WELCOME TO: Takaaful T&T Friendly Society

11

WELCOME TO:WELCOME TO:

Takaaful T&T Takaaful T&T Friendly SocietyFriendly Society

Registered in 1999 under the Registered in 1999 under the Friendly Societies’ Act in the Friendly Societies’ Act in the Republic of Trinidad & TobagoRepublic of Trinidad & Tobago

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Friendly SocietiesFriendly Societies

Voluntary Voluntary mutual-aidmutual-aid organisations that organisations that offer a wide range of products and offer a wide range of products and services to their members services to their members

Also described as Also described as “mutual insurance “mutual insurance societies”societies” in which the members subscribe in which the members subscribe for provident benefits in particular for provident benefits in particular sickness, death, maternity, dental, optical, sickness, death, maternity, dental, optical, distress, etc. distress, etc.

33

TakaafulTakaaful

““Takaaful” is an Arabic word which Takaaful” is an Arabic word which means “joint responsibility”means “joint responsibility”

In Muslim countries and communities In Muslim countries and communities Takaaful has evolved as an Islamic Takaaful has evolved as an Islamic alternative to conventional insurancealternative to conventional insurance

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Takaaful T&T Friendly SocietyTakaaful T&T Friendly Society

• Is a multi-purpose membership Is a multi-purpose membership

organisation which incorporates organisation which incorporates

Islamically-acceptable Islamically-acceptable mutual mutual

aidaid, , investmentinvestment and and charitablecharitable

schemes. schemes.

55

Bye-laws or RulesBye-laws or Rules

The Society operates on the basis The Society operates on the basis

of the approved bye-laws. Bye-of the approved bye-laws. Bye-

laws can be amended in laws can be amended in

accordance with the rules. accordance with the rules.

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Objectives of Takaaful T&TObjectives of Takaaful T&T

To improve the economic well being To improve the economic well being

of it’s membersof it’s members

To encourage and develop the To encourage and develop the

practice of thrift, self help and practice of thrift, self help and

cooperation among memberscooperation among members

To promote the social, economic and To promote the social, economic and

cultural welfare of it’s memberscultural welfare of it’s members

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How does Takaaful T&T WorkHow does Takaaful T&T Work

Muslims become membersMuslims become members Members elect the Board of Members elect the Board of

Management (BOM) at the AGMManagement (BOM) at the AGM The BOM meets monthly and The BOM meets monthly and

manages the Societymanages the Society The BOM appoints committees, The BOM appoints committees,

Manager/Staff, consultantsManager/Staff, consultants

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Organisational StructureOrganisational Structure

ANNUAL GENERAL MEETINGAll members invited

Receive annual reports, elect members to the BOM

BOARD OF MANAGEMENT9 DIRECTORS, 2 TRUSTEES (2 SUBSTITUTES)

EDUCATION COMMITTEE

ACCOUNTINGCONSULTANT

MANAGEMENTCONSULTANT

OFFICEOPERATIONS

SHARIAHCONSULTANT

INVESTMENTCOMMITTEE

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What are we achievingWhat are we achieving

Creating greater awareness of Islam Creating greater awareness of Islam generally and Islamic finance generally and Islamic finance specificallyspecifically

Providing tangible opportunities for Providing tangible opportunities for nurturing brotherhood, solidarity, co-nurturing brotherhood, solidarity, co-operation etc.operation etc.

Developing a market for Islamic Developing a market for Islamic insurance products and servicesinsurance products and services

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The Friendly Society DivisionThe Friendly Society Division

The FSD functions within the Ministry The FSD functions within the Ministry of Labour andof Labour and– inspects the records of Friendly inspects the records of Friendly

SocietiesSocieties– appoints auditors annuallyappoints auditors annually– provides consultancy and trainingprovides consultancy and training– approves the establishment of new FSs, approves the establishment of new FSs,

their Rules and Amendments to Rulestheir Rules and Amendments to Rules

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Shari’ah ComplianceShari’ah Compliance

The Society’s membership and The Society’s membership and management comprise Muslims onlymanagement comprise Muslims only

The BOM recently appointed Shaykh The BOM recently appointed Shaykh Mohamed Munaf Mohamed, a Mohamed Munaf Mohamed, a graduate in Islamic Law at the graduate in Islamic Law at the Islamic University, Madinah, as its Islamic University, Madinah, as its Shari’ah consultant.Shari’ah consultant.

