This document provides an overview of hibah in the takaful industry. It begins with a historical background on the development of takaful and discusses key trends in the takaful landscape such as it being a major institutional investor and driver of discretionary portfolios. The document then defines takaful and its principles. It examines different takaful models including general and family takaful and analyzes the growth and regulation of the global takaful industry. Finally, it explores the concept of hibah, its advantages, and issues regarding its implementation in takaful.
This document provides information about an upcoming two-day specialized training workshop on Takaful (Islamic Insurance) in Lahore, Pakistan. It includes the presentation topic, presenter information, venue details, and an outline of the presentation framework covering the insurance industry in Pakistan, conventional insurance policies, and an introduction to Takaful. The presentation aims to provide an overview of the insurance sector in Pakistan, compare conventional insurance to the Islamic alternative of Takaful, and explain different Takaful products and operations.
This document discusses takaful intermediaries, nominees, and beneficiaries according to Islamic principles. It explains that takaful agents and brokers play an important role in promoting takaful, with agents working directly for the operator and brokers representing participants. Nominees are trustees responsible for distributing policy benefits according to inheritance laws. Beneficiaries must have an insurable interest in the policy and be nominated by the policyholder. Upon their death, benefits are distributed according to inheritance rules.
Pak-Qatar Family Takaful Limited is Pakistan's first Takaful group sponsored by Qatari financial institutions. It has over 900 sales agents and 300 corporate clients after only 3 years of operation. The presentation discusses key differences between conventional insurance and Takaful, which is based on mutual assistance and free of Riba. Family Takaful products like education plans help ensure continuity of children's education in case of untimely death or financial hardship. Corporate Takaful covers risks for group healthcare, death benefits, and retirement income. Takaful bridges the gap between people's financial protection needs and beliefs by providing an ethical alternative to conventional insurance.
This document provides an overview of the key concepts and philosophy of Takaful, which is an Islamic insurance system based on mutual assistance. It discusses how risk management is viewed in Islam and the Quranic principles of preparing for hardship. Takaful operates based on participants contributing funds and jointly guaranteeing each other in case of need, as opposed to conventional insurance which is seen as risky. The document outlines the definitions and origins of Takaful, compares it to conventional insurance, and explains some of the investment principles and contract types used in Takaful like Mudharabah and Tabarru.
Takaful, or Islamic insurance, is an alternative to conventional insurance that is compliant with Sharia law. It is based on the principles of mutual assistance and guarantee. Takaful traces its origins to ancient practices where members of the same tribe would share financial responsibility in cases of death or injury. Modern takaful aims to address the issues of gharar (uncertainty), gambling, and riba (interest) that make conventional insurance incompatible with Islamic principles. There are various models of takaful operations and continued growth in the takaful industry globally and in key markets like Malaysia, the GCC and Pakistan.
This document provides an overview of hibah in the takaful industry. It begins with a historical background on the development of takaful and discusses key trends in the takaful landscape such as it being a major institutional investor and driver of discretionary portfolios. The document then defines takaful and its principles. It examines different takaful models including general and family takaful and analyzes the growth and regulation of the global takaful industry. Finally, it explores the concept of hibah, its advantages, and issues regarding its implementation in takaful.
This document provides information about an upcoming two-day specialized training workshop on Takaful (Islamic Insurance) in Lahore, Pakistan. It includes the presentation topic, presenter information, venue details, and an outline of the presentation framework covering the insurance industry in Pakistan, conventional insurance policies, and an introduction to Takaful. The presentation aims to provide an overview of the insurance sector in Pakistan, compare conventional insurance to the Islamic alternative of Takaful, and explain different Takaful products and operations.
This document discusses takaful intermediaries, nominees, and beneficiaries according to Islamic principles. It explains that takaful agents and brokers play an important role in promoting takaful, with agents working directly for the operator and brokers representing participants. Nominees are trustees responsible for distributing policy benefits according to inheritance laws. Beneficiaries must have an insurable interest in the policy and be nominated by the policyholder. Upon their death, benefits are distributed according to inheritance rules.
Pak-Qatar Family Takaful Limited is Pakistan's first Takaful group sponsored by Qatari financial institutions. It has over 900 sales agents and 300 corporate clients after only 3 years of operation. The presentation discusses key differences between conventional insurance and Takaful, which is based on mutual assistance and free of Riba. Family Takaful products like education plans help ensure continuity of children's education in case of untimely death or financial hardship. Corporate Takaful covers risks for group healthcare, death benefits, and retirement income. Takaful bridges the gap between people's financial protection needs and beliefs by providing an ethical alternative to conventional insurance.
This document provides an overview of the key concepts and philosophy of Takaful, which is an Islamic insurance system based on mutual assistance. It discusses how risk management is viewed in Islam and the Quranic principles of preparing for hardship. Takaful operates based on participants contributing funds and jointly guaranteeing each other in case of need, as opposed to conventional insurance which is seen as risky. The document outlines the definitions and origins of Takaful, compares it to conventional insurance, and explains some of the investment principles and contract types used in Takaful like Mudharabah and Tabarru.
Takaful, or Islamic insurance, is an alternative to conventional insurance that is compliant with Sharia law. It is based on the principles of mutual assistance and guarantee. Takaful traces its origins to ancient practices where members of the same tribe would share financial responsibility in cases of death or injury. Modern takaful aims to address the issues of gharar (uncertainty), gambling, and riba (interest) that make conventional insurance incompatible with Islamic principles. There are various models of takaful operations and continued growth in the takaful industry globally and in key markets like Malaysia, the GCC and Pakistan.
