TAKAFUL-AN INTRODUCTION [PAK-QATAR GENERAL TAKAFUL es ilseFuK ie TOWARDS UNDERSTANDING TAKAFUL, Definition of Risk: {source of dangersa possibilty of incurring loss or misfortune “The possbity ofa premature death He-atanng dab or lose of ny materia Dosession Ie a house ora car through fre an thet ak to Teal to be [Grored or lt unaddressed These rise Involve signiieantfnancalosses that eeu eee anes fete and Hosnena men nai aw rance has bean the modern way af gating these Fs through 3 process sr rak transference i exchange of prem, but not without reservations ‘Whereas surance taf sconmendiie ts mode of condct and contrat has been aster of pposton win the parameters of Sarah et the presence Of iba, Grarar and Qa Sharl'ah View of Risk: “Te mia risk in order to elminate or reduce the severity of franc oses sot recent inmotation and there are ample dence sealable ie amie history Inver af for stance: 1 Dhaman Khatr A-Tarenq (A): when any person personaly guarantees other that partclar rod fe enfe to travel and that the lB of any {nancial losses that might incur along the way son hi; eects 2 ‘ase of ik transerenee But Without any veement of fees wich makes iaccepable 1 Dhaman Aleta (8) when any person assures another with personal ‘naantees ounce the Sale by cling the buyer that the guarantor would Eeresponsie for the los. the purchased tem proved to be faulty Sain the event of 2 nancial ss, that person (the buyer) haste option to eter ‘mand il repayment fom the Sle o rom the guarantor IL “Agia (8), is when in some ssations.the payment of Dpto the victim's {aml ie mae obligatory on the members of the community and not on the murderer Eee, rac det buted amongst an shared between that saree IN. qd Muah (3). when any person embrace sam atthe hand of anoher nt then pact an agreement with him or wth any third that hel be the inberkor of he wea after hs death and tht nl abies or i wrongs wl be pon nim [Al the above menoned rk management ech ltrcherood and mutta andre inenfocrance wr the importance and need for rk miugtaon Wn todays dy and ag ‘her de dlberatan ofthe pre-exiting system (Taal ve decided in vor tft ar an akernative to conventional nurancs on account of svowance of loa Giarrar and Qimar nthe risk mitigation process. “ "AE U-AK TROON Se EK Se ah ptonhvt Comisersort ¢ ginvineke eWohnbnd tvs hen> cal bate ei aplipe ENE yeDarie nee BRP nbd pop BEL Eo asl AL pet Ebb rl eae LEAP PR mpa> Sanka SIAR API LL Wek iii rntn tA fer Ae, Shae Gals Wi ELGwE Dew AE Nendo seadirlinsten ee A igen, Seleied nner Ine Aah Aried Sot PIE pthc LBL re AIPA DUO A gvivshee DnB PIG ESS Ne Dinerrg bac DSA BASE LALA AL ie Mir RESP UDO heii PowirWa Ne tne sideyegemld pe ale fs falingerion Stan Patio toad (wht, were Kh orbs AA LSEL Ioan RUA APSE HL IL DPA AL AIOE eR bebe Pianse FuI ie ‘The Definition of Takaful “The wordTolafulorgnates from the Arabic language and means "oit or mit (paraees “The sstem offal is based onthe principles of brothetood, muta solar, {nd Tabura which encouraged by the Shrfah In ou society we have varying Implications of Talat the ota system for one and corperate societies {or another in whlch risks and nancal losses are distributed amongst the barlpans and help mutually extended to each other umes of need on the Prince ofan Exact tha same happans In Takaful where partpans pool fat recourses so tat they might be able to help each other ithe time of eed ‘Takaful vs. Tawakkul: Ineurance or for tha mater even Taff considred by some to be age he teamie concep of Tawaldal This bai ls actual based on 2 miunderstanding and therefore notte for Talal doesnot suggest elecang or abandoning he meats of resources but stead vo