NATIONAL TAKAFUL COMPANY OF PAKISTANwe were given the project to open up a new takaful company and specify how it will operate and work and to give detail about the products and services that it will offer to the people. But first lets start with explaining the concept of insurance, then what is conventional insurance and why it cant be used by Muslims and then takaful ,its present condition in the world ,its present condition in Pakistan and how it is different from conventional insurance.

Insurance

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss from one entity to another in exchange for a premium. An insurer is a company selling the insurance. The insurance rate is a factor used to determine the amount called premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk has evolved as a discrete field of study and practice.

Insurance in Pakistan

Pakistan is in the process of reshaping its economy to meet the challenges of a global marketplace. The government has introduced a range of reforms designed to promote and consolidate Pakistan’s position as an emerging market in the region. The changes have resulted in a deregulated and liberalized financial sector marketplace.

Pakistan's life insurance sector, nationalized in 1972, operated under the aegis of the State Life Insurance Corp. and Postal Life Insurance until 1992, when the government opened it to private sector participation. Foreign companies are no longer barred from the life insurance business, but they are restricted to minority ownership. Private companies function in nonlife insurance areas, but the government insurance business is controlled by the National Insurance Corp. One of the state's first steps was to standardize and reduce premium rates and to encourage coverage among a wider segment of the population. In 2001, there was US$$168 million of life insurance written in Pakistan.

Although filing of rates is no longer required, there are, however, separate parts in the Ordinance on Market Conduct & Intermediaries which lay down the duties/responsibilities of Direct Insurance Companies and of Intermediaries. The developments in the regulatory environment in Pakistan are in line with those in the International markets. Compliance with regulations is becoming exceedingly important.

At present there are the following companies working in pakistan that offer insurance

National Insurance Corporation                                                          Pakistan Reinsurance Company Ltd. Postal Life Insurance State Life Insurance Corporation Ltd Adamjee Insurance Company Ltd. Agro General Insurance Company Ltd. Allianz EFU Health Insurance Company Ltd. Alpha Insurance Company Ltd. Amercian Life Insurance Company Ltd. Asia Insurance Company Ltd. Asian Mutual Insurance Company Ltd. Askari General Insurance Company Ltd. Beema Insurance Company Ltd. Business & Industrial Insurance Company Ltd.

Capital Insurance Company Ltd. Central Insurance Company Ltd. Century Insurance Company Ltd. Commercial Union Life Assurance Company Co-operative Insurance Society of Pakistan Ltd. Credit Insurance Company Ltd. Crescent Star Insurance Company Ltd. Dadabhoy Insurance Company Ltd. Delta Insurance Company Ltd. E.F.U.General Insurance Company Ltd. E.F.U.Life Insurance Company Ltd. East West Insurance Company Ltd. Excel Insurance Company Ltd. Gulf Insurance Company Ltd. Habib Insurance Company Ltd. Indus International Insurance Company Ltd. International General Insurance Co. of Pak Ittefaq General Insurance Company Ltd. Jupiter Insurance Company Ltd. Metropoliton Life Assurance Company Ltd. Muslim Insurance Company Ltd. National General Insurance Company Ltd. New Jubilee Insurance Comapny Ltd. North Star Insurance Company Ltd. Orient Insurance Company Ltd. Pakistan General Insurance Company Ltd. Pakistan Guarantee Insurance Company Ltd. Pakistan Mutual Insurance Company Ltd. Platinum Insurance Company Ltd. Premier Insurance Company Ltd. Prime Insurance Company Ltd. Raja Insurance Company Ltd. Reliance Insurance Company Ltd. Seafield Insurance Company Ltd. Security General Insurance Company Ltd. Shaheen Insurance Company Ltd. Sliver Star Insurance Company Ltd. Union Insurance Company of Pakistan Ltd. United Insurance Company of Pakistan Ltd. Universal Insurance Company Ltd.

Islamic InsuranceIbn Abidin (1784-1836) was the first scholar in the Muslim world to discuss the meaning and legal character of insurance Islamicity of insurance has been under discussion since then. Opinions regarding legitimacy,

adoption, and adaptability of insurance are numerous. Recently, however, a consensus was emerging for adapting insurance in the name of takaful and solidarity. As a result, several Islamic takaful and solidarity companies have been established since 1979.

