Takaful Industry in Pakistan

Powerful Essays
TAKAFUL: Objectives and Methodology

Lecture Prepared by Mr. Atiquzzafar Khan

IIIE, International Islamic University, Islamabad, Pakistan

About The Course & How To Use This Lecture

The Distance Learning Course entitled “Fundamentals of Islamic Economics” is a joint offering of Imam Sadiq University, Tehran, Iran; International Islamic University, Islamabad, Pakistan; Markfield Institute of Higher Education, Leicester, UK; and Islamic Research and Training Institute (IRTI), Islamic Development Bank with participation of Kuwait University, Kuwait and Imam Ouzai University, Lebanon.

The Lecture no. 9 of this course is prepared by Mr. Atiquzzafar Khan of IIIE, International Islamic University, Islamabad, Pakistan.

Students are required to read the lecture/notes before attending the lecture in a Distance Learning session. They are also expected to read through some supplementary reading material indicated at the end of each lecture.

For active learning take notes and ask questions during the lecture. You will also have opportunity to interact with the lecturer through e-mail for a period of one week after the lecture.

Views expressed in this lecture, as well as any errors, are sole responsibility of the authors and do not necessarily represent the opinions of IRTI/IDB Board of Governors or other members of the IRTI staff. The same applies to the collaborating institutions of this course.

© 2005. Copying of this lecture in any form (print, electronic, or other retrieval systems) for commercial purposes is not allowed without an explicit permission of IRTI, Islamic Development Bank.

For inquiries write to: Islamic Banking and Finance Division, Islamic Research and Training Institute, P.O. Box 9210, Jeddah 21413, Saudi Arabia. E-mail: ibfd@isdb.org

Abstract

Insurance is an important sector for any present day modern economy. This business has



References: Encyclopedia Britannica (11 th Ed.), Cambridge, 1911. 2. Frank H. Knight, "Risk, Uncertainty, and profit", Houghton Mifflin, Boston, 1921, pp Lahore, 1978, pp. 19. 5. Crane G. Frederick, "Insurance Principles & Practices", John Wiley & Sons, New York, 1980, pp 6. E. F. Brigham, "Financial Management: Theory and Practice", 4th ed., Dryden Press, Chicago, 1985, pp 11. Abul A 'la Maududi, Ma 'ashiat-e-lslam, Islamic Publications Limited, Lahore, 1988, pp.408. 12. Siddiqi, M. Nijatullah, "Muslim Economic Thinking", International Centre for Research in Islamic Economics, Jeddah, 1981, pp 16. Ahmad Fahmi, "Al-Tamin" I 'nd al-Nawazil wa-al-hawa 'ij", paper presented at the First International Conference on Islamic Economics, Makkah, 1976. 17. Dr. M. Muslihuddin," Insurance and Islamic Law"lslamic Publications Limited, Lahore, 1979. 18. Jalal Mustafa, "Al-Ta 'min wa ba 'dh al-Shubhat", paper presented at First International Conference on Islamic Economics, Makkah, 1976. Islamic Economics, Makkah, 1976. Council of Islamic Ideology, "Report on Islamic Insurance System", 1992, pp.47. 35. M. Fadzli Yousof, 'Takaful: An Islamic Alternative to Insurance", Islamic Banking and Insurance, Islamic Bank Bangladesh Limited, Dhaka, 1990, p.61-75

You May Also Find These Documents Helpful

  • Powerful Essays

    Takaful

    • 5886 Words
    • 24 Pages

    Takaful and Actuarial Practices (TK2002) 1000490 Ahmad Azhar Bin Mohd Juwaidi 1000490 International Center for Education in Islamic Finance This project paper is a partial fulfillment of Module TK2002 of Certified Islamic Finance Professional (CIFP) INCEIF September 2013 1|Page Takaful and Actuarial Practices (TK2002) 1000490 Question Whilst the development of the takaful industry has been rapid many takaful operators fail to distinguish themselves from their insurance…

    • 5886 Words
    • 24 Pages
    Powerful Essays
  • Good Essays

    TAKAFUL

    • 1047 Words
    • 4 Pages

    TAKAFUL Takaful is a co-operative system of reimbursement in case of loss, paid to people and companies concerned about hazards, compensated out of a fund to which they agree to donate small regular contributions managed on behalf by a Takaful Operator. It is defined as an Islamic insurance concept which is grounded in Islamic muamalat (Islamic banking), observing the rules and regulations of Islamic law. This concept has been practised in various forms since 622 CE. Muslim jurists acknowledge…

