Académique Documents
Professionnel Documents
Culture Documents
institutions
BY
Joof Momodou Musa
MANAGING DIRECTOR/CEO
TOPICS
Introduction
What is Takaful
Operationalizing Takaful
Takaful Management Responsibility
Takaful Regulatory Framework
Differences : Conventional Insurance & Takaful
Takaful & Economy
Micro Takaful Definition
The Operation of Micro Takaful
Successful Developments
The Way Forward
What is Takaful
As defined in Section 2 Takaful Act 1984:
(Malaysia)
OPERATIONALISING TAKAFUL
With A Two-tier Contract (Tabarru &
Commercial)
Contract between the
Participants
themselves
Participa
nt
Participa
nt
Participa
nt
Participa
nt
Participa
nt
Tabarru
Contract
Contract between
Participants & TO.
Takaful Operator
Takaful
Funds
General
Family
OR
Mudharabah (profit
sharing) contracts
OR
Management Responsibility
The
Shareholders
Interest
The
Participants
The
Economy
Managements
Tripartite
Responsibility
MMJ
Takaful Regulatory
Framework
Government
Supervisory
Sharia
Advisory
Board
Board of
Directors
Takaful
Operations
MMJ
by Shareholders
Takaful
Insurance
by Participants
Risk
Transfer to Insurers
Surplus
Belongs to Shareholders
/ Company
Belongs to Participants
Surplus
by Shareholders
by Participants
Shariah
S.Board
None
11/22/16
MMJOOF
Shared by Participants
MUST
Riba
Maisir
Ghara
r
Differences(continued)
Takaful
Tabarru filters out all the objectionable elements from the
insurance contract.
Takaful = Insurance Minus The Objectionable Elements
9
Employment
Tax Revenue
11/22/16
MMJOOF
10
Comprehensive Risk
Insurance
Increased Economic
Activity
11/22/16
MMJOOF
11
Successful Developments..
Nigerias Minister of Finance Launches Takaful
Nigerias
of Finance
Operations fromMinister
2013
Launches Takaful
Operations from 2013Nigeria has great
potentials for Takaful
SI
Insurance considering its
large population and
Muslim community
coupled with the fact that
Takaful is for all
irrespective of faith.
Already Two Operators
have been Licensed this
year.
11/22/16
MMJOOF
12
Successful
Successful Developments..
Developments..
Nigerias
Nigerias Minister
Minister of
of Finance
Finance Launches
Launches Takaful
Takaful
Operations
Operations from
from 2013
2013
Successful Developments..
RESOLUTION!!!
Takaful is a blessing for African with the African Hospitality and culture of
CARING AND SHARING
MicroTakaful redefined:
A mechanism to provide Shariah-based
protection to the blue collared, underprivileged individuals at an affordable cost.
MICROTAKAFUL CONTD.
MicroTakaful can help needy people improve their livelihood
Microtakaful will help them sustain their financial well being.
Feeling of togetherness & security.
Opens avenues for joint efforts for mutual benefits.
Cooperative approach and outlook.
Result oriented
Society benefits at large.
MICROTAKAFUL CONTD.
MICROTAKAFUL CONTD.
Participants Contribution
Participants
Pool of Contributions
MICROTAKAFUL CONTD.
Share
Holder
Wakalah
Fee
H O L D E R S
Investmen
t
Income
F U N D (S.H.F.)
Mudaribs
Share of PTFs
Investment
Income
Management
Expense of
the
Company
Profit/Loss
Takaful
Operator
Investment by
the Company
WAQF
Participant
Operational
Cost of Takaful
/ ReTakaful
Investment
Income
Claims &
Reserves
Surplus
(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.)
MICROTAKAFUL CONTD.
Participants Contribution
Investment in
Shariah Complaint Securities
Wakala Fee
Participants
Pool of Contributions
Claims
MICROTAKAFUL CONTD.
Theft
fall
n
i
a
R
Prices
Agriculture
Floo
ds
Surgical
Permanent
Partial
Total
Temporary
Dismemberment
Cr e
ds
Out-patient
Hospitalisation
se
d
ea
r
D
ility
b
a
s
t Di
Life Insurance
ns
io
ns
Pe
n fun
o
i
t
i
s
Tran
di
Optical
Disability
Credit Endowments
Life
Health
Funeral
Life
n
o
i
t
a
Educ
Dental
a
se
i
D
Thank You
Shukran
Jere jef Sereign Touba