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AFC Consultants International

AFC Consultants International. AFC Consultants International GmbH Dottendorfer Str . 82 D-53129 Bonn Tel.: +49 228 985 79 0 Fax: +49 228 985 79 79 www.afci.de. Zuriah ABDUL RAHMAN Professor in Insurance/Takaful/Risk Management Arshad Ayub Graduate Business School

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AFC Consultants International

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  1. AFC Consultants International AFC Consultants International GmbH Dottendorfer Str. 82 D-53129 Bonn Tel.: +49 228 985 79 0 Fax: +49 228 985 79 79 www.afci.de Zuriah ABDUL RAHMAN Professor in Insurance/Takaful/Risk Management ArshadAyub Graduate Business School UniversitiTeknologi MARA, Malaysia

  2. SUMMARY OF FINDINGS Step Up Efforts to Educating the Stakeholders ISLAMIC FINANCE & TAKAFUL LITERACY

  3. ISLAM AQIDAH (Faith & Belief) SHARIAH [Ibadah (Practice), Muamalat (Business Transaction]) AKHLAQ (Moral & Ethics) Political Economics Islamic Finance) Social 5 TENETS OF ISLAM (Rukun Islam) ▪ Syahadah ▪ Prayer (Solat) ▪ Fasting (Puasa) ▪ Zakat (Alms)/Donation (Sadaqah) ▪ Hajj Takaful Mutual Help to Create: ▪ Solidarity ▪ Shared Responsibility ▪ Brotherhood Tabarru’ Concept based on Donation (Sadaqah)

  4. Takaful Takaful Concept based on Donation (Sadaqah) Claims, Retakaful Reserves (Actuarial) Surplus or Deficient – Qard Loan Tabarru’ Shareholders Fund Contributions from Shareholders and Owned by Takaful Operators Takaful Fund Contribution from Participants Owned by Participants Contract 1-6 PSA PA ▪ Investment Account ▪ Surplus ROI Management Expenses Performance Fee

  5. DISTRIBUTION CHANNELS Short Term < 6 mths Medium Term < 12 mths Long Term < 24 mths • Bancatakaful • Employer Deduction (Worksite marketing) • Major commercial banks • AsuransiSampah • (Partnership, Full Service & Provider Model) • Brokers & Agents • Banks (rural) • Cooperatives (Traditional & Islamic BMT, BTM) • MFIs & IMFIs (LKM, BPR,BPRS) • NGO Working Group-TAKMIN • Direct Selling • Telecommunication System • (Partnership & Community • Model) • Post offices • PermodalanNasionalMadani (PNM) • Pawn Shop • Bank BNI, BRI, Mandiri • Indomaret • Western Union/Money Gram • (7 MOUs have been signed except Western Union) • (Partnership Model)

  6. PRODUCT BUNDLING

  7. COMPLEMENTARITY OF MICROTAKAFUL & EXISTING HEALTH CARE BENEFITS

  8. DIFFERENTIATING TAKAFUL & INSURANCEROLE OF REGULATOR To Set-up Risk Management Department – best practices

  9. MAIN CHALLENGES FOR MICROTAKAFUL

  10. MAIN CHALLENGES FOR MICROTAKAFUL

  11. Thankyouverymuchforyourattention!

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