WELCOME TO: Takaaful T&T Friendly Society
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Transcript of WELCOME TO: Takaaful T&T Friendly Society
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WELCOME TO:WELCOME TO:
Takaaful T&T Takaaful T&T Friendly SocietyFriendly Society
Registered in 1999 under the Registered in 1999 under the Friendly Societies’ Act in the Friendly Societies’ Act in the Republic of Trinidad & TobagoRepublic of Trinidad & Tobago
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Friendly SocietiesFriendly Societies
Voluntary Voluntary mutual-aidmutual-aid organisations that organisations that offer a wide range of products and offer a wide range of products and services to their members services to their members
Also described as Also described as “mutual insurance “mutual insurance societies”societies” in which the members subscribe in which the members subscribe for provident benefits in particular for provident benefits in particular sickness, death, maternity, dental, optical, sickness, death, maternity, dental, optical, distress, etc. distress, etc.
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TakaafulTakaaful
““Takaaful” is an Arabic word which Takaaful” is an Arabic word which means “joint responsibility”means “joint responsibility”
In Muslim countries and communities In Muslim countries and communities Takaaful has evolved as an Islamic Takaaful has evolved as an Islamic alternative to conventional insurancealternative to conventional insurance
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Takaaful T&T Friendly SocietyTakaaful T&T Friendly Society
• Is a multi-purpose membership Is a multi-purpose membership
organisation which incorporates organisation which incorporates
Islamically-acceptable Islamically-acceptable mutual mutual
aidaid, , investmentinvestment and and charitablecharitable
schemes. schemes.
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Bye-laws or RulesBye-laws or Rules
The Society operates on the basis The Society operates on the basis
of the approved bye-laws. Bye-of the approved bye-laws. Bye-
laws can be amended in laws can be amended in
accordance with the rules. accordance with the rules.
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Objectives of Takaaful T&TObjectives of Takaaful T&T
To improve the economic well being To improve the economic well being
of it’s membersof it’s members
To encourage and develop the To encourage and develop the
practice of thrift, self help and practice of thrift, self help and
cooperation among memberscooperation among members
To promote the social, economic and To promote the social, economic and
cultural welfare of it’s memberscultural welfare of it’s members
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How does Takaaful T&T WorkHow does Takaaful T&T Work
Muslims become membersMuslims become members Members elect the Board of Members elect the Board of
Management (BOM) at the AGMManagement (BOM) at the AGM The BOM meets monthly and The BOM meets monthly and
manages the Societymanages the Society The BOM appoints committees, The BOM appoints committees,
Manager/Staff, consultantsManager/Staff, consultants
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Organisational StructureOrganisational Structure
ANNUAL GENERAL MEETINGAll members invited
Receive annual reports, elect members to the BOM
BOARD OF MANAGEMENT9 DIRECTORS, 2 TRUSTEES (2 SUBSTITUTES)
EDUCATION COMMITTEE
ACCOUNTINGCONSULTANT
MANAGEMENTCONSULTANT
OFFICEOPERATIONS
SHARIAHCONSULTANT
INVESTMENTCOMMITTEE
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What are we achievingWhat are we achieving
Creating greater awareness of Islam Creating greater awareness of Islam generally and Islamic finance generally and Islamic finance specificallyspecifically
Providing tangible opportunities for Providing tangible opportunities for nurturing brotherhood, solidarity, co-nurturing brotherhood, solidarity, co-operation etc.operation etc.
Developing a market for Islamic Developing a market for Islamic insurance products and servicesinsurance products and services
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The Friendly Society DivisionThe Friendly Society Division
The FSD functions within the Ministry The FSD functions within the Ministry of Labour andof Labour and– inspects the records of Friendly inspects the records of Friendly
SocietiesSocieties– appoints auditors annuallyappoints auditors annually– provides consultancy and trainingprovides consultancy and training– approves the establishment of new FSs, approves the establishment of new FSs,
their Rules and Amendments to Rulestheir Rules and Amendments to Rules
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Shari’ah ComplianceShari’ah Compliance
The Society’s membership and The Society’s membership and management comprise Muslims onlymanagement comprise Muslims only
The BOM recently appointed Shaykh The BOM recently appointed Shaykh Mohamed Munaf Mohamed, a Mohamed Munaf Mohamed, a graduate in Islamic Law at the graduate in Islamic Law at the Islamic University, Madinah, as its Islamic University, Madinah, as its Shari’ah consultant.Shari’ah consultant.
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Primary OfferingsPrimary Offerings
MUTUAL AIDMUTUAL AID
– Funeral Benefit SchemeFuneral Benefit Scheme
INVESTMENTINVESTMENT
– Investment Fund Investment Fund
– Hajj FundHajj Fund
CHARITYCHARITY
– Co-operative Waqf Co-operative Waqf
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Secondary OfferingsSecondary Offerings
Kurbani servicesKurbani services
Sale of itemsSale of items
EducationEducation
SocialSocial
Sporting Events Sporting Events
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Membership in TakaafulMembership in Takaaful
Application Form to be completedApplication Form to be completed
Members pay an annual Membership Members pay an annual Membership
Fee of $20 ($5 for those under 16)Fee of $20 ($5 for those under 16)
Members attend AGMMembers attend AGM
Members participate in events and Members participate in events and
utilise servicesutilise services
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Funeral Benefit Scheme (FBS)Funeral Benefit Scheme (FBS)
A mutual aid scheme A mutual aid scheme where members where members
contribute to a common contribute to a common pool with the purpose of pool with the purpose of
sharing each others’ sharing each others’ burdens.burdens.