The document discusses takaful (Islamic insurance) and compares it to conventional insurance. It provides definitions and principles of takaful, noting that it is based on mutual assistance and joint guarantee rather than interest. The key points covered are:
- Conventional insurance contains elements prohibited in Sharia like interest (riba) and uncertainty (gharar) and is therefore haram.
- Takaful operates based on Islamic principles of brotherhood and solidarity where participants help each other in case of loss.
- Scholars have determined cooperative/mutual insurance models (takaful) to be permissible under Sharia where risk is shared among participants.
The document provides an overview of insurance sector advertising in India. It discusses the history and growth of the insurance industry in India from 1818 to present day. It notes that the industry was initially comprised of many private sector companies, but was later nationalized and consolidated into public sector monopolies. Since 2000, the sector has reopened to private and foreign companies. It also summarizes key findings from studies on the impact of advertising on insurance company profitability and market share between public and private insurers over time.
This document provides an introduction and overview of Takaful insurance presented by Mehar Muhammad Ashfaq. The presentation covers:
1) An introduction to the concept of Takaful insurance and how it differs from conventional insurance through risk sharing rather than risk transfer in accordance with Islamic principles.
2) A history and overview of the growth of Takaful insurance globally and potential opportunities, including in countries with significant Muslim populations like Germany.
3) Details on the basic elements and models of Takaful insurance, as well as regulatory frameworks and challenges in the industry.
Takaful industry in Pakistan,GCC & Malaysia: Growth Challenges & future Prosp...Aamer Rahim
This document provides an introduction and overview of Takaful (Islamic insurance). It discusses:
1) The background and need for an Islamic alternative to conventional insurance due to issues like gharar (uncertainty) and riba (interest).
2) The key principles of Takaful including tabarru (voluntary donation or contribution) and ta'awun (mutual assistance).
3) The types of Takaful products and some ongoing Shariah issues regarding concepts like nomination, distribution of surplus, and tabarru.
This document discusses the legal issues and challenges facing the takaful (Islamic insurance) industry in Malaysia. It provides background on the history and development of takaful in Malaysia, which began in the 1980s to provide Shariah-compliant alternatives to conventional insurance. The document outlines some of the main challenges facing the industry, including its regulatory framework, shortage of Shariah-compliant assets, and issues around the application of Islamic law versus civil law in judicial proceedings involving takaful cases. It notes that takaful cases are typically heard in civil courts rather than Shariah courts in Malaysia.
The document outlines a presentation on Takaful (Islamic insurance). It includes:
1. An introduction to Takaful, its characteristics including separate funds and equal surplus distribution.
2. An explanation of why conventional insurance is not halal and the differences between it and Takaful.
3. Details on the various models of Takaful including Mudarabah (profit-sharing), Wakala (agency with fees), and hybrid models.
4. A discussion of the role of Takaful in Islamic economic systems and some of the future challenges and suggested measures for the continued growth of the Takaful industry.
Omega Insurance Brokers was established in 2003 in Dubai to provide competitive insurance services. It has grown to over 100 employees and 4000 clients. The intern was assigned to assist the accounting department by calculating sales commissions, making payments to insurance companies, and reconciling bank statements. These tasks will help keep the accounting work up to date and ensure payments are accurate.
Insurance advertising has changed drastically over time from focusing on death to goals and achievements. Old advertisements emphasized insurance as a means to cope with death, while new advertisements portray insurance as a way to achieve life goals like tax savings. Top insurers in India use awareness campaigns to stimulate the need for insurance, emphasize family support, safety, and long-term savings. Regulations from IRDA now require all terms and conditions to be clearly mentioned in insurance advertisements.
An overview of takaful in malaysia.121412.finalMace Abdullah
This document provides an overview of Takaful (Islamic insurance) in Malaysia. It begins with definitions and the epistemological and historical foundations of Takaful. Takaful is based on mutual assistance and donation, with participants both insuring and being insured by the collective fund. The document outlines the key Shariah norms and prohibitions of Takaful, distinguishing it from conventional insurance which involves gambling and uncertainty. The majority of the document then analyzes the development, regulations, risks, finances, and performance of Malaysia's Takaful industry, which is a global leader in the field.
The document discusses the principles of Takaful (Islamic insurance), comparing it to conventional insurance. It outlines some key differences, such as Takaful focusing on the interests of pool participants rather than shareholders. The document also discusses the global Takaful business and various Takaful models, concluding with some potential marketing approaches for Takaful.
The document provides an overview of the fundamentals of Takaful, which is an Islamic insurance system based on mutual cooperation and donation. It discusses the key principles of Takaful, including tabarru' (donation), ta'awun (mutual cooperation), and mudharabah (profit-sharing). The three elements typically found in conventional insurance that are not compliant with Islamic law - gharar (uncertainty), maisir (gambling) and riba (interest) - are also examined. The document then outlines the basic Takaful operating models used in practice and the legal/regulatory framework governing the Takaful industry in Malaysia.
This document discusses JCR-VIS Credit Rating Company's methodology for rating Takaful and Retakaful firms. It provides an overview of the global and Pakistan Takaful markets. It then discusses the key factors JCR-VIS examines when rating Takaful operators, including management and controls, business model, legal separation of funds, liquidity, reinsurance arrangements, and earnings. Future challenges for the industry are also noted.
