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Family Takaful

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

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Family Takaful

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  1. Family Takaful Azeem Pirani Regional Manager – Pakistan FWU AG 3rd International Conf. & Exhibition Islamabad – Nov. 2009

  2. Contents • What is Family Takaful • Life Insurance in Pakistan • Family Takaful Products • How does Family Takaful Function? • Need of Family Takaful • Powerful Proposition • Conclusion

  3. 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

  4. Life Insurance in Pakistan

  5. 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

  6. 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

  7. How does Family Takaful function? (cont)

  8. Need of Family Takaful Against financial loss from: • Death • Disability • Medical Illness 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 Takaful Fund (PTF) Protection Investment Growth Participant Investment Account (PIA)

  9. Powerful Proposition? Win-Win • The only protection + savings tool • Offering Halal income • Financial protection against specific risks Surplus Sharing

  10. 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.

  11. Jazak-Allah Khair

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