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Funeral Benefit Scheme (FBS)Funeral Benefit Scheme (FBS)
Available to all membersAvailable to all members
Contribution of $120.00 per yearContribution of $120.00 per year
Covers member & 3 dependantsCovers member & 3 dependants
Benefit of $2500.00Benefit of $2500.00
Conditions in event of surplus or Conditions in event of surplus or
deficitdeficit
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How the FBS OperatesHow the FBS Operates
(CONTRIBUTIONS + INCOME FROM (CONTRIBUTIONS + INCOME FROM CONTRIBUTIONS INVESTED)CONTRIBUTIONS INVESTED)
- (MANAGEMENT FEE + CLAIMS)- (MANAGEMENT FEE + CLAIMS)
= SURPLUS/DEFICIT = SURPLUS/DEFICIT
- RESERVES- RESERVES
= REBATES= REBATES
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PERFORMANCE OF THE FBSPERFORMANCE OF THE FBS
20052005 20042004
ParticipantsParticipants 227227 197197
ContributionsContributions $22,066$22,066 $20,516$20,516
No. of ClaimsNo. of Claims 66 44
Value of ClaimsValue of Claims $15,000$15,000 $10,000$10,000
RebateRebate 20%20% 49%49%
ReservesReserves $7,800$7,800 $7,549$7,549
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FBS Contributions FBS Contributions
$0
$5,000
$10,000
$15,000
$20,000
$25,000
1999 2001 2003 2005
Contributions
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Investment FundInvestment Fund Open to membersOpen to members Minimum initial contribution of Minimum initial contribution of
$100.00$100.00 Subsequent contributions any Subsequent contributions any
amount & anytimeamount & anytime 3 months written notice for 3 months written notice for
withdrawalswithdrawals Investment by BOM in accordance Investment by BOM in accordance
with The Act and Islamic Shari’ahwith The Act and Islamic Shari’ah
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INVESTMENT FUNDINVESTMENT FUND
$0$200,000$400,000$600,000$800,000
$1,000,000$1,200,000$1,400,000$1,600,000$1,800,000
2000 2002 2004
INVESTORSCAPITAL
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Investment PortfolioInvestment Portfolio
Real EstateReal Estate
T&T Stock MarketT&T Stock Market
Shares in Muslim Credit UnionShares in Muslim Credit Union
Joint Venture TransactionsJoint Venture Transactions
Equipment RentalEquipment Rental
TradingTrading
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INVESTMENT FUNDINVESTMENT FUNDDIVIDENDDIVIDEND
0%
5%
10%
15%
20%
25%
2002 2003 2004 2005
Dividend
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INVESTMENT FUNDINVESTMENT FUND
Average dividend for the Average dividend for the past four years past four years
i.e. 2002 – 2005i.e. 2002 – 2005
14.25%14.25%
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Flexible Hajj FundFlexible Hajj Fund
Facilitates the Facilitates the performance of Hajj by performance of Hajj by encouraging encouraging
thrift, thrift, savings and savings and investment.investment.
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Flexible Hajj FundFlexible Hajj Fund Set targets for your Hajj long in advance.
Choose affordable saving schedules Lump sum deposits and withdrawals
Dividends are declared and credited annually
Minimum initial deposit is $500.
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FLEXIBLE HAJJ FUNDFLEXIBLE HAJJ FUND
AS AT 31/12/05AS AT 31/12/05
PARTICIPANTSPARTICIPANTS2727
FUNDSFUNDS $73,832.00$73,832.00
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Co-operative WaqfCo-operative Waqf
Waqf refers to charities and Waqf refers to charities and gifts that have permanence gifts that have permanence and continuity, so that people and continuity, so that people can benefit from them for can benefit from them for years, generations or even years, generations or even centuries.centuries.
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Co-operative WaqfCo-operative Waqf
This type of charity is referred to in the following well known Hadith of the Prophet (uwbp) related by Imam Muslim: “When a human being dies, his work for Allah comes to an end except for three:
a lasting charity, knowledge that benefits others and a good child who calls on Allah for his
favour.”
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Co-operative WaqfCo-operative Waqf
““O Apostle of Allah, I obtained a land in O Apostle of Allah, I obtained a land in Khaibar. I never obtained a property Khaibar. I never obtained a property more precious to me than this. What more precious to me than this. What do you advise me?” He (uwbp) said, do you advise me?” He (uwbp) said, “If you want you can bequeath it and “If you want you can bequeath it and give it as charity, provided that it give it as charity, provided that it should not be sold, bought, given as should not be sold, bought, given as gift or inherited.”gift or inherited.”Related by Abdullah ibn Omar about Omar (ra).Related by Abdullah ibn Omar about Omar (ra).