This presentation gives basic orientation of Takaful to non insurance professionals and public at large. It was delivered to Pakistan Professional Forum Qatar
The document provides an overview of Takaful (Islamic insurance) through a presentation by Capt. M. Jamil Akhtar Khan. It begins with definitions of Takaful, tracing its origins to concepts in the Quran and Hadith of mutual assistance and risk mitigation. Objections to conventional insurance as involving gharar, maisir and riba are outlined. Key differences between Takaful and conventional insurance are explained. The presentation covers the development of the Takaful industry over time, with the first modern company established in Sudan in 1979. Misconceptions about Takaful are addressed.
The document compares and contrasts insurance and takaful. It provides details on:
1) Insurance is a contract where one party agrees to take on the risk of another in exchange for premium payments. The risk bearer is the insurer and the party whose risk is covered is the insured.
2) Takaful is an Islamic insurance system based on mutual assistance and donation, where risks are shared collectively. It follows the principles of tabarru (donation) and ta'awun (mutual guarantee).
3) There are several takaful models including mudarabah, wakalah, and waqf models. The waqf model establishes a waqf fund through shareholder contributions to compensate
The document discusses the treatment of qard (interest-free loans) in Takaful (Islamic insurance). It begins by contrasting conventional and Islamic insurance models. When a Takaful fund experiences a deficit, the Takaful operator can provide an interest-free qard loan to ensure solvency. However, terms of repayment are sometimes unclear. The document then examines regulatory issues around qard, including disclosure requirements and how qard fits within related party frameworks. It concludes by outlining Malaysia's proposed risk-based capital framework for Takaful operators, including capital adequacy ratios and supervisory interventions when capital levels decline.
This document provides an overview of takaful and mutual insurance models as alternative approaches to managing risks. It contains 13 chapters that discuss various insurance structures like mutual insurers, cooperatives, hybrid models, and faith-based risk sharing arrangements. The chapters also examine topics such as principal-agent issues, investments, challenges, oversight practices, microtakaful, and regulatory frameworks for takaful. Overall, the document aims to shed light on takaful and how its concepts and practices can be developed to expand insurance access in majority Islamic countries in a sharia-compliant manner.
Takaful insurance is an Islamic alternative to conventional insurance that complies with Sharia law. It operates similar to mutual or cooperative insurance, with policyholders underwriting risk. The market has grown significantly in recent decades in Southeast Asia, the Middle East, and parts of Africa. Takaful models differ in how funds are shared between policyholders and the operator. Regulation of the industry is still developing globally and faces challenges such as a lack of harmonization and shortage of skilled workers.
This document is a thesis presented by Abdul Wahab to the faculty of Management Sciences at Bahria Institute of Management & Computer Sciences in Karachi, Pakistan. The thesis examines the scope of takaful (Islamic insurance) in the Pakistani market, using Pak-Qatar Takaful Company as a case study. It discusses how takaful differs from conventional insurance by avoiding elements like gharar (uncertainty) and riba (usury) that are forbidden in Islamic law. The thesis analyzes data collected through a questionnaire given to 80 individuals who use either conventional or Islamic insurance to understand the potential future of takaful in Pakistan.
Takaful is an Islamic alternative to conventional insurance based on mutual cooperation and responsibility. It involves participants contributing to a common fund to guarantee each other against loss or hardship. Several fatwas have confirmed takaful's compliance with Sharia. In Pakistan, takaful is growing but faces challenges like lack of awareness, regulatory issues, and limited investment options. Improving products, services, and education can help takaful fulfill its potential.
The Malaysian franchise industry has grown significantly in recent years and many local brands have expanded internationally. However, the government aims to further develop the industry by increasing awareness, education, and Bumiputera participation. A new National Franchise Blueprint will provide strategic direction for the industry until 2020, focusing on increasing the number of traditional businesses transforming into franchises. It will also address laws and support services to better assist entrepreneurs. Additionally, a new Franchise Academy aims to enhance professionalism in the industry through training programs.
The document discusses Magma Fincorp Limited, a retail finance company in India. It summarizes Magma's business overview, including that it provides financing to small entrepreneurs in rural and semi-rural India. It also highlights Magma's financial highlights for fiscal year 2011, including total disbursements of Rs. 5415 Cr (~USD 1.1B), total assets of Rs. 10907 Cr (~USD 2.22B), total income of Rs. 874 Cr (~USD 178M), and profit after tax of Rs. 122 Cr (~USD 24.8M). The document outlines Magma's strategy to continue expanding its product portfolio and market presence across India.
The document discusses takaful (Islamic insurance) and compares it to conventional insurance. It provides definitions and principles of takaful, noting that it is based on mutual assistance and joint guarantee rather than interest. The key points covered are:
- Conventional insurance contains elements prohibited in Sharia like interest (riba) and uncertainty (gharar) and is therefore haram.
- Takaful operates based on Islamic principles of brotherhood and solidarity where participants help each other in case of loss.
- Scholars have determined cooperative/mutual insurance models (takaful) to be permissible under Sharia where risk is shared among participants.
The document provides an overview of insurance sector advertising in India. It discusses the history and growth of the insurance industry in India from 1818 to present day. It notes that the industry was initially comprised of many private sector companies, but was later nationalized and consolidated into public sector monopolies. Since 2000, the sector has reopened to private and foreign companies. It also summarizes key findings from studies on the impact of advertising on insurance company profitability and market share between public and private insurers over time.