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Primary OfferingsPrimary Offerings

MUTUAL AIDMUTUAL AID

– Funeral Benefit SchemeFuneral Benefit Scheme

INVESTMENTINVESTMENT

– Investment Fund Investment Fund

– Hajj FundHajj Fund

CHARITYCHARITY

– Co-operative Waqf Co-operative Waqf

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Secondary OfferingsSecondary Offerings

Kurbani servicesKurbani services

Sale of itemsSale of items

EducationEducation

SocialSocial

Sporting Events Sporting Events

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Membership in TakaafulMembership in Takaaful

Application Form to be completedApplication Form to be completed

Members pay an annual Membership Members pay an annual Membership

Fee of $20 ($5 for those under 16)Fee of $20 ($5 for those under 16)

Members attend AGMMembers attend AGM

Members participate in events and Members participate in events and

utilise servicesutilise services

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MEMBERSHIPMEMBERSHIP

0

100

200

300

400

500

600

1999 2001 2003 2005

MEMBERS

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Funeral Benefit Scheme (FBS)Funeral Benefit Scheme (FBS)

A mutual aid scheme A mutual aid scheme where members where members

contribute to a common contribute to a common pool with the purpose of pool with the purpose of

sharing each others’ sharing each others’ burdens.burdens.

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Funeral Benefit Scheme (FBS)Funeral Benefit Scheme (FBS)

Available to all membersAvailable to all members

Contribution of $120.00 per yearContribution of $120.00 per year

Covers member & 3 dependantsCovers member & 3 dependants

Benefit of $2500.00Benefit of $2500.00

Conditions in event of surplus or Conditions in event of surplus or

deficitdeficit

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How the FBS OperatesHow the FBS Operates

(CONTRIBUTIONS + INCOME FROM (CONTRIBUTIONS + INCOME FROM CONTRIBUTIONS INVESTED)CONTRIBUTIONS INVESTED)

- (MANAGEMENT FEE + CLAIMS)- (MANAGEMENT FEE + CLAIMS)

= SURPLUS/DEFICIT = SURPLUS/DEFICIT

- RESERVES- RESERVES

= REBATES= REBATES

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PERFORMANCE OF THE FBSPERFORMANCE OF THE FBS

20052005 20042004

ParticipantsParticipants 227227 197197

ContributionsContributions $22,066$22,066 $20,516$20,516

No. of ClaimsNo. of Claims 66 44

Value of ClaimsValue of Claims $15,000$15,000 $10,000$10,000

RebateRebate 20%20% 49%49%

ReservesReserves $7,800$7,800 $7,549$7,549

2020

FBS ParticipantsFBS Participants

0

50

100

150

200

250

1999 2001 2003 2005

Participants

2121

FBS Contributions FBS Contributions

$0

$5,000

$10,000

$15,000

$20,000

$25,000

1999 2001 2003 2005

Contributions

2222

Investment FundInvestment Fund Open to membersOpen to members Minimum initial contribution of Minimum initial contribution of

$100.00$100.00 Subsequent contributions any Subsequent contributions any

amount & anytimeamount & anytime 3 months written notice for 3 months written notice for

withdrawalswithdrawals Investment by BOM in accordance Investment by BOM in accordance

with The Act and Islamic Shari’ahwith The Act and Islamic Shari’ah

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INVESTMENT FUNDINVESTMENT FUND

