MicroTakaful ( Islamic Micro Insurance ) 5 th June, 2015 Manila- Philippines Presented by: Muhammad...
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![Page 1: MicroTakaful ( Islamic Micro Insurance ) 5 th June, 2015 Manila- Philippines Presented by: Muhammad Zubair Mughal Chief Executive Officer AlHuda CIBE.](https://reader035.fdocuments.us/reader035/viewer/2022062408/56649eb05503460f94bb6381/html5/thumbnails/1.jpg)
MicroTakaful
( Islamic Micro Insurance )
5th June, 2015
Manila- Philippines Presented by:
Muhammad Zubair Mughal
Chief Executive Officer
AlHuda CIBE
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Contents
• Introduction• Microtakaful defined• Historical perspective • MicroTakaful schemes in other countries • Micro Takaful advantage• The way forward• Conclusion
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Introduction
Micro-insurance defined:“Generally, micro-insurance is viewed just like other normal
insurance on small scale for low-income people”
MicroTakaful redefined:“A mechanism to provide Shariah-based protection to the blue collared, under-privileged individuals at an affordable cost”.
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Introduction Cont’d. …• MicroTakaful can help people improve.
• Microtakaful will help them sustain their financial well being.
• Feeling of togetherness & security.
• Opens avenues for joint efforts for mutual benefits.
• Cooperative approach and outlook.
• Result oriented
• Society benefits at large.
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Global Landscape of Microinsurance
• Only eighty million out of the world's 2.5 billion poor are currently covered by some form of micro insurance.
• Only 3% of poor lives are insured in India and China.
• Only 0.3% of the poor are insured in Africa.
• In 23 of the poorest 100 countries in the world, there is currently no identified micro insurance activity.
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Fire TheftRainfall Floods
Agriculture
Property
Prices
Hospitalisation
Dental
Opt
ical
Dread Disease
Out-patient
Health
SurgicalDisability
Dismemberment
Partial
Permanent
Temporary
Total
Credit Disability
Life Insurance
Credit Life
FuneralEndowments
“Transition funds”
Pensions
Education Life
Types of MicroTakaful Products
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Benefits of MicroTakaful
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Health
Marriage
Death
Prolonged Illness
Education of Children
Business Failure/Loss of Job
Birth of ChildrenImp
ort
an
ce o
f R
isk/E
con
om
ic S
tress
Potential areas of action
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Micro Takaful initiatives in Pakistan• Coverage to over 100,000 low-cost houses.
• Synergy with NGOs.
• Micro Takaful Health Products – CWCD, KKCB & Sungi
• Students Healthcare/Campus care cover
• Factory workers’ & Daily wagers
• Crop Takaful
• Credit coverage for Islamic Microfinance.
• Covers tailored for SMEs financing.
• All above at ‘no profit basis’.
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Takaful Pakistan’s MicroHealth Products
Center for Women Center for Women Cooperative Development. Cooperative Development.
(CWCD). (CWCD). No of Lives covered 14000 Beneficiaries ( Husband and Wife )
Benefits:Benefits:Hospitalization Rs. 35,000Daily Room Limit Rs. 500Maternity Rs. 5,000 (Sub limit)Rate per family Rs. 570
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Takaful Pakistan’s MicroHealth Products
Ministry of Zakat & Ushar No of Lives covered 100,000,0 Beneficiaries (Husband, Wife and 3
Children's) Benefits:Benefits:Hospitalization Rs. 150,000Individual Limit Rs. 25,000Daily Room Limit Rs. 500Maternity Rs. 5,000 (Sub limit)Rate per family Rs. 695/-
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What is required?
When there is a will, there is way!