family takaful 3rd international conf. & exhibition islamabad – nov. 2009 azeem pirani...
TRANSCRIPT
Family Takaful
3rd International Conf. & ExhibitionIslamabad – Nov. 2009
Azeem PiraniRegional Manager – Pakistan
FWU AG
2
Contents
•What is Family Takaful•Life Insurance in Pakistan•Family Takaful Products•How does Family Takaful Function?•Need of Family Takaful•Powerful Proposition•Conclusion
What is Family Takaful?
• It is an Islamic alternative to conventional life insurance
• The concept is based on the principles of Risk Sharing (as opposed to Risk Transfer)
• Life cannot be insured but the beneficiaries can be financially supported by a system of mutual assistance
Life Insurance in Pakistan
Family Takaful Products?
For Corporate Customers• Group Healthcare for employees• Retirement Income Plans• Salary Continuation in case of employees
death or disability
For Individual Customers• Savings & Protection Plans• Education Plan• Retirement Income Plan• Mortgage Takaful
How does Family Takaful function?
• Participants pool their savings into two separate accounts with the FT Operator
– Into Waqf Pool:• As taburru: to eliminate Riba and make Gharrar &
Qimar ineffective• Nobody owns the Waqf Pool;The FT Operator acts
as its Wakeel• All claims are paid from the Waqf Pool
– Into Participants Investment Account:• Which is unit-linked• Contributions are invested to generate Halal profits
for members
How does Family Takaful function? (cont)
Need of Family Takaful
Against financial loss from:- Death- Disability- Medical Illness
In order to fulfill short-term & long-term needs such as:
- Children’s education and marriage
- Purchasing a new house- Affording Hajj/Umrah Expenses- Retirement
Income, etc
Protection
InvestmentGrowth
Participant Takaful Fund
(PTF)
Participant Investment
Account (PIA)
Powerful Proposition?
Win-Win• The only protection + savings tool• Offering Halal income• Financial protection against specific risks
Surplus Sharing
Conclusion
• Dire need for financial protection in our society.
• Shariah compliant nature will allow it to reach those consumers who would rather have a Halal option.
Jazak-Allah Khair
11