    • 1047 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Takaful

    • 562 Words
    • 3 Pages

    Earthquake, volcanic eruption 10. Flood 11. Loss of rent (not exceeding 10% of the total sum covered) 12. Personal Public Liability IKHLAS House owner Certificate This Takaful plan covers the BUILDING of home against loss or damage (No. 1 to 12 listed above) IKHLAS Householder Certificate This Takaful plan covers the CONTENTS of home, such as furniture, furnishings, household goods, kitchen equipment and other appliances, television and radio sets, and other similar equipment, clothing…

    • 562 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Industries of Pakistan

    • 18854 Words
    • 76 Pages

    Industries in Pakistan Hamza Roll # 30 BBA-V Sec A Economy of Pakistan Sir Faseeh INDEX MANUFACURING SECTOR Automobile Industry Cement Industry Engineering Industry Pharmaceutical Industry Leather Industry Textile Industry Gems & Jewelry Industry Oil & Gas Industry Chemical Industry Fashion Industry Food & Beverages Industry Tobacco Industry Energy Industry Construction Industry Sugar Industry SERVICES SECTOR Financial Services Industry Aviation Industry Education Industry Telecommunication…

    • 18854 Words
    • 76 Pages
    Powerful Essays
  • Powerful Essays

    Takaful

    • 4418 Words
    • 18 Pages

    inequality alongside low productivity. For example, in Indonesia alone that is world’s largest Muslim population, over half of the population which is about 129 million are poor or vulnerable to poverty with incomes less that US$2 a day. Bangladesh and Pakistan account for 122 million each followed by India at approximately 100 million Muslims below poverty line. In Malaysia, statistics have also shown that many farmers belong to the hardcore poor group in the country that is due to financially stable after…

    • 4418 Words
    • 18 Pages
    Powerful Essays
  • Good Essays

    report takaful

    • 1723 Words
    • 7 Pages

    Takaful articles t a k a f u l Number 1: August 2005 Takaful in the new millennium Where are we now? Where do we go from here? Dawood Yousef Taylor Assistant General Manager, Head of Takaful Ta’awuni (Saudi Arabia) www.baj.com.sa/takaful Takaful, or Islamic insurance is a relatively new industry. Although the origin of takaful can be traced back to Islamic practices 14 centuries ago, the development of takaful in modern times was initially undertaken in Sudan in 1979 and…

    • 1723 Words
    • 7 Pages
    Good Essays
  • Powerful Essays

    Leather Industry Pakistan

    • 5970 Words
    • 24 Pages

    TABLE OF CONTENTS TABLE OF CONTENTS..........................................................................................................1 LEATHER INDUSTRY............................................................................................................1 OVERVIEW OF INDUSTRY...................................................................................................1 HISTORY......................................................................................................…

    • 5970 Words
    • 24 Pages
    Powerful Essays
  • Satisfactory Essays

    Automobile Industry Mirza Rohail Baig 1 February, 2009 Pakistan is an emerging market for automobiles and automotive parts offers immense business and investment opportunities. The total contribution of Auto industry to GDP in 2007 is 2.8% which is likely to increase up to 5.6% in the next 5 years. Total gross sales of automobiles in Pakistan were Rs.214 billion in 2006-07 or $2.67 billion. The industry paid Rs.63 billion cumulative taxes in 2007-08…

    • 809 Words
    • 4 Pages
    Satisfactory Essays
  • Powerful Essays

    develops "PLASTICITY" which helps in manufacturing unlimited number of objects in various shapes and sizes. CERAMICS BEFORE CHRIST Ceramics is one of the most ancient industries on the planet. Once humans discovered that clay could be dug up and formed into objects by first mixing with water and then firing, the industry was born. As early as 24,000 BC, animal and human figurines were made from clay and other materials, and then fired in kilns partially dug into the ground. The Greeks developed…

    • 3387 Words
    • 14 Pages
    Powerful Essays
  • Powerful Essays

    griculture crops. In the article, the production of fertilizers, factors that affect on it and other relevant aspects have been analyzed. Introduction The fertilizer industry has played a significant and responsible role in the development of both the agriculture and industrial sectors of economy. Fertilizer Industry is in turmoil due to 70% rise in gas prices in the year 1999. Agriculture sector occupies the dominant position but failed to give due attention to Economic Development…

    • 2056 Words
    • 9 Pages
    Powerful Essays