This document provides an introduction and overview of Takaful insurance presented by Mehar Muhammad Ashfaq. The presentation covers:
1) An introduction to the concept of Takaful insurance and how it differs from conventional insurance through risk sharing rather than risk transfer in accordance with Islamic principles.
2) A history and overview of the growth of Takaful insurance globally and potential opportunities, including in countries with significant Muslim populations like Germany.
3) Details on the basic elements and models of Takaful insurance, as well as regulatory frameworks and challenges in the industry.
Takaful industry in Pakistan,GCC & Malaysia: Growth Challenges & future Prosp...Aamer Rahim
This document provides an introduction and overview of Takaful (Islamic insurance). It discusses:
1) The background and need for an Islamic alternative to conventional insurance due to issues like gharar (uncertainty) and riba (interest).
2) The key principles of Takaful including tabarru (voluntary donation or contribution) and ta'awun (mutual assistance).
3) The types of Takaful products and some ongoing Shariah issues regarding concepts like nomination, distribution of surplus, and tabarru.
This document discusses the legal issues and challenges facing the takaful (Islamic insurance) industry in Malaysia. It provides background on the history and development of takaful in Malaysia, which began in the 1980s to provide Shariah-compliant alternatives to conventional insurance. The document outlines some of the main challenges facing the industry, including its regulatory framework, shortage of Shariah-compliant assets, and issues around the application of Islamic law versus civil law in judicial proceedings involving takaful cases. It notes that takaful cases are typically heard in civil courts rather than Shariah courts in Malaysia.
The document outlines a presentation on Takaful (Islamic insurance). It includes:
1. An introduction to Takaful, its characteristics including separate funds and equal surplus distribution.
2. An explanation of why conventional insurance is not halal and the differences between it and Takaful.
3. Details on the various models of Takaful including Mudarabah (profit-sharing), Wakala (agency with fees), and hybrid models.
4. A discussion of the role of Takaful in Islamic economic systems and some of the future challenges and suggested measures for the continued growth of the Takaful industry.
Omega Insurance Brokers was established in 2003 in Dubai to provide competitive insurance services. It has grown to over 100 employees and 4000 clients. The intern was assigned to assist the accounting department by calculating sales commissions, making payments to insurance companies, and reconciling bank statements. These tasks will help keep the accounting work up to date and ensure payments are accurate.
Insurance advertising has changed drastically over time from focusing on death to goals and achievements. Old advertisements emphasized insurance as a means to cope with death, while new advertisements portray insurance as a way to achieve life goals like tax savings. Top insurers in India use awareness campaigns to stimulate the need for insurance, emphasize family support, safety, and long-term savings. Regulations from IRDA now require all terms and conditions to be clearly mentioned in insurance advertisements.
An overview of takaful in malaysia.121412.finalMace Abdullah
This document provides an overview of Takaful (Islamic insurance) in Malaysia. It begins with definitions and the epistemological and historical foundations of Takaful. Takaful is based on mutual assistance and donation, with participants both insuring and being insured by the collective fund. The document outlines the key Shariah norms and prohibitions of Takaful, distinguishing it from conventional insurance which involves gambling and uncertainty. The majority of the document then analyzes the development, regulations, risks, finances, and performance of Malaysia's Takaful industry, which is a global leader in the field.
The document discusses the principles of Takaful (Islamic insurance), comparing it to conventional insurance. It outlines some key differences, such as Takaful focusing on the interests of pool participants rather than shareholders. The document also discusses the global Takaful business and various Takaful models, concluding with some potential marketing approaches for Takaful.
The document provides an overview of the fundamentals of Takaful, which is an Islamic insurance system based on mutual cooperation and donation. It discusses the key principles of Takaful, including tabarru' (donation), ta'awun (mutual cooperation), and mudharabah (profit-sharing). The three elements typically found in conventional insurance that are not compliant with Islamic law - gharar (uncertainty), maisir (gambling) and riba (interest) - are also examined. The document then outlines the basic Takaful operating models used in practice and the legal/regulatory framework governing the Takaful industry in Malaysia.
This document discusses JCR-VIS Credit Rating Company's methodology for rating Takaful and Retakaful firms. It provides an overview of the global and Pakistan Takaful markets. It then discusses the key factors JCR-VIS examines when rating Takaful operators, including management and controls, business model, legal separation of funds, liquidity, reinsurance arrangements, and earnings. Future challenges for the industry are also noted.
This presentation gives basic orientation of Takaful to non insurance professionals and public at large. It was delivered to Pakistan Professional Forum Qatar
The document provides an overview of Takaful (Islamic insurance) through a presentation by Capt. M. Jamil Akhtar Khan. It begins with definitions of Takaful, tracing its origins to concepts in the Quran and Hadith of mutual assistance and risk mitigation. Objections to conventional insurance as involving gharar, maisir and riba are outlined. Key differences between Takaful and conventional insurance are explained. The presentation covers the development of the Takaful industry over time, with the first modern company established in Sudan in 1979. Misconceptions about Takaful are addressed.
The document compares and contrasts insurance and takaful. It provides details on:
1) Insurance is a contract where one party agrees to take on the risk of another in exchange for premium payments. The risk bearer is the insurer and the party whose risk is covered is the insured.
2) Takaful is an Islamic insurance system based on mutual assistance and donation, where risks are shared collectively. It follows the principles of tabarru (donation) and ta'awun (mutual guarantee).