A prime purpose of Takaful system and its products is to strike the right chord with Muslim customers who may find conventional products unacceptable and buy them reluctantly. The takaful system and product may be appealing to them.

The global takaful premium was US$ 1.3 bn. in 2002, although this excludes premium in Iran. Including Iran, the figure was US$ 2.1 bn. It is estimated that about 40% of global of global takaful business relates to family takaful. In 2002 there were an estimated 41 companies offering Islamic Insurance (either as takaful companies or through Islamic windows) in some 23 countries around the world. The number of takaful companies more than doubled to 87 companies in just four years (by mid 2006) across 29 countries.

In a new report from Celent, An Overview of Islamic Insurance: The potential for takaful is enormous given that insurance penetration in most Islamic countries does not exceed 1% of gross domestic product. Many of the challenges facing takaful operators are strategic. This market is trying to establish itself. While skills and resources can be borrowed from conventional insurance markets, there is significant investment required creating the business.

Takaful overview

As the essence of insurance could be seen in the system of mutual help in relation to the custom of blood money under the Arab tribal custom, Muslim jurists generally accepted that the concept of insurance does not contradict with the Shariah. In fact, the principle of compensation and group responsibility was accepted by Islam and the Holy Prophet. Muslim jurists acknowledged that the basis of shared responsibility in the system of `aqila', as practiced between Muslims of Mecca (muhajirin) and Medina (ansar) laid the foundation of mutual insurance.

As a complete religion, the teaching of Islam encompasses the essence of peace, economic well-being and development of the Muslim at the individual, family, social, state and `ummah' levels.

To illustrate the importance of this relationship in a life of a Muslim, Islam calls for the protection of certain basic rights, viz.: -

The right to protect the Religion. The right to protect the life. The right to protect dignity/honor. The right to protect the property. The right to protect the mind.

It is also a generally accepted view that Islamic insurance was first established in the early second century of the Islamic era. This was the time when Muslim Arabs started to expand their trade to India, Malay Archipelago and other countries in Asia. Due to long journeys/voyages, they often had to incur huge losses because of mishaps and misfortunes or robberies along the way. Based on the Islamic principle of mutual help and cooperation in good and virtuous acts, they got together and mutually agreed to contribute to a fund before they started their long journey. The fund was used to compensate anyone in the group who suffered losses through any mishap. In fact the Europeans copied this, which was later known as marine insurance.

takaful

Takaful (an Arabic word meaning “guaranteeing each other“) is a shariah compliance mutual risk transfer arrangement which involves participants and operators. Shariah is based on the Qur’an and

Assunah. Takaful as a concept that some extent is similar to conventional mutual risk sharing such as Mutual Insurance and Protection and Indemnity Club ( P and I Club ). It is a mutual sharing of risk based on the concept of Taawun (Mutual Protection).The difference between Takaful and conventional insurance rests in the way the risk is assessed and handled, as well as how the Takaful fund is managed. Further differences are also present in the relationship between the operator (under conventional insurance using the term: insurer) and the participants (under conventional it is the insured or the assured. In risk assessment (underwriting) and handling,

Takaful do not allow what is called

Gharar (uncertainty or speculation) and Maisir (i.e. gambling). In investment or fund management Riba (i.e. usury) is also not allowed.

These three Gharar, Maisir and Riba are the areas that must be totally avoided by the Takaful operation, and where it differs with the conventional insurance In order to avoid Gharar, there must be a complete clarity or full disclosure of any Takaful contract. Full disclosure is applicable on both sides, i.e. on both the subject matter and terms of the contract (scope of cover, etc). Its not allowable in to enter into a takaful contract if there is any unknown element on the subject matter and/or unknown exposure to the extent of the contract itself. As this ideal situation is hardly exist, the Takaful contract then need to be made in a way that there is no exchange of Gharar from one party to another. Maisir (gambling) is regarded as the excessive side of the Gharar. Whilst the participants (insured) may have an insurable interest in the subject matter, if the risk transfer (risk sharing in Takaful) contains any speculative element, the it is prohibited under the Takaful.

