BY ZALEHA ZAIN.
ISLAMIC FINANCIAL SERVICE ACT 2013 (IFSA 2013)
CRITICISM AND ITS IMPACTS.
The IFSA 2013 or Islamic Financial Service Act 2013 came into effect on 31 June 2013 after it was approved by a Parliament. Basically The it repeals the Islamic Banking Act 1983 (BAFIA) and the Takaful Act 1984 (TA) and combines the Islamic financial and takaful services under the aforementioned acts in a similar fashion. Means that those two Acts are no longer use nowadays.
FEATURES OF IFSA 2013:
to focus on Shari’ah compliance and governance in the Islamic financial sector.
To provides for a comprehensive legal framework that is fully consistent with Shari’ah in all aspects of regulation and supervision, from licensing to the winding up of an institution.
Promoting financial stability and protect the rights and interests of consumers of financial services and products based on Shari’ah compliance.
Overview of industry trends and insights of Fortune 500 companies and startups' activities in the FinTech space. We cover banking tech (security, crm, analytics), payments (pos, money transfer, commerce), cyber currency (blockchain, bitcoin, wallets, cryptocurrency exchanges), business finance (lending, crowdfunding), personal finance (lending, wealth management, mortgage, credit), and alternative cores (banking, insurance).
This is the brief document about Birla Sun Life Group..which include almost all its insurance plans, and policies. This documents also help those students and people how are seeking to get to know about BSLI. I provide all the detailed history about birla group in this documents..:)
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
2. Chapter Outline
Content
Basic Concept of Insurance
Concept of Takaful
Business Model Used by Takaful Operator
Takaful Products
How Much to Insure?
Approaches Available to Determine
Maintenance Fund
Determine the Objective of Buying Insurance
Choosing a Right Policy
2
3. Introduction
Shariah model of Life Insurance does not mean to insure
one‘s life, but it is a financial transaction undertaking to
protect widows, orphans and other dependents of the
deceased (assured) against future unexpected financial risk.
The conventional system, however, offers a life insurance
policy, which may not be free from riba (interest), or some
other elements, which are not recognized by Islamic
teaching.
3
4. Introduction
Therefore, Islamic insurance or known as Takaful was
introduced to cater the needs of Muslim in order to protect
their family and also assets from death or disaster.
4
5. Resolution of Scholars on Insurance
National Fatwa Committee of Malaysia, 1972
Extract of the Minutes of The Discourse of National Fatwa
Committee For Islamic Affairs Malaysia -15 June 1972
“Life insurance transacted by present-day life insurance companies is a
transaction containing the elements of al-Gharar, al-Maisir and al-Riba and
as a consequence its contract is void therefore HARAM”
Resolution of Islamic Fiqh Academy of OIC, 1985
5
6. Definition of Takaful
Takaful was laid down in the system of aqilah – an arrangement
of mutual help or indemnification customary in some tribes at
the time of the Prophet Muhammad (pbuh).
The contract of takaful provides solidarity in respect of any
tragedy in human life and loss to the business or property.
Literally, takaful means joint guarantee, shared responsibility,
shared guarantee, collective assurance and mutual undertaking,
which reflect a reciprocal relationship and agreement of mutual
help among members in a particular group.
In the Quran, the word kafala is mentioned in several contexts
such as in Surah Ali-Imran, verse 37.
6
7. Definition of Takaful
Islamic Financial Service Act 2013 defines takaful as:
“an arrangement based on mutual assistance under which takaful
participants agree to contribute to a common fund providing for
mutual financial benefits payable to the takaful participants or
their beneficiaries on the occurrence of pre-agreed events;”.
7
8. Contractual Relationship Among The
Participants (Tabarru’)
The underlying contract among the participants or
policyholders is the donation or tabarru’ contract.
Tabarru’:
Agreement by a participant to relinquish, as donation, a sum of
contribution that he/she agrees to pay into takaful fund
The purpose of this concept is to provide mutual indemnity
to the takaful participant, where the donation acts as a
mutual help and joint guarantee should any fellow
participants suffers as a defined loss.
8
9. Contract Among Takaful Participants
There is no insurer-insured relationship between the
participants and the takaful operator.
The participants are insuring themselves.
The takaful operator is engaged by the participants (as a group)
to manage the takaful scheme for them.
In general, the takaful operator is expected to:
Manage the underwriting of takaful contributions and payment of
protection amount or claims ; and
Manage any investment portfolio of the fund.
9
10. Business Model Used By Takaful
Operators
Approved by scholars:
Mudharabah (profit sharing)
Mudharabah is a profit sharing contract whereby one party provides the
capital (Ras ‘ul maal and the other party provides the expertise (MudhariS).
Wakalah
Wakalah is a contract whereby one party acts on behalf of another for a
fee.
Hybrid (Mudharabah + al'Wakalah)
Concept of tabarru’ applicable under all
10
12. Benefits of Takaful
Reduces financial burden to individuals as compensation will be
obtained and/or outstanding liabilities will be covered upon
untimely death or total disability.
Provides dependents or heirs ability to secure inherited
properties.
Participants are entitle to a share of profit or surplus of
operations based on profit sharing principle of al-mudharabah.
Free of liability by the guarantor on any outstanding credit
facility or financing/loan.
Participants are able to be ‘rewarded’ in the hereafter on the
donation made through the tabarru’concept.
12
13. How to Participate in Takaful?
Type of protection
• Life (family)
• Property
Affordability
How much an
individual is willing
to pay to participate
Priority of
protection
• Protection only
• Protection and
savings/investment
13
14. Key Principles of Insurance and Takaful
1. Indemnity:
Applies to the physical damage to a property where the loss can
be quantified in monetary terms.