3) There are several takaful models including mudarabah, wakalah, and waqf models. The waqf model establishes a waqf fund through shareholder contributions to compensate
The document discusses the treatment of qard (interest-free loans) in Takaful (Islamic insurance). It begins by contrasting conventional and Islamic insurance models. When a Takaful fund experiences a deficit, the Takaful operator can provide an interest-free qard loan to ensure solvency. However, terms of repayment are sometimes unclear. The document then examines regulatory issues around qard, including disclosure requirements and how qard fits within related party frameworks. It concludes by outlining Malaysia's proposed risk-based capital framework for Takaful operators, including capital adequacy ratios and supervisory interventions when capital levels decline.
This document provides an overview of takaful and mutual insurance models as alternative approaches to managing risks. It contains 13 chapters that discuss various insurance structures like mutual insurers, cooperatives, hybrid models, and faith-based risk sharing arrangements. The chapters also examine topics such as principal-agent issues, investments, challenges, oversight practices, microtakaful, and regulatory frameworks for takaful. Overall, the document aims to shed light on takaful and how its concepts and practices can be developed to expand insurance access in majority Islamic countries in a sharia-compliant manner.
Takaful insurance is an Islamic alternative to conventional insurance that complies with Sharia law. It operates similar to mutual or cooperative insurance, with policyholders underwriting risk. The market has grown significantly in recent decades in Southeast Asia, the Middle East, and parts of Africa. Takaful models differ in how funds are shared between policyholders and the operator. Regulation of the industry is still developing globally and faces challenges such as a lack of harmonization and shortage of skilled workers.
This document is a thesis presented by Abdul Wahab to the faculty of Management Sciences at Bahria Institute of Management & Computer Sciences in Karachi, Pakistan. The thesis examines the scope of takaful (Islamic insurance) in the Pakistani market, using Pak-Qatar Takaful Company as a case study. It discusses how takaful differs from conventional insurance by avoiding elements like gharar (uncertainty) and riba (usury) that are forbidden in Islamic law. The thesis analyzes data collected through a questionnaire given to 80 individuals who use either conventional or Islamic insurance to understand the potential future of takaful in Pakistan.
Takaful is an Islamic alternative to conventional insurance based on mutual cooperation and responsibility. It involves participants contributing to a common fund to guarantee each other against loss or hardship. Several fatwas have confirmed takaful's compliance with Sharia. In Pakistan, takaful is growing but faces challenges like lack of awareness, regulatory issues, and limited investment options. Improving products, services, and education can help takaful fulfill its potential.
The Malaysian franchise industry has grown significantly in recent years and many local brands have expanded internationally. However, the government aims to further develop the industry by increasing awareness, education, and Bumiputera participation. A new National Franchise Blueprint will provide strategic direction for the industry until 2020, focusing on increasing the number of traditional businesses transforming into franchises. It will also address laws and support services to better assist entrepreneurs. Additionally, a new Franchise Academy aims to enhance professionalism in the industry through training programs.
The document discusses Magma Fincorp Limited, a retail finance company in India. It summarizes Magma's business overview, including that it provides financing to small entrepreneurs in rural and semi-rural India. It also highlights Magma's financial highlights for fiscal year 2011, including total disbursements of Rs. 5415 Cr (~USD 1.1B), total assets of Rs. 10907 Cr (~USD 2.22B), total income of Rs. 874 Cr (~USD 178M), and profit after tax of Rs. 122 Cr (~USD 24.8M). The document outlines Magma's strategy to continue expanding its product portfolio and market presence across India.
Kurnia Asia Berhad was incorporated in Malaysia in 2001 and is the holding company for Kurnia Insurans (Malaysia) Berhad, the largest general insurer in Malaysia. Kurnia Insurans was incorporated in 1978 and has grown to become one of the most successful general insurers in the country, offering products like motor, medical, personal accident, and home insurance. Kurnia Asia aims to be a leading financial services group in ASEAN through its vision, mission, and values of knowledge, unity, nobility, resourcefulness, innovativeness, and ability.
Ijarah : Implementing Islamic Financial Principles In The Mauritius Leasing I...Ashraf Esmael
The document discusses the application of Ijarah (Islamic leasing) principles in the Mauritian leasing industry. It provides an overview of Mauritius Leasing and the leasing industry in Mauritius. Ijarah allows assets to be leased rather than purchased, avoiding interest (riba). The document outlines the rationale for Mauritius Leasing to offer Islamic leasing, the salient features of Ijarah, its economic benefits, implementation challenges, and the future potential for structuring Islamic financial products using Ijarah principles.
The document proposes establishing a leasing company in Africa to take advantage of business opportunities and help address limited access to financing. The company would lease vehicles and equipment on flexible terms to support growth in sectors like agriculture, mining, and businesses. Initial plans involve partnering with dealers in Sierra Leone and Uganda to lease vehicles and pursue investors for $1-5 million to expand. The goal is to make a sustainable impact by providing needed financing options.
Non-banking financial companies (NBFCs) provide financial services like loans and investing in stocks without taking deposits. Mahindra and Mahindra Financial Services is a leading NBFC in India that provides financing for vehicles and farm equipment, especially in rural areas. It has over 450 branches and aims to be the preferred financial services provider in rural India. The company focuses on inclusive growth and currently employs over 6,200 people locally. It offers a variety of loan and insurance products and has strong relationships with dealers and customers after over 70 years of operations.
The document discusses:
1) IRCM launching a new Marine Trades insurance scheme called Bowline® that aims to provide competitive premiums and flexible underwriting for the marine sector.
2) Other marine insurance brokers will be able to access the Bowline® facility for their clients.