Riba (usury) is totally prohibited under the shariah law and under a Takaful arrangement. In order to avoid the Riba, Takaful treats participants’ contribution to the risk sharing scheme not as a premium in the way conventional insurance does. In Takaful terms it is treated as being a contribution (Mushahamah) in the form of donation with a condition of compensation (Tabarru). Furthermore, the

unacceptable

al-ghara al-maisir riba

pool of funds secured from those participants’ contributions or donations must be managed and invested in accordance with the Shariah. In the same way that Gharar and Maisir represent a continuous challenge for Takaful operators to ensure that pure Takaful arrangements are free of them, Riba free investment and fund management is also becoming a specialist discipline which requires more in depth elaboration.

Whilst risk is nature of human life, it is impossible to eliminate this nature from human life. What is not allowed in Islam is not the risk or uncertainty itself (so it need to be eliminated) - but selling or exchange of risk or risk transfer to the third party using sales/exchange contract that is not allowable. On the other hand helping each other in any situation including in the event misfortune is highly encouraged in Islamic teaching as Allah mentioned in the Qur’an.

“….Help you one another in Al Birr and At Taqwa (virtue, righteousness and piety);

but do not help one another in sin and transgression….“

(Al-Maidah : 2).

Sharing the risk with the purpose to help each other is therefore recommendable.

Basic Principles of Takaful

You must have a legitimate financial interest in the subject matter to participate in atakaful plan.

A takaful contract is based on the principle of utmost good faith (trust), whereby youneed to disclose all material information required

You can only recover your financial loss and not gain any profit as a result of aquantifiable loss.

In determining the compensation, the takaful operator will identify the actual mostimportant cause that brought about the loss.

After you have been compensated for your loss, the takaful operator has the right toclaim from any third party responsible for your loss.

If a loss is covered by more than one takaful plans or insurance policies, the takafuloperator that has made payment to you may call upon other takaful operators or insurance companies to contribute proportionately to the payment.

Advantages

•Takaful is flexible in its range of applications, covering residences, places of business, cars, and inventory, as well as accident and life cover.

•It provides a form of financial protection for Muslims unable to access conventional insurance

Disadvantages

•While shunning conventional insurance schemes, some Muslims believe that even takaful is unnecessary, as it is the duty of all to help compensate others’ losses.

•Some Muslims may be uncomfortable with the scope for takaful to be used for investment purposes on the basis that investors are effectively speculating that low accident payouts will generate a surplus or profit

Fatwa on Takaful

The Islamic Fiqh Academy emanating from the Organization of Islamic conference, meeting inits Second Session in Jeddah, Saudi Arabia, from 10 to 16 Rabiul Thani, 1406 H (correspondingto 22-28 December, 1985) issued a resolution which in summary stated the following:

After reviewing the presentations made by participating scholars during the session onthe subject of µInsurance/Re-insurance

And after discussing the same

And after closely examining all types and forms of insurance and deeply examining the basic principles upon which they are founded and their goals and objectives

And having looked into what has been issued by the Fiqh Academies and other institutions in this regard;

Resolves

The commercial insurance contract«is prohibited (Haraam) according to the Shariah. The alternative contract which conforms to the principle of Islamic dealings is the contract of

cooperative insurance (Takaful), which is founded on the basis of charitable donation and Shariah compliant dealings.

Muslim jurists therefore concluded that:

Insurance should be based on the principles of mutuality and cooperation. Insurance products should be founded on the basis of Tabarru, an Arabic noun meaning

donation, gift, and contribution .The insurance company must conduct all its affairs in line with the Shariah The participants mutually contribute to the same fund for the purpose of mutual indemnity in

case of risk and harm

Takaful models

There are basically three different takaful models.

1) Murabaha model2) Wakalah model3) Waqf model

Hybrid model is the combination of two different models.

Mudaraba Model:

According to this model the takaful operator (Mudarib) acts as entrepreneur and manages the funds provided by capital providers (rabbul mal). The profit is shared according to pre-agreed ratio (e.g. 50/50, 60/40, 70/30) between the capital providers and the takaful operator. When the profit is occurred first the allowed costs such as retakaful, claims and reserves are deducted then if there is any amount left it is shared between the takaful operator and the capital providers.

Retakaful is the premiums paid to another retakaful company so that Retakaful Company assumes a portion of the takaful company’s risks. Why is retakaful important? In reality, a takaful company can’t bear the whole risk of covering its participants’ claims. If disaster strikes, the takaful fund may be depleted quickly and become insolvent, in which case everyone (the capital providers and takaful operator) loses.

