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Family Takaful
Azeem Pirani
Regional Manager – Pakistan
FWU AG
3rd International Conf. & Exhibition
Islamabad – Nov. 2009
Contents
•What is Family Takaful
•Life Insurance in Pakistan
•Family Takaful Products
•How does Family Takaful Function?
•Need of Family Takaful
•Powerful Proposition
•Conclusion
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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
4.50%
3.95%
4.00%
3.50%
2.95%
3.00%
2.50%
2.00%
1.50%
0.89%
1.00%
0.36%
0.50%
0.00%
Malaysia - GDP $4762
Indonesia - GDP $1186
India - GDP $621
Pakistan - GDP $519
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:
Protection
Investment
Growth
-
Death
Disability
Medical Illness
Participant
Takaful Fund
(PTF)
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
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
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