use varlous agences whe alg the outcome {oAleh AlnightysWilThe wha Taal sands for and which was abo sancuoned by Prepiet Mihanmad ("na Had whers be dct he Beso ne ng words having seen him lating Ne camel ted consdering th eg “Twa on lah Aight SEPIA JS ppd 9 gy aE per dE "A companion of the Prophet (3) asked Prophet of Alb! Should Ite my ‘ameand then entrust Aah or shuld! eave the camel untied and then entrust Him'The Prope () replied Dor leave your camel unt, nsead fst Ue the camel and then put your Taal on Alok “The event mrecordedn Tima wel as various other books of Fads. 44. In etrospct we ao find that Propet Mahara) and hs Comparions tole Imedione tines of ies this config the argument hat emplopmg necessary ‘means and resources doesnot contravene the bee! of Twat mentioned ina Hades Og oLe eps Rasa Yb? peal ye iebdntzes Aus e ny Wag ay bal arated by Hazrat Usain bin Shree tha «Companion of Prophet (8) ‘iceanufah (RA) igued Prophet Munanmad ("Soul we tke medicine {een we gsc)" Prophet arma) refed © People ef Ae est {Teamen fr your ness because lh Almighty bas made stab the remedies af atinesses xcept that of lag." shah 3872 Re Aled Tei Ab D ete "eee BHU AVES LPL nTL POLITE PEI LA Sremg rast tbat pag ¢ SLLENSY EIRENE De ALOE AL BSIAIBE IBAA IS We ainbsbaIL wren Pe DIL Sahat CRRA re si se” Sree feseL Ai Lee daa fae pate Seb ee LUADC, ders hf Petit iat sinha senStPL SOF Lene pins FORRES iii UR ANS PPR na AL AL IPDE Pail mb Ia vh den eine tory Site Sige By Bi lige WLI WPL pun SWIP LIE AH MLL MCL Ie 9d ID Ee SSL SL fers MOL ashe St EPI IS pall SIS pyle NS IB Lad BoP gee Maui de sevl God PL ied WU gssivharsy eb hene us tect Shae Whee OL Pitino ele edna L HNL dt pre LW BW ORR ANSEL ANP g Vin MN Lee Onkl g xe ERE SH! Eah re CintigarnerSimiary he Sharh ako commands sto leave Behind west and property for ‘ur mies to spare them the dgace of bagrngfor fom others, 1 beue olae your ers wey rather than poor and aslang other for ha need aere3as "7 cane “This the true concept of Tawabal employing the aalable agency to our best ‘of abit and leving the outcome to Al and Every chosen statgy resulting prevnng or esong cera creumstances are then conformity wk the concep Reference of Takaful in Holy Quran & Sunnah “Tatu snot arecen vention In fc ts reference salable inthe Holy Quran and Sunnah The relerence len connection with the vine commandment fOr Brotherhood and mucual solar which exactly what Talal Stands or leis mentioned inthe Holy Quran ys yo cess “Cooperate with one anther h matters righteousness ad pay Surah Mada: Bartha) Siar tis aso mentioned eines "Musi ae brothers to one another (Surah Heart Aayat No.10) “The believers intel afecton, mercy and sympathy to each othe. are like dhe body fone of ts organs aller and complains the entve Body responds ith Ineomna and fever (adh Mus: 4685) What expected from us that we should cooperate amongst ourselves and become pars of strength and suppor foreach other In tines of dfeultes 2h Iisfortanes,Th what am traces is, and by following hs commandment we in promote dhe concept of brotherhood in the wort, and simary mutes operation and motal solar Ths act what afl sands or Tall {eo parpants extend hi supporto each ater times of ran misortaes In he sah year ofthe Hip dat, the Prophet Muhammad (o) made a pact wth the Jews of Medina which ls general Known as te Madina Yarous ‘taste of are extensively mentioned throughout Ishmic History and a0 ‘ariour books of Sonmah SPE Like ALC yrate idle dnd bite iE Lanse We ateape WAL oe nunets einai toni AGY ALAIN aby oat Corns AZ wi Fete} Fttrhue tA Sev Soae ge eS HENS aE LL ante MS TPEL gti t Lip taiola Lat hale Soom, se OeeL Day selydil MwA