WELCOME TO: Takaaful T&T Friendly Society

1. WELCOME TO:Takaaful T&T Friendly Society Registered in 1999 under the Friendly Societies’ Act in the Republic of Trinidad & Tobago

2. Friendly Societies • Voluntary mutual-aid organisations that offer a wide range of products and services to their members • Also described as “mutual insurance societies” in which the members subscribe for provident benefits in particular sickness, death, maternity, dental, optical, distress, etc.

3. Takaaful “Takaaful” is an Arabic word which means “joint responsibility” In Muslim countries and communities Takaaful has evolved as an Islamic alternative to conventional insurance

4. Takaaful T&T Friendly Society • Is a multi-purpose membership organisation which incorporates Islamically-acceptable mutual aid, investment and charitable schemes.

5. Bye-laws or Rules The Society operates on the basis of the approved bye-laws. Bye-laws can be amended in accordance with the rules.

6. Objectives of Takaaful T&T • To improve the economic well being of it’s members • To encourage and develop the practice of thrift, self help and cooperation among members • To promote the social, economic and cultural welfare of it’s members

7. How does Takaaful T&T Work • Muslims become members • Members elect the Board of Management (BOM) at the AGM • The BOM meets monthly and manages the Society • The BOM appoints committees, Manager/Staff, consultants

8. Organisational Structure

9. What are we achieving • Creating greater awareness of Islam generally and Islamic finance specifically • Providing tangible opportunities for nurturing brotherhood, solidarity, co-operation etc. • Developing a market for Islamic insurance products and services

10. The Friendly Society Division • The FSD functions within the Ministry of Labour and • inspects the records of Friendly Societies • appoints auditors annually • provides consultancy and training • approves the establishment of new FSs, their Rules and Amendments to Rules

11. Shari’ah Compliance • The Society’s membership and management comprise Muslims only • The BOM recently appointed Shaykh Mohamed Munaf Mohamed, a graduate in Islamic Law at the Islamic University, Madinah, as its Shari’ah consultant.

12. Primary Offerings • MUTUAL AID • Funeral Benefit Scheme • INVESTMENT • Investment Fund • Hajj Fund • CHARITY • Co-operative Waqf

13. Secondary Offerings • Kurbani services • Sale of items • Education • Social • Sporting Events

14. Membership in Takaaful • Application Form to be completed • Members pay an annual Membership Fee of $20 ($5 for those under 16) • Members attend AGM • Members participate in events and utilise services

15. MEMBERSHIP

16. Funeral Benefit Scheme (FBS) A mutual aid scheme where members contribute to a common pool with the purpose of sharing each others’ burdens.

17. Funeral Benefit Scheme (FBS) • Available to all members • Contribution of $120.00 per year • Covers member & 3 dependants • Benefit of $2500.00 • Conditions in event of surplus or deficit

18. How the FBS Operates

19. PERFORMANCE OF THE FBS

20. FBS Participants

21. FBS Contributions

22. Investment Fund • Open to members • Minimum initial contribution of $100.00 • Subsequent contributions any amount & anytime • 3 months written notice for withdrawals • Investment by BOM in accordance with The Act and Islamic Shari’ah

23. INVESTMENT FUND

24. Investment Portfolio • Real Estate • T&T Stock Market • Shares in Muslim Credit Union • Joint Venture Transactions • Equipment Rental • Trading

25. INVESTMENT FUNDDIVIDEND

26. INVESTMENT FUND Average dividend for the past four years i.e. 2002 – 2005 14.25%

27. Flexible Hajj Fund Facilitates the performance of Hajj by encouraging • thrift, • savings and • investment.

28. Flexible 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.

29. FLEXIBLE HAJJ FUND

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

31. Co-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.”

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

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

34. Co-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.

35. CO-OPERATIVE WAQFAnnual Receipts

36. CO-OPERATIVE WAQFGrowth

37. CO-OPERATIVE WAQF DURING 2005 OUR SOCIETY RECEIVED OUR FIRST PLOT OF LAND IN WAQF VALUED AT $60,000 TT May Allah continue to bless the waqif and his family.

38. CO-OPERATIVE WAQFDONORS

39. CO-OPERATIVE WAQF PROFITS PROJECTED

40. CO-OPERATIVE WAQF Every member a waaqif (donor of a waqf)

41. Qurbani • Sale of sheep on the occasion of Eid-ul-Adhaa • Slaughter and distribution also done • Up to 105 animals handled in 2004

42. Education, Social, and Sporting • Seminars & lectures • Annual Dinner • Annual Football Competition

43. Sale of Items • Computer software • Alim CD- wholesale & retail prices • Arabic Playhouse- wholesale & retail prices • Printed Mugs • Dates (around Ramadaan) • Books- Guide to Understanding Islamic Finance $60 each

44. Equipment Rental • Multimedia projector with laptop computer

45. Your Role as a member • Attend the AGM • Pay your dues on time • Utilise the services of the Society • Market the Society • Recruit new members

46. Join Now!!!! • Don’t be a silent bystander • Join now and be a part of a new movement in Islamic finance • It only costs you $20 a year to be a member • You stand to benefit from the FBS and the Investment Fund • We want your co-operation • Your participation will help strengthen the Society and the wider Muslim community

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

48. CONTACT • Imtiaz Ali • 682-1141 mobile • 663-4541 office • ibali@tstt.net.tt

49. Our vision Investment Fund Hajj Fund Waqf Fund Funeral Benefit Scheme Islamic Insurance Company

50. END • Thank you for taking the time to follow our presentation • May Allah reward and bless you and yours