By splitting the risk with a retakaful company, the takaful operator is much better able to manage the company through periods of high claims. Therefore, retakaful ensures the stability of takaful companies and the entire industry.

Example:

takaful

murabaha wakalah waqf

Mr. Ahmed buys fire takaful policy. He pays the contribution for Rs. 10,000 a year. Takaful operator invests the money in the investment company (Halal investment center) according to the principle of mudaraba. Takaful operator gets 10% profit. Hence at the end of the year takaful operator has 11,000. First the allowed costs such as claims, retakaful and reserves are deducted from 11,000. If there still remains a surplus it will be distributed between Mr. Ahmed and takaful operator in the pre-agreed ratio.

Family Takaful is another form of mudaraba model. In family takaful model each takaful installment is credited and debited into two different accounts, namely the participants’ account (PA) and participants’ special accounts (PSA). The balance of the installments is credited to the PSA as ‘tabarru’ for takaful operator to pay the takaful benefits to the heir(s) of any participant who may die before the maturity of the contract.

Wakalah model:

This model is based on the contract of al-wakalah. Al-wakalah is a contract of agency in which a person delegates his business to another and substitutes the other in his place. The person delegated called wakeel (agent) whose fundamental obligation is to provide his skill towards the betterment of assigned job. Hence the principal and the agent are equally bound under this contract.

Participants (Capital Providers) agree to pay specified direct expenses and to provide the takaful operator a set fee (wakala fees) to manage the operations on their behalf which may include a performance fee based on investment profit or surplus of takaful funds. If the takaful operator is to generate a profit from its efforts he must manage operations (including salaries, overhead, selling commissions, sales and marketing expenses) within disclosed wakala fees. Family takaful can also be formed in wakala model.

Waqf Model:

A waqf fund would basically be a separate legal entity to which the shareholders would initially make acontributions to establish waqf fund. The objective of the fund is to provide relief to the participants against defined losses as per the rules of the waqf fund.

The Waqf fund rules may define the sharing of surplus and other rules under which it may operate but there is no obligation to distribute surplus.

Hybrid Model:

It is a combination of two different takaful models. Under the hybrid of wakalah and the mudaraba, the takaful operator is titled to an agency fee to manage the funds as a wakil (Underwriting activities). He is also entitled to share of profit for managing the investment of the fund as mudarib.

Under the Hybrid of wakalah and waqf model the shareholders and participants make donation to establish waqf fund, and both of them loose ownership rights on their contribution. Waqf fund is managed by the takaful operator. Agency fees are deducted from the Waqf fund. He also takes the role of investment agent when he invests the waqf fund and is entitled to a certain percentage of the investment profit as a performance fee.

Products of takaful

Motor takaful

People love to have good cars. Sometimes fear of losing and damaging your own car creates problem for an individual to make a purchase of his favorite item. We are introducing a service for you according to sharia compliance that will not only diminish your fear but also allow you to keep your car intact in a zero meter condition. We are offering our customer a package known as Motor takaful. This sharia compliant takaful package will give you complete piece of mind while driving on the road and you can have complete benefit of your car for the cost you have incurred.

Now the question arises what are the benefits we are offering to you? Below is the list of benefits that we will be providing to our customers.

Accident by external means Burglary Natural disaster such as earth quake and hurricanes External explosion

Property Takaful

Entrepreneurship or business is the name of taking risks. We as a takaful company realize such things and hence offer a package that helps you maintain your Property/Building in which you have spent tremendous amount of resources. Your resources will now be safe with us and you can be free of worrying for fire or any other natural disaster for the loss that it may provide to your property.

We are offering our clients two schemes under property takaful package

takaful products

motor marine property misc takaful

Fire takaful Engineering takaful

Marine takaful

Doing business and competing against other firms is not easy in this modern world. With continuous changes in technology, it has become necessary for businesses to gather information, bring and send items abroad as well. Sending goods or buying goods increases the risk .To minimizes such a risk we are offering our clients a package we refer to as Marine takaful. Marine takaful package is applicable for the transfer, export or import of commodities via sea, road, air and railway.