Le mt turic Sind! Li PpeB sorb eb teel item, yeh LE, EIN ibn Fafa rire S Niuaada tin pate Be cata nt yA be mit ve Sern Og, afigh pte PL vpseljaib Lepr BoA whe LIAO be capri Boe dpe nl GL Lin ehnhre Fea SEUig tps By Bon het piety fei AA HLL SBM BRERA Vote Borie -eUbAniup Suni! eT WiionLseA e “Tis pact was based on the princes of brotherhood and mutual solidarity and 1s Such one of the clauses states that every member wil have to pay ist, Compensation for ther respecte tribe” meaning tat te responsi of eeing ‘he seve wilbe on the shtiers ofthese to hove tie tbe av al tong TE 1's prime example the concept of brotherhood and scary im im Sch bind of pacts ave been extent during the rue ofthe Caliph as wel hough ot bythe name of aafl However thea of Talal as always Been there Aiferene people through community posing help create {Common fund whichis weed to benef them times of eed ‘Therefore there no doubt about the functioning onthe princes of brothe Income of the Waaf Pool |. Contributions pad by the participants 2 Chin pment rece rom Real Operators 5 rotns made from iver te unds salable nthe Wa Poot 4 QurdHasana pa y the Operator In an event of ay etc 5 Micelaneovs daniors tothe Way Pool Expenses of the Wagf Poo! rvsibilty of Taka gen tha and mata slay and wh See 1. Chim payments 2 Re Ta Win rec the Operator 4 Operators percentage i the Investment pots made 5 Portion of sul which astibuted to he partelpants Repayment of Qare Hasara 1. Any donations pald on the recommendation of Sharfah Board ‘Type of Takatul “There ae two chases of Tait Genera atl 2. Famiyaaf Family Takaful or Life Takaful “The partipants of Fay Taal meat thee risks pertaining other ves by _cquring a membership ofthe Waa Fund. In addon to the protection element utcan can aso te Fay atl ort ivestment needs Cough ane Find led the Partilpant’s Investment Account (PA). SPE ae slug thal} Loe gheud het tryst wl Aniacy atl Sip Beil Sere KL Bar round te, euler LiL te ty PrenA Dingo / tel Sebi y Brae Mel KL whl pm Sais Windia SOE ethos ng tir But Moe bh Sir ut Moe Bite wr Some EBL Up SALE EB es ppedes Pui evo tbe POrE Lise Seer oidophn eryeltidonites PSG tuSesdiows.c roe Ae postr Josas Sein Fee eth WALZ ewe Gc vod Joe Je PIMEISTG pte enfin abe PUAOPIAC LAC be de SPs ht. ne Be Si SoW SEN, Lele dL, ern WELseF Ke Following the Business Model for Famty Takats = [= a General Takaful In General af the Wags memberships are asigned to those who need to ‘ulate rl to ther assets ke alrpanes| motors and houses ete I an erent of dy defined less tothe set the Wa Pool compensates The compar es up he ‘Wag Pool manager and vests he fund alate in the pool Sar econ. businesses Nence charged Walla fee return, Fartbermare the Va! Pol tho engages in Mudarbah by beg the Rabb. Maal (sleeping pare) we he “ompay ats the Mari (orang pare Ay profs made fom tesa estar between the to on predefined percentages “The Wat Fund compentte for any mishap to the Me of Taka parte [Ath en of every Year ater havng pu sca and etng al expense sy Surpts remaining nthe Wal Fund tay be ds bed amongst the Partgunts 2s per the ecommendaon ofthe Sarah Beard aan event os ec wahout icfeaing he Wala ie he Operator extent Qur-eaana toe Wat and ee to oars SPE LAbidue tinh Li ust SAH BEAM dubipinl Buf gpL Jepe een HBB AL Boi AAS)eA e ‘Reasons for the Impermissibility of conventional Insurance Conventional insurance sues from the following three mpermiblefctrs: GQ imerese (© Qmnaar Gambling: and (@)—Gharar Excessive Uncertang. srance contrac ia. commotative contac (compensatory and lum te coat andthe sum nsuredcuredlconered the ‘bject mater There wl aay be fuctatons Inthe money volved and being 2ales conse