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Alhuda cibe-JAIZ TAKAFUL INSURANCE PLC
Religiosity and threshold effect in social and financial performance of microfinance institutions
Mohammad Ashraful Mobin
6TH GLOBAL ISLAMIC FINANCE FORUM NOVEMBER 2016, NAIROBI - KENYA
Joof Momodou Musa
ISLAMIC INSURANCE(TAKAFUL)/MICRO TAKAFUL GROWTH POTENTIALS IN AFRICA
JAIZ TAKAFUL INSURANCE PLC
What is Takaful
Takaful Management Responsibility
Takaful Regulatory Framework
Differences : Conventional Insurance & Takaful
Takaful & Economy
Micro Takaful Definition
The Operation of Micro Takaful
The Way Forward
As defined in Section 2 Takaful Act 1984: (Malaysia)
“a scheme based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for that purpose.”
Contract between Participants & TO.
OPERATIONALISING TAKAFUL With A Two-tier Contract (Tabarru’ & Commercial)
Contract between the Participants themselves
Wakalah (contract for managing the fund)
Mudharabah (profit sharing) contracts
Any other commercial contract not forbidden by the Shariah.
The Shareholders Interest
Management’s Tripartite Responsibility
Takaful Regulatory Framework
Board of Directors
Sharia Advisory Board
Difference Between Takaful and Insurance
Transfer to Insurers
Shared by Participants
Belongs to Shareholders / Company
Belongs to Participants
Tabarru’ filters out all the objectionable elements from the insurance contract. Takaful = Insurance Minus The Objectionable Elements
Creation of Employment opportunities
More Tax Revenue from the Insurance Industry
Takaful & Economy…
Comprehensive Risk Insurance
Insuring the uninsured insurable risk
Successful Economies are backed by vibrant Insurance industries
Increased Investment with more participants in Insurance
More confidence for new economic ventures
Increased Economic Activity
Successful Developments.. Nigeria’s Minister of Finance Launches Takaful Operations from 2013 SI
Nigeria’s Minister of Finance Launches Takaful Operations from 2013
Nigeria has great potentials for Takaful Insurance considering its large population and Muslim community coupled with the fact that Takaful is for all irrespective of faith. Already Two Operators have been Licensed this year.
Successful Developments.. Nigeria’s Minister of Finance Launches Takaful Operations from 2013
TGL Annual Profit Sharing
From 2009, TGL has annually distributed profits to participants.
Micro Takaful has great potentials in Gambia following the success story of Takaful Gambia Limited
Takaful Insurance of Africa in Kenya continuous to do well
Phoenix of Zambia’s Takaful Window is doing well
We have Zep-Re Takaful Window in Sudan providing Re-Takaful and Training
Africa Re-providing Re-Takaful from Egypt……
Takaful Potentials In Africa
Large Muslim Population: Population is a driver of growth
With the large Muslim population spread across Africa, Takaful has great growth potentials.
The increasing consciousness of Muslims to use financial product that are Shariah compliant.
The 2007/2008 economic crunch showcased the resilient nature of Islamic finance.
Value proposition embedded in surplus sharing
Takaful is a blessing for African with the African Hospitality and culture of “CARING AND SHARING”
TAKAFUL – THE BEST AND MOST SUITABLE SYSTEM OF INSURANCE FOR AFRICA
MICRO TAKAFUL !!!
“Generally, micro-insurance is viewed just like other normal insurance on small scale for low-income people”
“A mechanism to provide Shariah-based protection to the blue collared, under-privileged individuals at an affordable cost”.
MicroTakaful can help needy people improve their livelihood
Microtakaful will help them sustain their financial well being.
Feeling of togetherness & security.
Opens avenues for joint efforts for mutual benefits.
Cooperative approach and outlook.
Society benefits at large.
Basic Elements of Takaful
Mutuality and cooperation.
Takaful contract pertains to Tabarru’at as against mu’awadat in case of conventional insurance.
Payments made with the intention of Tabarru (contribution)
Eliminates the elements of Gharrar, Maisir and Riba.
Wakalah/Modarabah basis of operations.
Joint Guarantee / Indemnity amongst participants – shared responsibility.
Constitution of separate “Participants’ Takaful Fund”.
Constitution of “Shariah Supervisory Board.”
Investments as per Shariah.
Pool of Contributions
The Takaful Advantage
S H A R E H O L D E R S’ F U N D (S.H.F.)
Mudarib’s Share of PTF’s Investment Income
Management Expense of
Operational Cost of Takaful / ReTakaful
P A R T I C I P A N T S’ T A K A F U L F U N D
Shariah Complaint Securities
Profit from Investment
(Part of the profit goes to the
Company for acting as mudarib)
Re-Takaful Expense etc.
Types of MicroTakaful Products
السلام عليكم ورحمة الله وبركاته
Thank You Shukran
Jere jef Sereign Touba
Questions & Answers
AlHuda CIBE FZ LLE - U.A.E
P: + 971 56 9286664, + 971 55 938 99 00
AlHuda Center of Islamic Banking & Economics - Pakistan
Ph: (92-42) 35913096 - 98, Fax: (92-42) 35913056
>>OUT>>LONG LIVE JESSICA AND YOUR ORGANIZING TEAM. THE PRESENTATION TOPICS COULDN’T HAVE COME AT A BETTER TIME. CONGRATULATIONS!!!
nsed this year.