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MicroTakaful ( Islamic Micro Insurance ) 5 th June, 2015 Manila- Philippines

MicroTakaful ( Islamic Micro Insurance ) 5 th June, 2015 Manila- Philippines. Presented by: Muhammad Zubair Mughal Chief Executive Officer AlHuda CIBE. Contents. Introduction Microtakaful defined Historical perspective MicroTakaful schemes in other countries

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MicroTakaful ( Islamic Micro Insurance ) 5 th June, 2015 Manila- Philippines

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  1. MicroTakaful ( Islamic Micro Insurance ) 5th June, 2015 Manila- Philippines Presented by: Muhammad Zubair Mughal Chief Executive Officer AlHuda CIBE

  2. Contents • Introduction • Microtakaful defined • Historical perspective • MicroTakaful schemes in other countries • Micro Takaful advantage • The way forward • Conclusion

  3. 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”.

  4. 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.

  5. 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.

  6. Types of MicroTakaful Products Property Floods Fire Rainfall Theft Health Agriculture Prices Surgical Disability Out-patient Hospitalisation Permanent Total Partial Optical Temporary Dread Disease Dismemberment Credit Disability LifeInsurance Dental Pensions “Transition funds” Credit Life Funeral Endowments Education Life

  7. Benefits of MicroTakaful

  8. Potential areas of action Health Marriage Death Prolonged Illness Importance of Risk/Economic Stress Education of Children Business Failure/Loss of Job Birth of Children

  9. 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’.

  10. Takaful Pakistan’s MicroHealth Products Center for Women Cooperative Development. (CWCD). No of Lives covered 14000 Beneficiaries ( Husband and Wife ) Benefits: Hospitalization Rs. 35,000 Daily Room Limit Rs. 500 Maternity Rs. 5,000 (Sub limit) Rate per family Rs. 570

  11. Takaful Pakistan’s MicroHealth Products Ministry of Zakat & Ushar No of Lives covered 100,000,0 Beneficiaries (Husband, Wife and 3 Children's)Benefits: Hospitalization Rs. 150,000 Individual Limit Rs. 25,000 Daily Room Limit Rs. 500 Maternity Rs. 5,000 (Sub limit) Rate per family Rs. 695/-

  12. What is required? When there is a will, there is way!

  13. End of presentation Jazzakallah khair ! Zubair.mughal@alhudacibe.com

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