wh money beng exchanged tom bth ses any such ucuaton ‘wl atcomatcaly te the description of nares Interest saying relevant to 3 ancl mstution defined a one party gg money in exchange or ss Or more money whichis exactly what happens when 2 conventional surance company ‘eetes premiums and py es sr more money motu depending on whether ‘he covered rk materaizes ikewse,gmtling a sa fundamental part ofthe conventional surance contract. CGanbg's defied 36a transacon whereby ay ofthe contracting pres, ae psc thelr goods of money a sake can wih of fose the others stake depending ‘onan uncertain outcome without compensaton Hence, one party wis te ocers ‘mount completly without paying anjing in return or loses everyihng without big plaything in retar Fal he eh darning feature of 2 conventional insurance contrac "Ghar" ‘eansated uncertaityIn a techoks sense R means atleast one party ‘Compensation beg subjet co uncertainty due oan uncertain the ver obec, Beng contracted” In insurance, te Insured doesnot know fr sure whether he lb pad Ws capa wich terest. or wl be ad the insured Sun case the se ‘br whieh he sured materalzs, and might end Up receivag more tan he paid {o the msurer Ths excesve uncertanty when coupled wih the price he pays he ‘iectmar or wich pay che epee hs erated: rendre conentomal msrance ona perc Hume ‘mae annmcoNenOn seAgese bCinilew abbey rieibint daar Bo tt Arle uborbne'e Wibniahol aber Subject Maton rd LAE re brl(Commetative ContracOsesihut she albino A 72g Dum beundome DLE EMRE A 28 Haden StelCormean Conte Vakelnl iY) pul eaA PML rmG Mie be P brine. HAP Pe roa MS DAS butted fs Pal Wiegawnlydul tay WBIDNBISI ELA LIE WeSIOAR RHO asta Leb Ae paitorb Fol Ges AME Leah LCE WEISEL SD PIT AA HL ATRL YL ME ne SLE fara PDL -e SP Sabie rsy cylin Ate Stele AMP ese. pened raat din PR Pan ihn ble LIL Fae le Bittner lees SRL AA Lies eel fatto ne nS pho BSre SP le CnSendedy {Subject Maton. Pricels* WOE Pit Cova ® Hep not bn iS olUnkown\Ust 2S £lPeriodearti‘The Difference between Conventional Insurance and Takaful “aa isaTabar' (2) based seFKe ‘Whereas Conventional Insurance i contract af Compensation (Aqd Pauw) Cos) NOTE Sharh rings are dierent for each ype of contact. SPE DELP aad t Ene: 7} Ee teretvig es Siageacateeete seat meno fainat cooperation between the Patino mates of Fahteoumess and Taga tis not {odo bases sorts exon thecontact oft mis ing poset oa gre the Commercial venture Bsness Sy her kind of Ad usw 5 | The eal objective offal nto | Wheveas, the only objective of ‘Whereas in conventional insane, Anvestnen pros belong tothe insurance company ‘convention erance companies isto do commercal business and trade 6) InTaalthecompany (Operator) serves inthe capacity ofa Wale ‘Whereas in conventional insurance the companies Serve asthe owners tthe busines 7) A Sharla Board ean gel ‘fan Takata setup whic Supers the invent actives ‘ofthe company As per the Tata Rules 20082 Shrish Board comprising of atleast 3 solr is ‘compuleory ‘Whereas. n conventional surance, no sch ind of superna place or here ty bw concerning The Insurance company snp ives tha funds any Business they deem ft Irerpeive whether the barnes $Sharfascomplant and lal or not “The males obvious and cea that since convendonal Insurance based on Ad Muze? snot ree tom Riba Gharra and Qa However Talal sa cotract, (offabara (Aqd Tabara} The ssa oft see fom Ra and Qinar because of hs contrat that abo resus in Gara el Sharan net a | wee oer Fase mam say 13 The Taburru'at paid to the Wagt | Whereas, the premiums the FSI P EF. Bat Fe-] Rermegiees | comme ean Laie nok te comer me amowne_| compare POPE tite nie a] [arate r Artec dala Anat Phnaey eatenseFu