$0$200,000$400,000$600,000$800,000

$1,000,000$1,200,000$1,400,000$1,600,000$1,800,000

2000 2002 2004

INVESTORSCAPITAL

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Investment PortfolioInvestment Portfolio

Real EstateReal Estate

T&T Stock MarketT&T Stock Market

Shares in Muslim Credit UnionShares in Muslim Credit Union

Joint Venture TransactionsJoint Venture Transactions

Equipment RentalEquipment Rental

TradingTrading

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INVESTMENT FUNDINVESTMENT FUNDDIVIDENDDIVIDEND

0%

5%

10%

15%

20%

25%

2002 2003 2004 2005

Dividend

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INVESTMENT FUNDINVESTMENT FUND

Average dividend for the Average dividend for the past four years past four years

i.e. 2002 – 2005i.e. 2002 – 2005

14.25%14.25%

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Flexible Hajj FundFlexible Hajj Fund

Facilitates the Facilitates the performance of Hajj by performance of Hajj by encouraging encouraging

thrift, thrift, savings and savings and investment.investment.

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Flexible Hajj FundFlexible Hajj Fund Set targets for your Hajj long in advance.

Choose affordable saving schedules Lump sum deposits and withdrawals

Dividends are declared and credited annually

Minimum initial deposit is $500.

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FLEXIBLE HAJJ FUNDFLEXIBLE HAJJ FUND

AS AT 31/12/05AS AT 31/12/05

PARTICIPANTSPARTICIPANTS2727

FUNDSFUNDS $73,832.00$73,832.00

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Co-operative WaqfCo-operative Waqf

Waqf refers to charities and Waqf refers to charities and gifts that have permanence gifts that have permanence and continuity, so that people and continuity, so that people can benefit from them for can benefit from them for years, generations or even years, generations or even centuries.centuries.

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Co-operative WaqfCo-operative Waqf

This type of charity is referred to in the following well known Hadith of the Prophet (uwbp) related by Imam Muslim: “When a human being dies, his work for Allah comes to an end except for three:

a lasting charity, knowledge that benefits others and a good child who calls on Allah for his

favour.”

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Co-operative WaqfCo-operative Waqf

““O Apostle of Allah, I obtained a land in O Apostle of Allah, I obtained a land in Khaibar. I never obtained a property Khaibar. I never obtained a property more precious to me than this. What more precious to me than this. What do you advise me?” He (uwbp) said, do you advise me?” He (uwbp) said, “If you want you can bequeath it and “If you want you can bequeath it and give it as charity, provided that it give it as charity, provided that it should not be sold, bought, given as should not be sold, bought, given as gift or inherited.”gift or inherited.”Related by Abdullah ibn Omar about Omar (ra).Related by Abdullah ibn Omar about Omar (ra).

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Co-operative WaqfCo-operative Waqf

Muslims’ participation in waqf Muslims’ participation in waqf endowment over the ages endowment over the ages have been so profound that have been so profound that all Muslim countries have a all Muslim countries have a Ministry that manages waqf Ministry that manages waqf endowments.endowments.

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Co-operative WaqfCo-operative Waqf Small individual contributions can give rise to a

significant co-operative waqf.

Donors will not be entitled to any monetary gain nor refund.

Disbursements for charitable purposes will be made only from the profits generated by the fund.

The Board of Management will administer the Waqf.

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CO-OPERATIVE WAQFCO-OPERATIVE WAQFAnnual ReceiptsAnnual Receipts

$0$20,000$40,000$60,000$80,000$100,000$120,000$140,000$160,000$180,000

2003 2004 2005 2006

ASSETS

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CO-OPERATIVE WAQFCO-OPERATIVE WAQFGrowthGrowth

$0

$50,000

$100,000

$150,000

$200,000

$250,000

2003 2004 2005

ASSETS

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CO-OPERATIVE WAQFCO-OPERATIVE WAQF

DURING 2005 OUR SOCIETY DURING 2005 OUR SOCIETY RECEIVED OUR FIRST PLOT OF RECEIVED OUR FIRST PLOT OF

LAND IN WAQF VALUED AT LAND IN WAQF VALUED AT $60,000 TT$60,000 TT

May Allah continue to bless May Allah continue to bless the waqif and his family.the waqif and his family.