3) IRCM is supporting a British attempt at breaking the global powerboat circumnavigation record by a team led by adventurer Alan Priddy in an innovative aluminum hull boat designed for speed.
The document provides an introduction to life insurance and the insurance industry in India. It discusses the origins of insurance dating back to 12th century practices of risk-sharing. It outlines the history of the insurance industry in India including the nationalization of life and non-life insurance in 1956 and 1972, and the establishment of regulatory authority IRDA in 1999 which opened the industry to private players. The duties of IRDA include regulating terms of insurance contracts, monitoring solvency, and advising on regulations.
Be a part of mortgage and finance industry Daniel Paci
Become a mortgage broker Pty Ltd. provides specialist training to assist new Mortgage brokers in the industry. Our different tailored courses make you enable to accredited Certificate IV and diploma mortgage broker programs. If you are interested in becoming a mortgage broker with our company, please contact us.
10
Contents:
Acknowledgment……………………………………………………………………………
Abstract ……………………………………………………………………………………………...Chapter 1:
Economic insurance sector in Saudi Arabia……………………………………………..
Problems that the economical insurance sector in Saudi Arabia is facing………..
Goal of the project……………………………………………………………………..
Objective of the project……………………………………………………………….
Company profile ……………………………………………………………………………..
Introduction of Marsh………………………………………………………………..
Marsh & McLennan Company SWOT analysis……………………………………
General line…………………………………………………………………………………
Medical………………………………………………………………………………………
Placement……………………………………………………………………………………
Chapter 2:
Data collocation……………………………………………………………………………
Chapter 3:
Computing liquidity ratio ………………………………………………………………..
Computing profitability measures ……………………………………………………….
Profit margin ……………………………………………………………………………..
Computing market value measure ………………………………………………………….
Conclusion &recommendation……………………………………………………………..
Reference…………………………………………………………………………………..
Appendix …………………………………………………………………………………...
Abstract
Insurance companies have played a big role in ensuring that they take risks on behalf of the insured. By being insured, the insured is able to have peace of mind. A good protection and management are done for your business. However, in order to be successful in the insurance sector, there are several participants who play key roles in the sector. This project shows how one of the participants, the insurance broker, works in this sector.
An insurance broker is one of the participants who help the company in selling and negotiating insurance for compensation. The insurance broker duty is to work and get the best interest of the insured or his client and provide the right advice, which is independent of any influence of the insurance company in terms of professional advice.
This project shows a framework of all the roles of the insurance broker in the insurance company into much detail. An insurance broker is very important in the insurance company in ensuring its success. In this project, the insurance broker is the main theme and a clear illustration is made on how they bring an effect in the sector. The growth of the insurance services sector is illustrated how it has affected by the presence of the insurance broker in the sector.
A close statistical data review of the insurance sector is undertaken in the project. A review of how Marsh &McLennan shows the role of their insurance broker is laid out. They particularly deal with clients and new customers by explaining to them the products offered by the company and the benefit they get from it. The project talks about how to avoid risks that insurers are exposed to, and how strategies on how to grow in the sector.
Chapter1:Introduction
Background
Economic insurance sector in Saudi Arabia
In the 1950s Saudi Arabia had a small amount of the insurance activity. The industry started showing sustained growth after the oil ...
Xuber is an insurance software company with over 30 years of experience. It provides componentized software solutions to over 130 brokers and carriers globally. The document outlines Xuber's solutions for insurers, reinsurers, brokers, and managing general agents which cover the full insurance lifecycle from quoting to claims. It also discusses Xuber's implementation process, support services, and benefits such as flexibility, reduced costs, and enabling business growth.
This document discusses finance leases as a source of project finance. It defines leasing as a legal agreement where the lessor owns a capital asset and allows the lessee to use it by paying rentals. Leasing provides advantages like preserving lines of credit, improving cash management through lower rental payments compared to loan repayments, and flexibility to upgrade equipment. The main types of leases are finance leases and operating leases, with finance leases transferring substantially all the risks and rewards of asset ownership to the lessee.
Re-Takaful provides risk sharing mechanisms for Takaful operators to limit liability on specific risks and increase capacity. It operates similarly to conventional reinsurance but without interest or excessive uncertainty, instead relying on actual expenses and risk sharing. Re-Takaful helps stabilize Takaful business by limiting losses that could overwhelm operators. However, the industry faces challenges in capacity, ratings, expertise, and standardization that must be addressed to effectively compete.
Investment Management – a creator of value in an insurance companyFelix Schlumpf
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Introduction
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1. NOTE FROM THE CEO
CROSSING THE CHASM IN THE ISSUE 1 AUGUST 2009
MAURITIAN LEASING
INDUSTRY................ ......... 1
NEW PRODUCTS
IJARAH FROM MAURITIUS
LEASING – THE FIRST ISLAMIC
LEASING SOLUTION ........... 2
Leasing
SPECIAL SME SCHEMES
NEW LEASING SCHEMES FOR
SME EQUIPMENT
MODERNISATION ............... 4
ADDRESSING THE NEEDS OF THE PRODUCTIVE SECTORS OF THE
ECONOMY AND PLANTING THE SEEDS FOR FUTURE GROWTH News
In 2009, Mauritius Leasing will have contributed 22 years of leasing expertise to Mauritius,
having pioneered this industry back in 1987 and being today the only listed leasing company
in the country. The company is constantly developing new and innovative products and
distribution channels which add value for the customer while minimizing operational costs
Crossing the Chasm in the
Mauritian Leasing Industry
James Allen, CEO
James Allen, CEO of Mauritius Leasing
The leasing market in Mauritius is economic initiatives to revitalise the
characterized by increased competition and economy which, we anticipate, will further
constant pressure on margins. With the benefit the Company and the Industry in the In a crowded market like Mauritius, where
tighter regulatory framework, it is expected future. achieving critical mass can be a real
that the industry will see some consolidation Leasing as an industry has been, in my view, challenge, it is essential to have a balanced
in the near future as a result of the changing under-valued. It is time we realized that regulatory and fiscal framework that
landscape for leasing businesses in the leasing can be equally, if not more effective recognizes the risks and rewards associated
country. than traditional banking at stimulating with this business.