ie COMPANY INTRODUCTION fat-QtaeGenera al Udon of he poner of Geer Tal Palani egaded 2:3 progres Sarah Complant Company growing need Gist and Shvetecine Ral soktone n Pokaan Tre coon his been ‘eft rd sper by he Secries nd Exchange Conimsion of Palan (SEC snce 2007 ak Que Taal Group i the frst such group the Pakistan market. row Femi as wel as General Tita services PaleCQuar Genera Taal LU pale tp capal sm exces of Re S00 milion wile Sat for the Group nex of BE Than An ndependen Shara Soper sory Board cae by Mut Maaminad ‘Taal Usman! certs al products and operations for Sarfah compliance ‘As flag bearer of Talal we ae constantly engaged in community-ewlopment ‘Groves tatatel Soltions Weare welzpodioned to eure mpeccale cient Service folowing envy Iestinentsnprocarngsate-okze tr ecology from Flas and in SAP ERP slions Pale Qtr presen in meliple hearts ot Pakiltan and steno nto smaller ces and fons Sponsors “The company von of providing nancial protection through ital to everyone \S supported by some ofthe sttongest nani stations inthe Sate of Qatar suchas Qatar fami surance Company (QU), Qatar Interaioal amc Ban {Sea an (le, Catarina Bank (GN) he Anal Groep, ha Bank Fava Ys Secaiis and ast Abaya. Quon g h yan A, eee musal surat Sue aba 2007 AL Pe HOR Kora ORI Lithab ell Ht Sire GEC PEC UE ce FO KI pL IOB NEEL FO Bocuse ato OPI < petel ie," ett tS 2 SOE IN, LVL MALE LYE GUL el apretr SOL, SPICE IL 2 pp bor re 7K OLN od ty PHLBA -. Bhi Se tel ee” (18) Sie 5. CUB) Sie FS cane) FOP SE Ammwal Group) Ute (Masrat A-Rayan)lt WS -1(QNB) EP Delete rte nnd AL Li wife Ldodeal yt WPL Be Lei ted Peg sL Jt le Pi POPoL, Pagar Ve Piitpe cL ora sbectyh FLL UFZ Le Mibaeh y PEsS, pete DE FERIA Lotfi oe Poon oatint Berg den uP abanrlB, Cate) ir (a) AP CA 20 (The Amwal Grouph-/ Jiri s(Masraf Al-Rayan), “AB EYS) sh-prIn(Doha BaneseFuie BRIEF OVERVIEW OF PRODUCTS BEING OFFERED BY PAK-QATAR GENERAL TAKAFUL LTD Motor Takaful: Vehicles today hav become a necessity whether for personal or commercial needs: They have, essence, become acets to ur which requre protection. PQGTL Motor Taal oes comprehensive coverage fr prnate ad commercial ‘ebicles which ae customized ae perpartipae needs The vehicle protected TGrioses ncrred sts eau of taf cede an ies he could nce de te acauen PQGTL comprehensive motor talaful policy ges you the maximum coverage gains thee acidena damage and third party lablty with grester bene inmovatve features and hase fre post and pre kal processing The malor cope of ur cower inches acisenta extertl means fre external explosion Borba, house breaking or thei malicious act riot tre and damage (optional and natural elaties terrorism ad Thiré Party Tabity Le Property Damage ‘oa ijryd Death are alison teatres of the ply Cnr chime management Setup i flowing tandardued procedures wiichare malabe ound the otk for prompe service dlvery to our partir Fire Takatul: “Tis plan covers any loss due to accidental res The cover raned i upto the theme gre any each Ror wh Taal coma Intorce Th cove steed by endorsing a paying extra contin ‘Deeover the nak ofiocexplouon knospheredearbnce argue, pact Sumage aswel as or birgary cover for spares and stock etc Rik of erorm ‘Sschided and may be covered under'a separate PMD oh paying speck ontrbutns a the companys dscretion. Home Takaful: “The benefits being offered under ths plan are the same 3 abowe, used to cover Date dweinge Belonging not wualy covered under Fre Tata are proved overage here Machinery Breakdown Takaful: ‘This pln covers predetermined accidental damage to any machinery and may be eed for selective machinery or 23 Banket fr al machinery The vale Of he fm covered decried thi cate by an independent adesor {Comtrarior Pant and Machinery Taka Boer Pressure, Conrators{Constructon serie wlan Po (Motor Takaful Policy)? WP bung BPEL BSA SE act SNS SPs Minnper tL Pomedie “ opine VO FPL, MALE ES ory Wy Lear bee SAWL wACZent rh SrbrP sel bite ibab tive Wr Sic Ser Wo LINE Py Moato fh Lins BAL via e ge ire Takaful Policy)s*| Si Ln teLE int invkeysidero Wrbis tin Si6L Bertoni inthe bene bodidfing told PM BPS infers tne yeti Shi tod EAE tele fetal! 