Miscellaneous takaful

Today’s world businesses are prone to many risks which are sometimes not cleared under standard laws and policies of takaful. Most of these risks are according to sharia compliant and hence will be catered by us. Following are the risks for which our services are available for individuals as well as corporate sector

Personal accident Workmen compensation Travel accident

Difference between conventional and takaful Islamic finance

Following are the differences bewteen

Basis Conventional Insurance Takaful – Islamic Insurance

Purpose Security and Profit Security & Co-Operation (help one another)

Activity Buying and Selling as Product Co – Operation

Payment Premium (Cost of buying insurance/security)

Donation/Contribution

Ownership of Fund

With Insurance Company With the Members/ Participants

Role Seller of Insurance Products Manage participants fund

Investment Any financial product Only Shariah compliant products

Sharing of surplus

No sharing with insured/ policyholders

Surplus money is shared among the members/participants

Takaful in Pakistan

And the takaful companies working in pakistan are as follows Takaful Pakistan

Pak-KuwaitTakaful Dawood FamilyTakaful Pak-QatarTakaful

The takaful market is still in a formative stage and market projections estimate growth rates between 15% and 20% over the next 10 years, reaching US$7.4 billion in premium by 2015. With challenges around customer service and productivity, technology can enable this growing industry through its formative stage.

Pakistan is among the top 10 most populous nations in the world. This makes it a very fertile market for Takaful, one with some interesting challenges. Takaful is the latest “wave” in financial protection. Pakistan saw its first Takaful operator, in the General side, start in 2006. Since then, another two operators in General and two in Family have entered the picture. Dawood Family Takaful being the most recent entrant is the only Pakistani Owned Takaful Company and is highly capitalized. Takaful is not just another tool for risk mitigation and financial protection. Rather, it is a system which works as a source of good for those that use it and the community at large. Tools like these are critical for developing nations, especially those seeing rapid economic growth. Increasing personal debt, the widening divide between the haves and have-nots, and other such issues regularly plague those in rapidly growing developing nations. Pakistan is one of those countries.

To truly comprehend the opportunities for Takaful in Pakistan, we need to see where the present insurance sector stands and. The best way to understand this by comparing it to another nation which shares many traits with Pakistan. India, a much larger neighbor, has an insurance penetration of 4.8%, against Pakistan’s 0.8%, and its insurance density is US$38.40, against Pakistan’s US$5.90. These values make it very clear that there exists a significant gap in Pakistan for financial protection tools. As we know, achieving expectations is not as easy as formulating them.

There are significant challenges for Takaful in Pakistan.

Education and awareness

Is it because of Shariah issues? Or is it due to the fact that as a nation, Pakistanis are conservative spenders? Given the low GDP per capita, spending on something additional with uncertain benefits is not easy. Or perhaps it is because Pakistanis do not know the benefits of using these tools and that little effort has been made to educate the masses about this aspect of the financial industry. It would be safe to assume that the answer consists of a combination of the above elements. In order to deal with the issues, significant investments will be required to reach out to the public and educate them.

Ambiguity in regulatory statutes

Given how recently the rules were formulated by the Securities and Exchange Commission, a lot of aspects need clarity.

Thin margins

Unlike the insurance companies, the Takaful operators’ primary source of revenue is the Wakala fee. This has relatively little room to maneuver and so they will need to work very hard to ensure that their operations are not just effective but also lean. Thus we see that the challenges are not small by any measure but they can definitely be overcome. If the present and future Takaful operators are not just looking at going after those individuals who are “religion-centric”, they need to look at positioning their offerings in a slightly different manner. The key selling proposition would have to be that Takaful products should be based on the following variables: need-based, appropriate pricing and immaculate customer service. An additional feature would be that the products are Shariah compliant and so, customers need not compromise on their beliefs to be able to get the best in financial protection.

Effectively dealing with the challenges present and properly positioning their offering will allow Takaful operators to achieve levels that even existing insurance companies have thus far been unable to reach.

"The Group Takaful Schemes provide a unique concept of Surplus Sharing to Participants in addition to risk mitigation benefits. By contributing as Tabarru (donation) into the common pool (Waqf) the Participant is entitled to the share of fund surplus, if any. At the end of the stated period, after paying off claims and other expenses, any excess amount is utilized for the following purposes:

A.    Contribution to General Reserves :  A portion of the surplus amount shall be reserved to strengthen the common pool (Waqf) for future excessive claims.

