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Published byVirginia Pitts Modified over 9 years ago
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2 Muhammad Zubair Mughal Chief Executive Officer AlHuda : Centre of Islamic Banking & Economics Takaful (Islamic Insurance ) 5 th June, 2015 – Manila, Philippines.
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General & Faimly Takaful Types Takaful - Target Market Challenges to Takaful Prospects of Takaful in Senegal
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General Takaful – offers all kinds of non- life risk coverage. It is normally divided into following classes: Property Takaful Marine Takaful Motor Takaful Miscellaneous Takaful
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Term Life Takaful Whole Life Takaful Endowment Takaful Universal Takaful Marriage Plan Education Plan
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People who do not insure due to religious reasons. People who insure and are insensitive to religious reasons. People who currently do not insure at all.
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Takaful
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Participants Pool of Contributions Participants Contribution
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Participants Participants Contribution Pool of Contributions Investment in Shariah Complaint Avenues Profit from Investment (Part of the profit goes to the Company for acting as mudarib)
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Participants Participants Contribution Pool of Contributions Wakala Fee ClaimsRe-Takaful Expense etc. Investment in Shariah Complaint Securities Profit from Investment (Part of the profit goes to the Company for acting as mudarib)
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Participants Participants Contribution Pool of Contributions Wakala Fee ClaimsRe-Takaful Expense etc. Investment in Shariah Complaint Securities Profit from Investment (Part of the profit goes to the Company for acting as mudarib)
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Participants Participants Contribution Pool of Contributions Wakala fee, Claims, Re-Takaful Expenses SURPLUS Investment in Shariah Complaint Securities Profit from Investment (Part of the profit goes to the Company for acting as mudarib )
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Participants Participants Contribution Pool of Contributions Wakala fee, Claims, Re-Takaful Expenses SURPLUS Investment in Shariah Complaint Securities Profit from Investment (Part of the profit goes to the Company for acting as mudarib)
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Participants Participants Contribution Pool of Contributions SURPLUS Contingency Reserve CharityDistribute Among Participants Wakala fee, Claims, Re-Takaful Expenses Investment in Shariah Complaint Securities Profit from Investment (Part of the profit goes to the Company for acting as mudarib)
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Participants Participants Contribution Pool of Contributions Contingency Reserve CharityDistribute Among Participants SURPLUS Wakala fee, Claims, Re-Takaful Expenses Investment in Shariah Complaint Securities Profit from Investment (Part of the profit goes to the Company for acting as mudarib)
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Participants Participants Contribution Pool of Contributions Contingency Reserve Charity Distribute Among Participants SURPLUS Wakala fee, Claims, Re-Takaful Expenses Investment in Shariah Complaint Securities Profit from Investment (Part of the profit goes to the Company for acting as mudarib)
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Participants Participants Contribution Pool of Contributions SURPLUS Contingency Reserve CharityDistribute Among Participants Wakala Fee ClaimsRe-Takaful Expense etc. Investment in Shariah Complaint Securities Profit from Investment (Part of the profit goes to the Company for acting as mudarib) ++ - =
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Investment Income Operational Cost of Takaful / ReTakaful Claims & ReservesSurplus (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.) Admin Expenses, Employee’s etc. Wakalah Fee Investmen t Income 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 Wakala-Waqf Model Investment by the Company
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Skepticism. Lack of uniformity in Models & Shariah decisions. Regulatory issues. Capacity constraints. Limited Investment avenues. H.R. issues.
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Good Muslim Population A Benchmark for Regional Countries Islamic Financial Hub for West African Countries Strengthened Islamic Banking and Finance Industry Attract Foreign Direct Investment ( FDI ) MicroTakaful for Poverty Alleviation and Social Development
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