In the event the insured suffer a loss, the insurance company will
pay or indemnify the insured to the position he or she was in
before the loss.
The payment of losses will not exceed the value of the property
destroyed.
14
15. Key Principles of Insurance and Takaful
2. Insurable interest:
Means an insured person will undergo a personal financial loss
when a loss caused by an insured peril occurs.
If the insured will not experience financial losses from the
damage of the object, then the insured cannot insure the object.
15
16. Key Principles of Insurance and Takaful
3. Utmost good faith:
The policy owner must disclose all material facts when buying a
policy.
If fails to disclose, the policy may become invalid.
16
17. Key Principles of Insurance and Takaful
4. Contribution:
The principle comes into play when there are 2 or more insurance
coverage on one risk.
When the total amount of claim from 2 or more insurers exceeds
the amount of loss suffered, the insurers will pay a proportionate
amount according to the liability.
17
18. Key Principles of Insurance and Takaful
5. Subrogation:
This principle is a result of the principle of indemnity.
The insurer who has indemnified the insured’s loss is entitled to
recover the loss from any liable third parties who are responsible
to the extent of its liability.
Subrogation only applies to general insurance.
18
19. Key Principles of Insurance and Takaful
6. Proximate cause:
Defined as the efficient cause that brings about a loss with no
other intervening cause that breaks the chain of events.
A claim is not payable by the insurer if the proximate cause is
other than the named peril.
19
20. How Much to Insure?
The most important aspect of our insurance protection
needs is family maintenance fund.
It will insure the viability of the dependent family unit.
The size of fund will reflect the level of living we would like
to see maintained.
So budget an amount that is at least enough to eliminate
the need for major financial adjustment.
On the other hand, we don’t want to over budget that
makes us worth more to our family dead than alive.
20
21. Approaches Available to Determine Maintenance
Fund
Multiple – Salary
Approach
The Needs
Approach
21
22. Multiple – Salary Approach
Since family needs are dependent on future prices, it is quite difficult to do the estimation.
Most insurance and takaful companies have devised tables indicating our income
maintenance needs as a multiple of our gross earnings.
It is based on the assumptions:
•Family requires 75% of its previous after tax income to maintain its standard of living.
•There is a surviving spouse with 2 children.
•The support will continue until the insured reaches age 65.
22
23. Multiple – Salary Approach
Multiple – Salary Table
In the table, it shows examples of salary multiples.
E.g.: A worker at age 35 with gross annual income of RM40,000 would need 11 times the gross
income which is RM440,000 in the family maintenance funds.
Gross
Annual Pay
(RM)
Age of Insured
25 30 35 40 45 50 55
20,000
30,000
40,000
60,000
80,000
100,000
150,000
200,000
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23
24. The Needs Approach
Determine objective of buying insurance/takaful.
Calculate monthly expenses for the dependent family unit.
Compute amount of financial resources available.
Estimate amount of insurance needed.
24
25. Determine the Objective of Having
Takaful
Pay outstanding home financing
Settle other outstanding debt
Provided money for children education
Provide money for spouse’s retirement
Supplement family income
Provide liquidity for family
Be clear about the objective to better estimate
the insurance cover needed.
25
26. Calculate Monthly Expenses For The
Dependent Family Unit
Estimate the monthly living expenses for the surviving
family members on the basis of family budget.
Do not forget to take into account inflation to have the
required amount of funds (expenses for example 5% -
10%).
Estimate amount of
funds needed
26
27. Compute Amount of Financial Resources
Available
Employer’s insurance
EPF savings
Pensions
Annuities
Household savings
Properties
Shares etc.
Not all our financial needs must be met by insurance alone. Most families
have other resources to rely on should the income provider die prematurely.
We should subtract
the family’s
financial resources
from the estimated
need to avoid
being over
insured.
27
28. Estimate Amount of Insurance Needed
The optimal amount of life insurance to purchase is the
difference between our estimated needs and estimated
funds.
However, our needs and resources are not static.
As time goes on, our insurance goals and family’s financial
circumstances will change.
Therefore, life insurance plans should be reviewed from
time to time (e.g. every 5 years).
28
30. Choosing a Right Policy
It is important to choose the right type of takaful policy so
that the benefits of the policy match your needs as closely
as possible.
Needs vary from each individual, and depend on factors
such as age, marital status, number of children, and
employment status of spouse and so on.
30
31. Choosing a Right Policy
Remember that the basic purpose of having taakful is to
ensure that the dependents are financially secure.
Therefore, a single person and couples with no children will
have less need for takaful protection apart from MRTA to
cover housing loans.
In general, the fewer the number of dependents and the
more financial resources we have, the lesser is our need for
takaful protection.
31
32. Choosing a Right Policy
Young families with small children are going to need large
amount of death protection.
Mature families in the 40-50 age group has different
takaful protection needs compared to young families.
32
33. Choosing a Right Policy
By this time, you probably have enough amount of saving
but still not enough to retire.
So investment-linked takaful policies can be considered.
Such policies provide a source of investment returns for
old age, while in the meantime; offer a limited degree of
takaful coverage.
An alternative to this investment-linked policy would be to
buy into unit trust or mutual fund and use the premiums
saved to secure a term policy.
33
34. Tips on choosing a Right Policy
Choose a takaful operator company that is reputable,
financially stable and has a good payment track record.
Compare premiums when shopping for a policy which are
similar in terms of coverage, sum assured, maturity,
provisions and other features.
Choose a qualified takaful agent.
Read and understand all the fine print in the contract
before signing the agreement.
34