Takaful Pakistan

ANUM ELAHI (10528)

SAYEM HUSSAIN (9919)
MAAZ BIN SHAHOOD (10308)
Takaful-A product and an Ideology

 Takaful comes from the Arabic root‐word ‘kafala’‐

guarantee
 Takaful is not only a tool to mitigate loss or to make

halal profits. It is an ideology which promotes

◦ Solidarity and joint guarantee
◦ Self reliance and self sustainability for community well being
◦ Assistance to those that need it
◦ Community pooling system
History of Takaful

 Origins in the First Constitution of Madina.

 It evolved and continued in one form or the other

throughout the Abbasid period and even later during the

Ottoman empire.
 Serious efforts were made in modern times, in 1970s to

come up with an Islamic alternative to the conventional

insurance.
 The first Takaful company was set up in Sudan in 1979,

almost simultaneously followed by another one set up in

Bahrain.
What is Conventional Insurance??
 A tool for Risk Mitigation and Financial Protection
 A tool to enable people to save (Life Insurance)

◦ Penetration of Insurance Pakistan: 0.7% of GDP

◦ India: more than 3% of GDP
◦ Iran: approx. 1% of GDP
Takaful vs. Conventional Insurance

 Key differences between Takaful and Conventional

Insurance are:
◦ Risk Sharing Vs. Risk Transfer
◦ Wakeel Vs. Guarantor
◦ Ameen Vs. Owner
◦ Different type of Contract
Takaful Pakistan Introduction
 Takaful Pakistan Limited was incorporated in June,
2006 with its registered head-office in Karachi. With an
authorized capital of Rs. 300 million, all fully paid-up,
the Company is sponsored by reputable financial
institutions both local and foreign.
VISION

 To spread Takaful benefits beyond borders, beyond

Time!
MISSION
 To deliver Takaful as a viable alternative to conventional
insurance.
 To become the ‘top-of-the-mind’ Takaful brand for our
Participants in terms of competitiveness, service standards and
business ethics
 To give value for money to our shareholders and make Takaful
Pakistan their prized asset.
 To become an ideal organization for our employees that
encourages them to achieve self-actualization and growth.
 To contribute positively and proactively for the welfare of our
society at large as well as for the preservation of our
environment.
AMBITION
 To be a role model for the contemporary insurance
industry and eventually bring it in conformity with the
Shariah compliant Takaful mode of insurance.
Shariah Board:
The Company’s Shariah board comprises of the
following:
◦ Mufti Mohammad Mohibul Haq (Member & Nominee of
Justice (R) Muhammad Taqi Usmani)
◦ Mufti Dr. Khalil Ahmad Aazami (Member)
◦ Mufti Imtiaz Alam (Member)
Board of Directors
 Mr. Syed Tariq Husain (Chairman)
 Mr. Syed Azhar A. Jaffri
 Mr. Syed Khawaja Maaz Khairuddin
 Mr. Muhammad Adrees
 Mr. Tahir Naz Siddiqui
 Mr. Ahmed Zafar
 Mr. Shafqaat Ahmed
Shariah Advisor
 Mufti Mohammad Mohibul Haq (Member)
 Mufti Dr. Khalil Ahmad Aazami (Member)
 Mufti Imtiaz Alam (Member)
Products
Individual
◦ Motors
 Motorcycle Third Party Takaful
 Motorcycle Comprehensive Takaful
 Private Car Comprehensive Takaful

◦ Fire
 Householder's Comprehensive Takaful
◦ Marine
 Marine Cargo Policy

◦ Miscellaneous
 Burglary Takaful
 Personal Accident Takaful Coverage
Products
Corporate
◦ Property:
 Fire and Allied perils
 Household comprehensive
 Shop owners
 Fire consequential loss

◦ Motor/ Accident:
 Motor
 Miscellaneous and general Takaful
◦ Marine:
 Marine Cargo Policy
 Marine Hull Policy
 Marine Advance consequential loss policy

◦ Health:
 General Health Policy
Conclusion
 Takaful is not only here to stay; it’s going to GROW!
 It’s ethical and Shariah compliant nature allows

Takaful to overcome the inherent problems with

Conventional Insurance
 Although Insurance coverage is not the norm in

Pakistan we need to work to make Takaful something

everybody uses
 Takaful is NOT a type of Insurance, rather it is an

ALTERNATIVE to Insurance. This clarity is VERY

important to be able to truly understand what
Takaful is all about