2LbeSosLy (Home Takatul Policy)s*tFirx era iare fh Bifef2 Lu Ard Lorilee LiL Memes PILING IGE IPSseFue All Risks and Erection Risks Takaful: “This plan offers comprehensive and adequate protection agit ll the risk Involed in the construction of eh works of any Kind incling surrounding Droperty an thirrparty clams in respect. of property damage ot body iy sign Connection wth the execution of project ‘Money Takaful: “Ths plane usally extended to those who are direct caretaers of» companys Sandal acer Ts in crc hs nde hme a being snatched on ganpoin The sum covered i stu determined necoraing to the amount of money an the maar of ante Fidelity Guarantee: “This plan covers the loss caused by the embezzlement or ay frauen act of the the cnt Forth plano orc thera nee tobe pote fn the nial determined to hve committed the at All Risk Content Takaful: “This plan provides coverage fr any loss arising from any machinery. excep for the exceptions distincly conveyed h ofc documents Porsonal Accident: “This plan covers the Death bodily injury Total and Paral Dsblens riety caused by an acldent This pan prowdes bal coverage round te ‘dock throughout che yar Workmen's Compensation Takaful: “This pln provides coverage to personal inary by accident ordsare of companys apbyee ng om os ncaa ol omploenc Te pn aces ‘tom ki responsible for at compensation toe fected ‘Mobile phone All Risk Takaful: ‘This plan covers rss such a snatching ec. related t0 2 mobile phone, except for those mentoned specticaly i oftal docaments. ‘Travel, Hajj and Umrah Takaful: “This plan especialy designed to cover almost al rik atsocted with ravelng {orHajand Unvah Sach covered rke include death and dene los of passport and baggage and repaviation of mortal reais ete a sure POLS ALSIP HPA POSER ALOE (Contractor Plant & Mehinary Takaful, Boiler Pressure, Contractors/Construction All Risk & Erection All Risk) La Pionnd, SE eS Abort 2 Wink BEAL PES cine de SMC sii t SALS (Money Takata fis” wee Nair bh FE Seite MAIO etre Pigtma Led eas attr ay ae. (Fidelity Guarantee raven doses SLE nnthicnAl nse PNG wednbn HVE LP PEALE IL AE (Mobile Phone All Risk Takatun FOL Polina LUE ie os beetle olin “SPMD PL (All Risk Contents Takaful OFC" “TPR REL baits!Plato Glass Takaful: (Plate Glass Takafun Oe “This lan provides coverage for lrge pate gassed on premises ching Puc t/AVGAS re LI At UPL nL AIS ‘hose bang used ngewe, es dee a Marine Takaful: . “Tis plan i sed to provide coverage for unloreseable ris asocted with (Marine Takaful) POL 2 ond prone ep td Wihwnde tt sL apd e isin terl ont Soe bn Me tari caring pe BEFORE ot anFor dierent Taka Pane and intormation: Head office PRR QMTARGENERALTAKAFULLMITED ‘40 annem ree gee Ha Sea a, ere, Pu ep2p asin Fae ny assess TA TTA tes oa er, Seer Eaiuie* ‘Room Cab Foret) Sesser 6 Reena ESS Ae Coyne esi ass (ett toot a et ese shop eerie oe ee FO nhs eof poun giLerecn sented Zeo2 05 oxy 00st az) eat 77 56:53 Un 2) ARar UL 878) inch er iG Tie heen dea6 AT ean amare loam amie) sAimpdectnid xn saree gen sno) se ndaisaind> “om oman. exam 0 Erno densi, “ory ara 3) reapers? we ede taoscntne oxy acu sue 7837 easy acs? s nents "oe scene? “ tee ns 2 Saaustepoaatgarr days ‘os sees} en