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TAKAFOL SOUTH AFRICA

TAKAFOL SOUTH AFRICA. Agenda. 01#J. Introduction The market The Beginning The Model Takafol South Africa (Pty) Ltd Experience Thus Far Conclusion Questions. Introduction. 08#J.

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TAKAFOL SOUTH AFRICA

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  1. TAKAFOLSOUTH AFRICA

  2. Agenda 01#J • Introduction • The market • The Beginning • The Model • Takafol South Africa (Pty) Ltd • Experience Thus Far • Conclusion • Questions

  3. Introduction 08#J “Help ye one another in al-Birr (righteousness) and At-Taqwa (piety); but help ye not one another in sin and transgression...” Quran 5 : 2

  4. The Market 02#J • South Africa • Population • Muslims • Takafol Market • Africa

  5. The Beginning 03#J • Research • Strategic Alliance • Shariah Board • Launch

  6. The Model 07#J • Takafol Malaysia • Wakala Model • Wakala Waqf Model

  7. Takafol South Africa 07#J • Our mission is: • To provide an Islamic alternative to the traditional insurance system • Our Vision is: • To become the preferred insurance supplier to all Muslims: • By providing insurance products that are Islamically Acceptable • By providing excellent service • By ensuring that the company deals with clients / customers according to the teachings of Islam

  8. Takafol South Africa 05#J • Insurance Act – South Africa • Shareholders • Systems • Products • Reinsurance

  9. Experience Thus Far 08#J • March 2004 • 30 participants • 1 product • Contribution income – US$ 3000 /month • September 2004 • 700 participants • 3 products • Contribution income – US$ 100,000 /month • Loss ratio • Market average 60% • Takafol SA <50%

  10. Conclusion 13#J • Emerging Markets • Co-operation • Retakafol

  11. ThankYou 13#J Thank You

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