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Co-operative WaqfCo-operative Waqf
Muslims’ participation in waqf Muslims’ participation in waqf endowment over the ages endowment over the ages have been so profound that have been so profound that all Muslim countries have a all Muslim countries have a Ministry that manages waqf Ministry that manages waqf endowments.endowments.
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Co-operative WaqfCo-operative Waqf Small individual contributions can give rise to a
significant co-operative waqf.
Donors will not be entitled to any monetary gain nor refund.
Disbursements for charitable purposes will be made only from the profits generated by the fund.
The Board of Management will administer the Waqf.
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CO-OPERATIVE WAQFCO-OPERATIVE WAQFAnnual ReceiptsAnnual Receipts
$0$20,000$40,000$60,000$80,000$100,000$120,000$140,000$160,000$180,000
2003 2004 2005 2006
ASSETS
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CO-OPERATIVE WAQFCO-OPERATIVE WAQFGrowthGrowth
$0
$50,000
$100,000
$150,000
$200,000
$250,000
2003 2004 2005
ASSETS
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CO-OPERATIVE WAQFCO-OPERATIVE WAQF
DURING 2005 OUR SOCIETY DURING 2005 OUR SOCIETY RECEIVED OUR FIRST PLOT OF RECEIVED OUR FIRST PLOT OF
LAND IN WAQF VALUED AT LAND IN WAQF VALUED AT $60,000 TT$60,000 TT
May Allah continue to bless May Allah continue to bless the waqif and his family.the waqif and his family.
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CO-OPERATIVE WAQFCO-OPERATIVE WAQF
$0$2,000$4,000$6,000$8,000$10,000$12,000$14,000$16,000$18,000$20,000
2003 2004 2005 2006
2003
2004
2005
2006
PROFITSPROFITS
PROJECTEDPROJECTED
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CO-OPERATIVE WAQFCO-OPERATIVE WAQF
Every member a waaqif Every member a waaqif (donor of a waqf)(donor of a waqf)
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QurbaniQurbani
Sale of sheep on the occasion of Eid-ul-Sale of sheep on the occasion of Eid-ul-
AdhaaAdhaa
Slaughter and distribution also doneSlaughter and distribution also done
Up to 105 animals handled in 2004Up to 105 animals handled in 2004
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Education, Social, and SportingEducation, Social, and Sporting
Seminars & lecturesSeminars & lectures
Annual DinnerAnnual Dinner
Annual Football CompetitionAnnual Football Competition
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Sale of ItemsSale of Items
Computer softwareComputer software
– Alim CD- wholesale & retail pricesAlim CD- wholesale & retail prices
– Arabic Playhouse- wholesale & retail pricesArabic Playhouse- wholesale & retail prices
Printed MugsPrinted Mugs
Dates (around Ramadaan)Dates (around Ramadaan)
Books- Books- Guide to Understanding Islamic FinanceGuide to Understanding Islamic Finance $60 each $60 each
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Equipment RentalEquipment Rental
Multimedia projector with laptop Multimedia projector with laptop computercomputer
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Your Role as a memberYour Role as a member
Attend the AGMAttend the AGM
Pay your dues on timePay your dues on time
Utilise the services of the SocietyUtilise the services of the Society
Market the SocietyMarket the Society
Recruit new membersRecruit new members
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Join Now!!!!Join Now!!!!
Don’t be a silent bystanderDon’t be a silent bystander Join now and be a part of a new movement Join now and be a part of a new movement
in Islamic financein Islamic finance It only costs you $20 a year to be a It only costs you $20 a year to be a
membermember You stand to benefit from the FBS and the You stand to benefit from the FBS and the
Investment FundInvestment Fund We want your co-operationWe want your co-operation Your participation will help strengthen the Your participation will help strengthen the
Society and the wider Muslim communitySociety and the wider Muslim community
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Our Board of ManagementOur Board of Management Aman Hosein (President)Aman Hosein (President) Farouk A. Khan (Vice President)Farouk A. Khan (Vice President) Ibrahim H. Gorib (Secretary) Ibrahim H. Gorib (Secretary) Khamal Khan (Treasurer)Khamal Khan (Treasurer) Faiz Amin (Trustee)Faiz Amin (Trustee) Omar K. Gorib (Trustee)Omar K. Gorib (Trustee) Sheriff FaizoolSheriff Faizool Jamaludeen HoseinJamaludeen Hosein Manwar AliManwar Ali Aziz MohammedAziz Mohammed Kameel MohammedKameel Mohammed Fareed F. Ali (Substitute)Fareed F. Ali (Substitute) Terrance Ali (Substitute)Terrance Ali (Substitute)
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CONTACTCONTACT
Imtiaz AliImtiaz Ali
682-1141 mobile682-1141 mobile
663-4541 office663-4541 office
[email protected]@tstt.net.tt