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MicroTakaful
( Islamic Micro Insurance )
5th June, 2015
Manila- Philippines Presented by:
Muhammad Zubair Mughal
Chief Executive Officer
AlHuda CIBE
Contents
• Introduction• Microtakaful defined• Historical perspective • MicroTakaful schemes in other countries • Micro Takaful advantage• The way forward• Conclusion
Introduction
Micro-insurance defined:“Generally, micro-insurance is viewed just like other normal
insurance on small scale for low-income people”
MicroTakaful redefined:“A mechanism to provide Shariah-based protection to the blue collared, under-privileged individuals at an affordable cost”.
Introduction Cont’d. …• MicroTakaful can help people improve.
• Microtakaful will help them sustain their financial well being.
• Feeling of togetherness & security.
• Opens avenues for joint efforts for mutual benefits.
• Cooperative approach and outlook.
• Result oriented
• Society benefits at large.
Global Landscape of Microinsurance
• Only eighty million out of the world's 2.5 billion poor are currently covered by some form of micro insurance.
• Only 3% of poor lives are insured in India and China.
• Only 0.3% of the poor are insured in Africa.
• In 23 of the poorest 100 countries in the world, there is currently no identified micro insurance activity.
Fire TheftRainfall Floods
Agriculture
Property
Prices
Hospitalisation
Dental
Opt
ical
Dread Disease
Out-patient
Health
SurgicalDisability
Dismemberment
Partial
Permanent
Temporary
Total
Credit Disability
Life Insurance
Credit Life
FuneralEndowments
“Transition funds”
Pensions
Education Life
Types of MicroTakaful Products
Benefits of MicroTakaful
Health
Marriage
Death
Prolonged Illness
Education of Children
Business Failure/Loss of Job
Birth of ChildrenImp
ort
an
ce o
f R
isk/E
con
om
ic S
tress
Potential areas of action
Micro Takaful initiatives in Pakistan• Coverage to over 100,000 low-cost houses.
• Synergy with NGOs.
• Micro Takaful Health Products – CWCD, KKCB & Sungi
• Students Healthcare/Campus care cover
• Factory workers’ & Daily wagers
• Crop Takaful
• Credit coverage for Islamic Microfinance.
• Covers tailored for SMEs financing.
• All above at ‘no profit basis’.
Takaful Pakistan’s MicroHealth Products
Center for Women Center for Women Cooperative Development. Cooperative Development.
(CWCD). (CWCD). No of Lives covered 14000 Beneficiaries ( Husband and Wife )
Benefits:Benefits:Hospitalization Rs. 35,000Daily Room Limit Rs. 500Maternity Rs. 5,000 (Sub limit)Rate per family Rs. 570
Takaful Pakistan’s MicroHealth Products
Ministry of Zakat & Ushar No of Lives covered 100,000,0 Beneficiaries (Husband, Wife and 3
Children's) Benefits:Benefits:Hospitalization Rs. 150,000Individual Limit Rs. 25,000Daily Room Limit Rs. 500Maternity Rs. 5,000 (Sub limit)Rate per family Rs. 695/-
What is required?
When there is a will, there is way!
