MICRO TAKAFUL Presented by Muhammad Zubair Mughal Chief
MICRO TAKAFUL Presented by: Muhammad Zubair Mughal Chief Executive Officer Al. Huda CIBE
Introduction Micro-insurance defined: “Generally, micro-insurance is viewed just like other normal insurance on small scale for low-income people” Micro. Takaful redefined: “A mechanism to provide Shariah-based protection to the blue collared, under-privileged individuals at an affordable cost”.
Benefits of Micro. Takaful
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.
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 Micro. Health Products Center for Women Cooperative Development. (CWCD). No of Lives covered Beneficiaries 14000 ( Husband Wife ) Hospitalization Daily Room Limit Maternity Rate per family Rs. 35, 000 Rs. 5, 000 (Sub limit) Rs. 570 Benefits:
Takaful Pakistan’s Micro. Health Products Ministry of Zakat & Ushar No of Lives covered 100, 0 Beneficiaries (Husband, Wife and 3 Children's) Benefits: Hospitalization Individual Limit Daily Room Limit Maternity Rate per family Rs. 150, 000 Rs. 25, 000 Rs. 5, 000 (Sub limit) Rs. 695/-
What is required? When there is a will, there is way!
End of presentation Jazzakallah khair ! Zubair. mughal@alhudacibe. com
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