B.    Distribution to Participants :  The remaining surplus amount shall be distributed to Participants subject to policy terms and conditions.

National takaful company limited

Our company will be named national takaful company limited and it will be established in Islamabad pakistan

VISION

To spread Takaful benefits beyond borders, beyond Time!

MISSION

To deliver Takaful as a viable alternative to conventional insurance.

To become the µtop-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 prizedasset.

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 asfor 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.

Values

Takaful partner of choice - making our clients want to do business with us. This is possible once we are able to differentiate ourselves on the basis of quality proposition. One indicator could be market leadership in terms of product innovation, customer service, national outreach, ethical approach to doing business, etc.

Reputable - reputation is derived from various means: customer experience, commitment to the society and the industry, ethical approach to doing business, quality and technical depth of our financial advisors, reliability, trustworthiness, technology-savvy business, sustainable approach to growth. This in turn has a significant impact on our brand value.

Profitable - emphasizing commercial viability of the business and therefore value creation for our shareholders.

Sharia driven - instead of simply being Sharia compliant. There may be a segment that is motivated by Sharia authenticity of our products / brand.

Innovative financial solutions - 'innovative' underscores our commitment to bring a fresh approach to product development; 'solutions' indicates our desire to be proactive to market's needs, instead of a cut & paste or reactive approach to serving our clients.

Talent - best in class talent requires a powerful HR policy to attract, develop and retain quality professionals. It requires significant investment in training. We will ensure that our people understand insurance business and more importantly understand the differences and similarities with Sharia takaful principles. Our client-facing people carry a huge responsibility in creating (or destroying) our reputation and brand value. Our middle office people (risk management, product structuring, etc.) are the backbone to our long term sustainable growth. And a reliable back office ensures that we are able to safeguard the trust of our stakeholders through accurate and timely analysis and reporting.

Technology - our long term sustainable growth will be dependent on the quality of our information technology infrastructure. More than a support function, it has to be viewed as a business-enabler helping us in critical decision making.

Distribution - building a extensive, nationwide distribution network is critical to our long term survival. Backed by quality talent and technology systems, we need to aggressively strive to develop strong market access. This will involve a combination of direct sales force, branch network, bancatakaful, brandassurance (e.g. hypermarket, etc.) and other channels to quickly expand our outreach.

To open a new company we would have to follow a takaful regulatory framework of Pakistan

TAKAFUL REGULAROTY FRAMEWORK

Takaful Rules 2005 Company Ordinance Insurance Ordinance 2000 Insurance Rules 2002 Valuation Regulations Draft

Our PRODUCTS

Individual Family Takaful

products

individual family takaful

group family takaful banca takaful

In view to remain competative, we shall continue to introduce innovative and market based customer-centric Family Takaful products, catering to both groups and individuals that would feature distinctly from other protection plans available in the market. Each product may be extended to include supplementary benefits which are optional:

Sukoon

ENDOWMENT FOR RETIREMENT

Plan your retirement days with Sukoon, a plan that gives you the benefits of financial protection to address your future requirements and fulfills your desire to grow savings in accordance with shariah principles. Sukoon has a unique competitive edge in terms of contribution paying term for a period of 10 or 15 years and get the coverage till maturity at the age of 60 or 65. Sukoon provides endowment benefit at retirement, or in case of earlier Death pays such benefits to your dependants.

Salamti

FINANCIAL PROTECTION & SAVINGS GROWTH

Change is the essence of Life. Some changes make your life colorful but sometimes a change can be quite challenging. Now you can prepare yourself for change by participating in our Salamti Takaful plan which provides you with both Financial protection & savings growth in accordance with Shariah. You can choose any term of payment from 10 to 30 years up to maximum maturity age of 65 years. Salamti gives you peace of mind because your beloved ones are secured financially for the future.

Samar

CHILD EDUCATION and MARRIAGE PLAN

individual family takaful

sukoon

salamti

samar salary saving plan sahulat

single contribution

START SAVING TODAY FOR A SECURE TOMORROW

Samar is a unique Shariah Compliant plan which accumulates funds for your child’s Education / Marriage and at the same time provides your family the protection in case of an unforeseen event.It has 3 inbuilt features of Family Income benefit, Plan continuation benefit & Accidental death benefit.

