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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




                                     2
    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:
             - Death              Participant
Protection                       Takaful Fund
             - Disability
                                    (PTF)
             -   Medical Illness




             In order to fulfill short-
Investment      term & long-term needs
                such as:
  Growth     - Children’s education and
               marriage
             - Purchasing a new house
             - Affording Hajj/Umrah Participant
               Expenses             Investment
             - Retirement         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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