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CO-OPERATIVE WAQFCO-OPERATIVE WAQFDONORSDONORS

0102030405060708090100

2003 2004 2005

DONORS

3939

CO-OPERATIVE WAQFCO-OPERATIVE WAQF

$0$2,000$4,000$6,000$8,000$10,000$12,000$14,000$16,000$18,000$20,000

2003 2004 2005 2006

2003

2004

2005

2006

PROFITSPROFITS

PROJECTEDPROJECTED

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CO-OPERATIVE WAQFCO-OPERATIVE WAQF

Every member a waaqif Every member a waaqif (donor of a waqf)(donor of a waqf)

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QurbaniQurbani

Sale of sheep on the occasion of Eid-ul-Sale of sheep on the occasion of Eid-ul-

AdhaaAdhaa

Slaughter and distribution also doneSlaughter and distribution also done

Up to 105 animals handled in 2004Up to 105 animals handled in 2004

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Education, Social, and SportingEducation, Social, and Sporting

Seminars & lecturesSeminars & lectures

Annual DinnerAnnual Dinner

Annual Football CompetitionAnnual Football Competition

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Sale of ItemsSale of Items

Computer softwareComputer software

– Alim CD- wholesale & retail pricesAlim CD- wholesale & retail prices

– Arabic Playhouse- wholesale & retail pricesArabic Playhouse- wholesale & retail prices

Printed MugsPrinted Mugs

Dates (around Ramadaan)Dates (around Ramadaan)

Books- Books- Guide to Understanding Islamic FinanceGuide to Understanding Islamic Finance $60 each $60 each

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Equipment RentalEquipment Rental

Multimedia projector with laptop Multimedia projector with laptop computercomputer

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Your Role as a memberYour Role as a member

Attend the AGMAttend the AGM

Pay your dues on timePay your dues on time

Utilise the services of the SocietyUtilise the services of the Society

Market the SocietyMarket the Society

Recruit new membersRecruit new members

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Join Now!!!!Join Now!!!!

Don’t be a silent bystanderDon’t be a silent bystander Join now and be a part of a new movement Join now and be a part of a new movement

in Islamic financein Islamic finance It only costs you $20 a year to be a It only costs you $20 a year to be a

membermember You stand to benefit from the FBS and the You stand to benefit from the FBS and the

Investment FundInvestment Fund We want your co-operationWe want your co-operation Your participation will help strengthen the Your participation will help strengthen the

Society and the wider Muslim communitySociety and the wider Muslim community

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Our Board of ManagementOur Board of Management Aman Hosein (President)Aman Hosein (President) Farouk A. Khan (Vice President)Farouk A. Khan (Vice President) Ibrahim H. Gorib (Secretary) Ibrahim H. Gorib (Secretary) Khamal Khan (Treasurer)Khamal Khan (Treasurer) Faiz Amin (Trustee)Faiz Amin (Trustee) Omar K. Gorib (Trustee)Omar K. Gorib (Trustee) Sheriff FaizoolSheriff Faizool Jamaludeen HoseinJamaludeen Hosein Manwar AliManwar Ali Aziz MohammedAziz Mohammed Kameel MohammedKameel Mohammed Fareed F. Ali (Substitute)Fareed F. Ali (Substitute) Terrance Ali (Substitute)Terrance Ali (Substitute)

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CONTACTCONTACT

Imtiaz AliImtiaz Ali

682-1141 mobile682-1141 mobile

663-4541 office663-4541 office

[email protected]@tstt.net.tt

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ENDEND

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