pakistan
• 97% Muslim population.
• Demand for insurance increasing with increase in per capita income.
• Personal lines insurance business (leasing, health,
medicare) growing at a higher rate than the other conventional classes.
• Islamic banking on sound footing with support of the government.
• MicroTakaful.
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Takaful Pakistan’s Initiatives
• Coverage to over 100,000 low-cost houses.
• Synergy with NGOs.• Students’ Healthcare/Campus Care Cover• Factory workers’ & Daily wagers • Crop & Livestock Takaful• Credit coverage for Islamic Microfinance.• Covers tailored for SMEs financing.• All above at ‘no profit basis’
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Conclusion
• Takaful defined
• Benefits & Advantage
• International scenario
• Takaful Products
• Prospects in Pakistan
• Takaful Pakistan’s Initiatives