1 al-huda centre of islamic banking & islamic economics event two days specialized training...
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Al-Huda Centre of Islamic Banking & Islamic Economics
EventTwo Days Specialized Training Workshop on Takaful (Islamic Insurance)
Presentation TopicInsurance Industry in Pakistan: A Review & Takaful-Understanding the Concept
Presentation byProf. Dr. Khawaja Amjad SaeedPrincipal, Hailey College of Banking & FinanceUniversity of the Punjab, Email: [email protected], Date & TimeAvari Hotel, Lahore. August 10-11, 9:30
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Insurance Industry In Pakistan: A Review TAKAFUL: Understanding The Concept
PRESENTATION FRAME
A: Insurance In Total Framework
B: Insurance Policy
C: Takaful
Prof. Dr. Khawaja Amjad Saeed*
*Principal, Hailey College of Banking & Finance, University of the Punjab, Lahore-Pakistan
Email: [email protected] – Website: www.kamjadsaeed.edu.pk Mob: 03334363363
Member Governing Council, International Federation of Accountants (IFAC) (1997-2000), President, South Asian Federation of Accountants (SAFA) (1997), President, Institute of Cost and Management Accountants of Pakistan (1997-2000), President, Association of Management Development Institutions of South Asia (AMDISA) (1993-96), Pro Vice-Chancellor University of the Punjab, Lahore (1994-1996), Founder Director, Institute of Business Administration (IBA), University of the Punjab, Lahore (1973-1996).
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1. Sources2. Inspiration3. Pakistan: Insurance Companies 4. KSE: Listed Insurance Companies 5. KSE: Par Value Analysis 6. KSE: Total and Insurance Sector 7. SLIC: Growth of Number of Policies and
Lives Covered 8. Products Offered as Revenue Drivers 9. KSE: Top Ten Insurance Companies
Gross Premium Written: 2005
A: Insurance in Total Framework
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B: Insurance Policy 2007C: Takaful
1. Protection Certain Basic Right2. Al-Takaful3. Takaful-Inretrospect4. Main Takaful Operations5. Global Takaful Sector 6. Types f Main Takaful 7. Family & General Takaful 8. General Takaful 9. Five Takaful Scheme10. Information Needed
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B: Insurance Policy 2007C: Takaful
11.Motor, Accident & Liability Takaful Schemes
12.Engineering Takaful Scheme13.House Owoner’s & Householder’s
Scheme 14.Family Takaful 15.Family Takaful Plan16.Family Takaful: Individual & Group Plans
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A-1: Sources1. Downloads from Internet-2007.
2. Insurance Policy of Pakistan, April, 2007.
3. Pakistan & Gulf Economist, Karachi Various Issues.
4. ICIEF Work, Malaysia.
5. Journal of Islamic Banking Finance, Karachi.
6. Sharing thoughts with Scholars in Malaysia 2006.
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A-2: Inspiration: Takaful (Islamic Insurance)
“Instead of turning more clerks and government servants, your College is now offering suitable subjects for students which would enable them to take place in:
CommerceTradeIndustry Banking Insurance Business
It should be the aim of our college to produce first class experts in---- specialized subjects”Quaid-e-Azam Address in Edwards College, Peshawar, April 18, 1948.
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A-3: Pakistan: Insurance Companies
Particulars Number
%
A: Local
- General Insurance Companies 48 86
- Life Insurance Companies 03 05
Total 51 91
B: Foreign
- General Insurance Companies 03 05
- Life Insurance Companies 02 04
05 09
Total 56 10Source: Download on March 26, 2007 from website of Board of Investments, Gop,
Islamabad
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A-4: KSE: Listed Insurance Companies
Year Number
Percentage
1949 02 07
1952-69 11 38
1982-1989 06 21
Average annual increase 0.48 19 66
1990-2006 10 34
Average annual increase 0.63 29 100Source: Computed from: KSE: Daily Quotation, April 27, 2007
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Particulars Number
Percentage
Above Par 23 79
Below Par 06 21
Total 29 100Source: Computed from: KSE: Daily Quotation, April 27, 2007
A-5: KSE: Listed Insurance Companies:
Par Value Analysis
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A-6: KSE: Total & Insurance Sector
April 27, 2007Particulars Total Number
Percentage
1. KSE: Listed companies number
657 29 4.4
2. Paid up capital Rs. billion
601 09 1.50
3. Turnover (number-billion) October 2006 to March 2007
3,958 06 0.15
4. Market capitalization Rs. billion
3,579 96 2.68
5. GDP ($b) 137 1.60 1.16
Source: Computed from: KSE: Daily Quotation, April 27, 2007
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A-7: SLIC: Growth of number of Polices & Lives Covered
Year
Number of Polices In Force: (Individual life)
Number of Lives (group life)
S.# Number(million)
Base index %
Rolling Index
Number (million)
Base index %
Rolling Index
2005
2.04 112 106 3.73 113 96
2004
1.93 106 104 3.90 118 106
2003
1.85 102 103 3.63 111 107
2002
1.80 099 099 3.44 104 104
2001
1.81 100 100 3.30 100 100
Annual Average Growth (% Percentage coverage to total Pakistan
1.26 2.40 2.60
Source: Computed from: SLIC Annual Report 2005, P.61.
