Outline of Presentation. Introduction and Brief Perspective of Islamic Banking Islamic Banking Products World Wide Mechanism of Islamic Banking Mode of Financing in Islam ( Musharakah & Modarabah ) Bai ( Buying & Selling ) Takaful Product of Takaful Presented by : Zubair Mughal
Presented by :
CEO – AlHuda : Centre of Islamic Banking & Economics
Regional Head – Takaful Pakistan Limited.
2004 - 05
2006 - 07
Leading foreign Banks have opened Islamic Banking windows or subsidiaries such as:
May be in any
Must be according to
ALL MONETORY LOSS
LOSS OF SERVICES
Buying & Selling
“Takaful” is the Sharia Compliant brand name for the Islamic alternative to conventional insurance. Its based on the principle of Ta’awan or mutual assistance. It provides mutual protection and joint risk sharing in the event of a loss by one of its member
In the event of death caused by someone from another tribe, the member of the offender’s tribe would share the “ blood money” (Khoon Baha) to provide for the family of the victim.
Is Some thing wrong with Concept ?
“ Those of you who die and leave widows should bequeath for their widows a year’s maintenance and residence” (2.240)
The contract between the insurer & the insured is technically wrong from the sharia perspective because of
Excess on one side in case of exchange between the amount of premium.
The interest earned on interest based investments
S H A R E H O L D E R S’ F U N D (S.H.F.)
Mudarib’s Share of PTF’s Investment Income
Management Expense of
Operational Cost of Takaful / ReTakaful
P A R T I C I P A N T S’ T A K A F U L F U N D
Advantages of BancaTakaful: