Transcript Slide 1

‫ﺍﻠﺳﻼﻡ ﻋﻟﻴﻜﻢ ﻮﺮﺤﻤﺔ ﺍﻠﻠﮫ‬
FINANCIAL PLANNING 2005
“U$iN $eN$e”
‘YOUR TAKAFUL FINANCIAL PLAN’
By
Zamrin Hj Abd Ghani
Asst. Marketing Manager, Insurans Islam TAIB
FAQ
What is Takaful?
Why do we need it?
How does it work for me?
WHAT IS TAKAFUL?
Is an Arabic word which means
‘Joint Guarantee’
It is an act where a group of people reciprocally
guarantees each other, against losses or
damages caused by any catastrophe or
disaster whereby the needy will be given
financial compensation
TAKAFUL CONCEPT
The main concept of Takaful is to provide
Insurance services in conformity with
Syariah and based on The Islamic
Principles of Al-Takaful, Tabarru’ and
Al-Mudharabah
What should be your ‘Takaful
Financial Plan’
Individuals planning to
save money for their:
 Future
 To provide Financial
Security for their
Beneficiaries or
Family in the event of
untimely Death.
Objectives of the Takaful Plan
To provide TAKAFUL BENEFITS in the form
of Monetary Value should the individual suffers
from untimely Death or Permanent
Disablement as a result of Accident or
Illnesses.
To create a manageable
long term fixed plan in the form of
REGULAR SAVINGS
with the view of creating a
Retirement or Long Term Contingency fund
Or Any Other Life Goals Fund
As an INVESTMENT programme,
in conformity to Syariah approved
investment, that could grow into a
Long term fund for the Individual or
his Beneficiaries.
‘Your Takaful Plan’
• The period of participation for the PLAN will depend
on the age of the participants, where the final
payment of the takaful contribution will end once the
participant reach the age of 65 years old.
• Maturity Period
i. 10 yrs
iv. 25 yrs
vii. 40 yrs
ii. 15 yrs
v. 30 yrs
iii. 20 yrs
vi. 35 yrs
Illustration
Age on next birthday
Term participated
Contribution
Tabarru’ Rate
: 20 years
: 20 years
: B$1,200.00 per
annum
: 5.5% p.a
=B$66.00 p.a.
Tabarru’
 Is a Voluntary contribution or a means to provide
Sincere Help
 Whereby the participants/donors contribute a
certain % of the whole contribution being paid as a
return for participating in the Plans or Takaful
Schemes
 This is with the intention to use the money to help
other participants who suffered losses.
FLOW CHART ILLUSTRATING
THE MANAGEMENT OF TAKAFUL PLANS
Participant
Account
(PA)
$1,134.00
Takaful
Contribution
$1,200.00
Participant
Special
Account
(PSA)
$66.00
IITSB
Total
Family
Takaful
Fund
$1,200.00
$30.00
Investment
Profit
$100.00
Takaful
Contract
Based On
Al-Mudharabah
Participant
$70.00
Participant
Account
(PA)
$1,134.00
Takaful
Contribution
$1,200.00
Participant
Special
Account
(PSA)
$66.00
A large proportion of the takaful contribution
paid will be credited into the Participants
Account (AP) as the Participant Savings.
The remaining balance will be credited into the
Participants Special Account (AKP) as Tabarru’
(donation) according to their individual specific
rate, for the purpose of joint guarantee and
cooperation among all participants, as embodied
in the concept of Al-Takaful.
ILLUSTRATION OF SAVINGS
Total Saving in the
Participants Account (PA)
Investment Returns
Total amount saved by the
Participant
$94.50 x 240 months
Commutative Profit for
20 yrs
B$ 22,680.00
B$TBA
B$TBA
ILLUSTRATION OF TAKAFUL BENEFITS
Total saving in the
Participants Account (PA)
Investment Returns
Saving profit from his
Participants’ Special
Account (PSA)
$94.50 x 24 months
Commutative Profit for 2
years
B$100 x 216 months
Total benefits
B$2,268.00
B$TBA
B$ 21,600.00
B$TBA
Normal Savings ends
upon untimely Death/PTD
$100.00 x 24 months
Note : After two (2) years of participation
B$ 2,400.00
‘Your Takaful Plan’
 Basic Cover for
- Death
- Permanent Disablement
 Additional Cover for
- Personal Accident
- Hospital Benefit
- Family Rider
- Critical Illness and others
‫ﻮﺍﻟﺳﻼﻢ‬
We hope you found
this presentation informative
and useful
in making the right financial decision
[email protected]
Tel No. 2237718, 223 7724/25