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A-8: Products Offered as Revenue Drivers
S. No. Products
1 Fire
2 Marine
3 Motor
4 Miscellaneous*
*Scope being expanded
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A-9: KSE: Top Ten Insurance Companies
Gross Premium Written: 2005S.No. Company Rs. b %
1 Adamjee 6.7 36
2 EFU 6.6 36
3 NJI 1.7 09
15.0 81
4 Other Seven (7) 3.6 19
18.6 100
• Source: Computed from: comparative study for the year ended December 31, 2005, Adamjee Insurance Company Limited, P1.16.
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B: Insurance Policy: 20071: Aim
1. Increase penetration.
2. Remove impediments to insurance.
3. Rational role of public sector in line with international practices.
4. Increase coverage from 0.28% to1.00 in 3 years.
2: Contribution
1. Increase savings
2. Risk investigation
3. Capital formation and investment levels
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B: Insurance Policy: 20073: Strategy
1. Improve coverage and outreach.
2. Areas:
- Health
- General
- Micro Insurance
3. SLIC conversion into company
4. Postal life insurance-company with insurance law
5. Public sector insurance entities to be corporatized
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B: Insurance Policy: 20073: Strategy
6. BODs be strengthened with professionals
7. Aggressive marketing
8. Open insurance of public property to private insurance companies
4: Ministry’s Suggestions
1. Introduction of Takaful
2. Others--------
Source:Extracted from: Daily Times & Dawn, April 14, 2007
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C: TakafulC-1: Protection of Certain Basic
Rights The Right of protect:
1. Religious
2. Life
3. Dignity/Honour
4. Property
5. Mind
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C: TakafulC-2: Al-Takaful
• Joint guarantee.
• Pact among a members or participants who agree to jointly guarantee among themselves against loss or damage.
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C: TakafulC-3: Takaful – Inretrospect
- Started 28 years ago:
- UAE: The Islamic Arab Insurance Co.
- Sudan: Islamic Insurance Co.
- 1984: Malaysia
- Pioneering role
- First legal framework (Takaful Act)
- Sudan & Iran
- Islamic Regulatory environment
- Now movement has been blossomed
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C: TakafulC-4: Main Takaful Operations
- Estimate.
- 60 Takaful companies.
- 3 Retakaful companies.
- Takaful windows.
- One of the fastest growing segments in insurance.
- 20% p.a average growth.
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C: TakafulC-4: Main Takaful Operations
- World takaful contributions:
%
- General takaful 60
- Family takaful 40
100
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C: TakafulC-4: Main Takaful Operations
Geographical Spread
%
1. South & East Asia 56
2. Family Takaful Middle East 36
3. Africa 07
4. Europe, USA & Other 01
100
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C: TakafulC-5: Global Takaful Sector
Leading Countries
1. Malaysia
2. Indonesia
3. Saudi Arabia
4. USA
5. Iran
6. UAE
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C: TakafulC-5: Global Takaful Sector
Leading Countries
7. Egypt
8. UK
9. Kuwait
10.Algeria
11.Qatar
12.Jordan
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C: TakafulC-6: Types of Main Takaful
The commercial activity of takaful is reflected in two basic types of business that it undertakes.
The types of business are as follows:
- General Takaful
- Family Takaful Business
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C: TakafulC-7: Family & General TakafulFAMILY TAKAFUL: GENERAL TAKAFUL
A Family Takaful plan provides cover of mutual aid among its members or participants expressed in the form of financial benefits paid from the Family Takaful Fund should any of its members be inflicted by a tragedy
Provide Protection in the form of mutual financial help to compensate its members or participants for any material loss, damage or destruction that any of them might suffer arising from a catastrophe.
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C: TakafulC-8: General Takaful
• Fire takaful scheme• Motor takaful scheme• Accident takaful scheme• Liability takaful schemes • Engineering takaful schemes • House owner’s Householder’s Takaful
schemes
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C: TakafulC-9: Fire Takaful Scheme
Coverage Assets covered
For loss or damages caused by fire,
lighting or explosion (domestic)
Building and/or machines
Stocks Householders
Additional Coverage: Coverage Amount
Explosion Earthquake Windstorm
Flood Aircraft Coverage
Any compensation under the coverage will be based on the actual market value
during the fire.
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C: TakafulC-10: Information Needed
• Location of Building
• Structure of Building
• Type of Building
• Occupation of Building
• Sum covered
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C: TakafulC-11: Motor, Accident & Liability
Takaful Schemes Motor Takaful Scheme - Private Car/MotorcycleAccident Takaful Scheme - Personal Accident - Group Personal Accident Liability Takaful Scheme - Employer’s Liability Takaful - Public Liability - Workmen’s Compensation- Contractor’s All Risk
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C: TakafulC-12: Engineering Takaful
Scheme• Machinery Breakdown Takaful• Loss of Profits Due to Machinery
Breakdown• Boilers and Pressure Vessel • Erection All Risk• Storage Tanks • Marine Cargo (Inland Transits)• Marine Cargo (By Sea)• Marine Cargo (by Air)
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C: TakafulC-13: House Owner's & Householder's
Takaful Scheme Coverage House Owners • Cover against loss or damage of building (house).House Holders • Cover against loss or damage of household contents. Scope of Cover • Fire, lightning, thunder and underground fire • Explosion• Aircraft damage• Impact damage• Bursts or overflow from water tanks, pipes or any
facilities • Theft caused by forcible entry
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C: TakafulC-13: House Owner's & Householder's
Takaful Scheme
Scope of Cover • Tidal waves, hurricane, thunderstorm or heavy rain • Earthquake and volcanic explosion• Flood• Liability to the public• Loss of rent up to 10% of sum covered of the house.
Eligibility • Individuals owning a house
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C: TakafulC-14: Family Takaful Scheme
• The modus operandi for Islamic Insurance companies operating life business are almost similar but more clarification is needed. Life policies are issued in the name and style of Family Takaful Scheme.
• Each installment paid by the participants is divided and credited into two separate accounts namely “The Participant Account” and the “Special Account”
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C: TakafulC-14: Family Takaful Scheme
• The amount that is credited into these two accounts is invested as per Shariah Code and profits are shared between the Participants and the company in an agreed ratio. The major portion of the profit (say 80%) is paid to the policy holders and the company is entitled to get the balance amount of the profit only.
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C: TakafulC-15: Family Takaful Plan
INTRODUCTION
With the Family Takaful Plan you can be assured of a certain sum of money which will go a long way to ease the financial burden of your loved ones in the event of your untimely death. You will enjoy tax relief too from your Takaful installment.
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C: TakafulC-16: Family Takaful Plan
Individual Plans Group Plans Family Takaful Plan Takaful Mortgage
Takaful Annuity Scheme
family Takaful Plan
Group Family Takaful Plan
Group Medical Takaful Plan
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C: TakafulC-16: Family Takaful
• Flexible monthly installments. • Long-term financial program to facilitate the
creation of your personal savings and retirement fund.
• Choice of maturity periods between 10 to 40 years at your convenience.
• Supplementary over for hospitalization benefits, personal accident, permanent disability.
• Open to all individuals between the ages of 18 to 55 years old.
• No forfeiture of your takaful installments in the event of cancellation.
• Facility of part withdrawal.
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C: TakafulC-16: Family Takaful
Purpose • A systematic savings and investment program
that could grow into a long-term fund for your family endowment in case of your untimely death before the maturity period.
• As an assurance to help you through with any financial tide in case of mishap such as accident, permanent disability or to finance your hospitalization bills
Eligibility• Open to all individuals aged between 18 to 55
years old.
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C: TakafulC-16: Family Takaful
Maturity Period
• 10 Years
• 15 Years
• 20 Years
• 25 Years
• 30 Years
• 35 Years
• 40 Years
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C: TakafulC-16: Family Takaful
Supplementary Cover
• Permanent Total Disability
• Personal Accident
• Hospitalization Benefits
Mode of Payment
• Salary deduction
• Bank Standing Instruction
• Direct Payment by cash or cheque
• Credit or Charge Card
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