Salary Saving Plan

A SHARIAH COMPLAINT ARRANGMENT TO PROVIDE,

A VEHICLE FOR FINANCIAL PROTECTION AND ACCUMULATION OF SAVINGS

Low and middle income class employees of small and medium size companies wishing to save money through salary deductions.

Investment

You may decide your regular Contributions subject to minimum amount. These will be used to purchase investment Units in our managed SHARIA funds of your choice; Balanced Fund, or Income Fund. You will have access to your funds including any profits which can be redeemed either through partial withdrawal, surrender, in the event of claim, or survival at maturity. The fund value may fluctuate based on underlying performance and not guaranteed.

Protection

The Waqf provides financial compensation in case of DEATH in consideration of your Tabarru’ (donation) to the Waqf fund, based on compensation desired. The Tabarru’ payment is from your PIA fund through cancellation of investment Units. You can enhance the benefit by attaching optional riders subject to additional payment of Tabarru’.

Sahulat

Investment Linked Takaful Plan

An excellent combination of Takaful Protection and Investment Return to ensure a secure future for you and your family’s various needs. Our Sahulat Plan is designed to help you plan your future financial needs. Sahulat is a Shari ah compliant investment and financial protection vehicle which can secure your future financial well being.

Single Contribution

INCOME TEXT BENEFITS

Avail Income Tax Benefits upto Rs. 100,000/- on maximum contribution amount of Rs. 50,000/-

INVESTMENTS

You may decide your minimum contributions subject to minimum amount. These will be used to purchase Investment Unit in Our SHARIAH managed funds of your choice ; Income Fund , Balanced Fund or Aggressive Fund. The fund value may fluctuate based upon underlying asset performance.

PROTECTION

Waqf provide financial compensation in case of DEATH.

Group Family Takaful

INNOVATIVE AND MARKET BASED CUSTOMER-CENTRIC FAMILY TAKAFUL PRODUCT

In view to remain competitive, we shall continue to introduce innovative and market based customer-centric Family Takaful products, catering to both groups and individuals that would feature distinctly from other protection plans available in the market. Initially there are three basic products available for group participation. Each product may be extended to include supplementary benefits which are optional.

Group Credit Protection

This cover protects financial institution on the facilities provided to its customer. In the event of death or disability of a customer, the financial institution will be indemnified on the amount of outstanding balance (including profit) without the hassle of recovery from the deceased family.

Group Term Family Takaful

This cover is normally taken by an employer for the protection of its employees, or by an organization for the benefit of its members in the event of death. The amount of sum covered per person is determined either according to agreed categories of employment/membership, or may be level across the board.

Group Personal Accidents

This product has been developed to provide economical coverage to participants. Under this cover if any person covered dies due to accidental means within ninety (90) days of such accident and sustained injuries are solely and independently caused by external, violent and purely accidental means, compensation will be paid to the Participant for benefit of his/her beneficiries.

BANCATAKAFUL

group family takaful

group credit protection

group term family takaful

group personal accidents

Family Takaful Plan

Secure your future without compromising your faith

We understand that the security and well being of your loved ones is your top priority. Keeping your comfort in mind, Dawood Family Takaful Limited (DFTL) has tied up with Silk Bank to bring to you specialized plan that helps you today for your tomorrow. It protects your future against any unforeseen events like death, disease or disability that may befall upon you or your family, while safeguarding your faith at the same time."

Silk Secure Takaful

You may be enjoying a comfortable life with a decent and stable income while aspiring for a happy and prosperous tomorrow. A tomorrow which provides you an opportunity to achieve your goals of buying a beautiful house, a new car, providing your children with higher Savings, daughter’s wedding or an independent retirement.

Silk Education Takaful

Education is the greatest skill that any parent can provide to his / her child. In fact, quality education is an asset and a real treasure for any child.

Silkbank offers Silk education Takaful, a Shari’ah compliant education plan, exclusively designed to tackle your future financial needs. It provides an excellent combination of Takaful with Shari’ah Compliant Investment Return to secure your child’s future. The Plan is underwritten by Dawood Family Takaful Limited.

Silk Education Takaful is a comprehensive education plan that especially caters to your child’s future financial needs for education and a secure future. With proper financial planning and wise investment in Silk Education Takaful, you can give your child a future as per your dream.

banca

family takaful plan

silk secure takaful

silk education takaful