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Exploring Takafol Market in South Africa: An Islamic Insurance Model

Learn about Takafol South Africa, offering an Islamic insurance alternative, its strategic alliances, market growth, and experience since 2004. Discover the company's vision, services, and contribution to the insurance sector. Explore the unique Takafol model and its mission to serve the Muslim community in South Africa.

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Exploring Takafol Market in South Africa: An Islamic Insurance Model

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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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