From its inception, Mauritius Leasing has economic growth.
always been positive and forward looking. Already, the Non-Bank Deposit Taking Therefore, the leasing industry needs to
And indeed, with the new challenges being Institutions, of which Leasing is a work closely with government and the
thrown into the market, we remain component, represent no less than MUR 30 regulators to provide the right environment
optimistic for the future. Billion in terms of assets and this is set to to ensure this important growth instrument
The government has embarked on major grow even more in the years to come. of the economy can compete effectively.
MARKET WATCH
Bank of Mauritius 364-day Treasury Bills closed at a weighted yield of 4.90% at the latest
auction on 24 July 2009. 182-day and 91-day bills respectively closed at 4.54% and 4.51% on
a weighted yield basis. The declining trend witnessed earlier during the year which seemed to
have bottomed out in the past weeks is still showing a slight declining trend.
The Repo Rate has been maintained at 5.75% since 22 June 2009, date of the last sitting of the 1
Monetary Policy Committee of the Bank of Mauritius.
2. Respecting Your Principles with a new SMARTER
product designed to offer a new choice LEASING:
previously unavailable to Mauritian
customers. Experience vs.
Discipline
Ijarah – Not a far
away tale anymore!
Linda Vithilingum, Head of Sales and Mr Nawaz Narod
Harbouring a satisfied smile, Mr. Ijarah was approved by a Ijarah works on the principle
Nawaz Narod accepts the key of Shari’ah board supported by that Mauritius Leasing buys the
a Hyundai Tucson from Mrs. local and Malaysia-based asset (vehicle or equipment)
Linda Vythilingum, Head of scholars who are fully versed in which remains in its ownership
Sales of Mauritius Leasing, at Islamic finance. Through Ijarah, all throughout the lease period. The core values of
the Dealer’s showroom. Having ML expresses its continuing In exchange of the use of the .
Mauritius Leasing are
the keys remitted in the hands of commitment and innovative asset, the client pays a monthly embedded in its tagline
the client, with the vehicle ready contribution to the Mauritian rent which serves to cover the
to be on the road, is the one of leasing industry. cost of the asset and a “Leasing for Life”
the core characteristics of reasonable level of profit for the
Mauritius Leasing’s new Ijarah comes at an opportune owner of the asset.
product, Ijarah - Islamic Leasing. time when the government and
L.I.F.E represents the
the leasing industry are working At the end of the rental period,
building blocks of
Mauritius Leasing’s Ijarah is the towards introducing property Mauritius Leasing offers an
Mauritius Leasing’s
first leasing product to lead the leasing. option for the client to purchase
approach and conduct
way in the emerging Islamic the asset at a nominal or token
with respect to its
finance environment in price as part of a separate
business.
Mauritius. Ijarah is an alternative contract of sale.
to conventional leasing and it is
the ultimate form of interest-free For more information, please
asset-backed financing. It download the Ijarah product fact Leadership
combines modern credit and sheet online at our website on
financing techniques with www.mauritiusleasing.com or Change is the essence
traditional risk reward sharing contact Mrs Linda Vithilingum, of what it means to
concepts and business ethics. This will be an added Head of Sales on 202-3700. lead.
opportunity for such customers
Both Standard Ijarah (Operating (Muslims and non-Muslims) to Mauritius Leasing
joins the MCIB Innovation
Lease) and Ijarah Muntahia acquire assets under an ethical
Bittamleek (Finance Lease) are mode of financing which is Innovation is the
accessible to both individual and compliant with their moral Since 1 May 2009, Mauritius
Leasing together with the other
foundation of our past
corporate customers and will be values. and the key to our
leasing companies has joined
applicable for medium to large the Mauritius Credit future.
ticket assets ranging from motor Islamic Finance principles Information Bureau operated by
vehicles to sophisticated require Shari’ah-compliant the Bank of Mauritius. This was
machinery. products to be free from “riba” previously only available to Focus
Banks.
(interest) and other
characteristics such as “gharar” Focus is the delivery
The MCIB tracks individual and
(uncertainty). mechanism of our
corporate exposure and payment
performance. By law, all leasing vision.
companies are required to report
The Mauritius Leasing Company Limited is a credit information included any
MUR 3Bn Asset Finance Company listed on non performing accounts (late
the Stock Exchange of Mauritius. by more than 90 days) through Effectiveness
Leasing News the MCIB.
c/o The Mauritius Leasing Latest Annual Report 2008 available online at Doing the right things,
Company Limited www.mauritiusleasing.com
3rd Floor, BAI Building
first time, every time.
25 Pope Hennessy Street
Port-Louis
MAURITIUS
We would be delighted to obtain your feedback on this new publication. Please write to us on mleasing@ml.intnet.mu
in case you would like to see some specific features or would like to opt out of the distribution list.
2
3. ML VENDOR Mauritius Leasing Sponsors
PROGRAM:
The fastest and easiest way the Mauritius Ocean Classic
to close more sales
The ML Vendor Program is a new approach Mauritius Leasing structures leasing
introduced by Mauritius Leasing for its options tailored specially to meet the
Channel Partners. For equipment and needs of the vendor’s customers and
vehicle dealers, offering convenient leasing provide a means to expedite the
terms is a proven way to demonstrate the acquisition process. Mauritius Leasing
affordability of their products. brings together its financial strength
and a broad array of leasing
Successful equipment vendors and car alternatives with the objective of
dealers use the power of leasing to increase remaining a long-term financing Hank MacGregor, winner of the race with
profitability in every proposal they make by partner for both the vendor and the Jean-Yves de Fleuriot, Relationship manager of ML
breaking down the sales price into easy-to- client. Mauritius Leasing sponsored the 1st
manage monthly payments. This approach international ski-surf competition in
preserves profit margins by eliminating the Mauritius Leasing Relationship Mauritius which took place on 4-6 July
need to offer discounts or extended terms. Managers initiate the Vendor Program 2009 at Le Morne. Through this
And by eliminating price objections, the with the identified channel partner and sponsorship, Mauritius Leasing
sales cycle can be shortened resulting in work closely with the latter to develop contributed to a contemporary sport
increased volume. For such companies marketing and sales approaches in line which reflects its dynamism and
seeking an experienced financial partner, with their marketing objectives, while innovative capabilities. This event
Mauritius Leasing is the logical choice. providing first-rate support and positioned Mauritius as an international
satisfaction. destination for ski-surf competitions.
Mauritius Leasing is the market leader in
leasing solutions specializing in providing For more information, download the
custom solutions for growing businesses. Mauritius Leasing Vendor Program
Working together with its Channel Partners, brochure online from our web site at
www.mauritiusleasing.com or contact
Chrystelle Douzet on 202-3700 for
more information and a preliminary
Leasing News discussion on your requirements.
c/o The Mauritius Leasing
Company Limited
3rd Floor, BAI Building
25 Pope Hennessy Street
Port-Louis
MAURITIUS The Mauritius Leasing Company Limited
3
25 Pope Hennessy Street, Port-Louis Mauritius
Tel : +230 202 3700, Fax : +230 212 6456 email :mleasing@ml.intnet.mu
4.
Leasing to support the SMEs with SME
SCHEMES
Special Government Initiatives Timely and Affordable
The Ministry of Finance Under the first scheme, SMEs The equipment which are eligible Modernisation
working together with the Joint will be able to obtain lease under the scheme include the
Economic Council, the State facilities based on an implicit following:
Investment Corporation and the rate of 8.5% per annum over a Low Contribution
Association of Leasing period ranging from 3 to 7 years. (a) Agriculture, Agro Industrial,
Stone Crushing Concrete Plant, A minimum initial
Companies have put together The contribution of the SME to Earthmoving, Land Preparation payment of 10% or 15%
two special schemes targeted to the cost of the asset will be as and Civil Engineering payment is required
Small and Medium Enterprises low as 10% with 90% provided Equipment depending upon the
(b) Manufacturing and Industrial
based in Mauritius. by the leasing company. Equipment including Textile scheme chosen by the
Government through the SIC will related, Knitting, Dyeing, SME.
The objective is to provide provide 30% guarantee on the Washing, Ironing, Cutting,
Making, Packing and other Competitive Pricing
assistance through a special facility. The maximum lease textile equipment
finance leasing scheme to SMEs facility that can be available by (c) Kitchen, Restaurant, Catering, At 8.5% per annum,
towards enhancing their any SME will be MUR 5m. Food & Hotel Industry related these two schemes
competitiveness through the
equipment represent a cost
(d) ICT, Office Equipment effective financing for
modernisation of their Under the second scheme, SMEs including light printing
equipment Small Businesses.
production processes with a which have a turnover of up to
(e) Heavy Duty Printing Press
view to prepare them to bounce MUR 150m will be able to obtain Equipment
back once the global economic lease facilities based on an (f) Seafood Processing, Cold Room Fast Turnaround
downturn is over. The scheme is implicit rate of 8.5% per annum & Refrigeration Equipment Mauritius Leasing makes
(g) Fishing and Boat House
expected to run as from August over a period of 3 to 7 years. The Equipment is easy for you to benefit
2009 until 31 December 2009. contribution of the SME to the (h) Utility Vehicles, trucks and from these schemes in a
cost of the asset will be as low as trailers short time.
(i) Other Small Industrial or
Two schemes have been 15% with 85% provided by the Specialised Equipments
designed for the following: leasing company. Government
(a) SMEs with turnover less than through the SIC will provide All facilities are subject to terms
MUR 50m 15% guarantee on the facility. and conditions as may be
(b) SMEs with turnover less than The maximum lease facility that applicable to the application
MUR 150m can be available by any SME will submitted by the SME. Usual
be MUR 15m. processing and registration fees
apply.
For more information and assistance on the Special SME Leasing
Leasing News Scheme, Please contact our Relationship Managers:
c/o The Mauritius Leasing
Company Limited Angelo Bussier 945-2631 Clothilde De Fondaumiere 257-9315
3rd Floor, BAI Building
25 Pope Hennessy Street
David Athaw
Kemla Rajah Gopal
258-2899 Jean-Yves De Fleuriot
256-7869
251-5885
4
Port-Louis
MAURITIUS