PAK~ATtI,'Pt FAMI L¥ lAMA FUl LIM IlfElD

,- ead Offi'ce
PAK. ..QAT1;;Fi, fANl1 LY T~J(AF.!!JL ILlmlte<! I ®2. - I (1'.5., IBLIi:!iiiiil:'~s Ar,t;3,clh;:. BIodk 6. P.E.C~H,S. lKilitil.thi 7~-WO Pail\:JistaJriI UAN tk 11111-,[,AKAFUL(92SL~8) Ph: ,(9'2,21) iFarx1 f~-i.111} ,43e64S, II
$~iIi

~,ilii3i11~
= ,56

,on 117~"

Br,anch Net,work:
K.ar.liChl
'2nd! IFloor' IB, S!!Jrvey Street INO\ J~-PJ I.

'Sh~ltJ;e~!l;i!-.e·~t1i E<-CI-t'S i!~t FtI~ (,ill I! , 430'l9B:4~e:] Is'l3Jmabad

~!11 i;r~J COmm~-i'¢,dl Are,"i,IB!~-7

Fats;al',abiad
,8.j :1;1:

FaJisai Ce.liiiLer. 3lrdllFiioIDI" r~hahrae-hi:i3J Chen (}!!!>e R,~::i;d._~__:Ij},p:nes _~f)I~_ny~ il

':J~N!_ ~_! ~,:_~

P1l1,: 04,! .8!5cS676:1;I'-73:

!A!_K_~~Ull'(~~~UEt~

GuJrnt,
l!Ie~

E-I O~\ ,~thflbor Cmanillb Cern!:tr'e

E!li'l!Ie:

!JAN #~, ~ ~~iAIKA.F\UL~a2.$2~~) !

pqoe1) "J! Iillll§lh A'i\em

IIst -m oar, Tiii! ni q Pl'fi.ZiL, Acl:j1l;f:el1!t 1B-1!Im..dhi'i!!1J [1!r[iil~ M R.~mli1il';'!!n Slll";'!!h~

IHtiUU

Ph:: (,OSI! ,j 2004 ~3lA® F.,tiI):,(®S I) 200416'0

Ph!~(0.53, Qu~ta

RO~Q ,l5\3:14,~ I.,5.'2,

p'eS,harwar'Ofif;l~e No .. 4(16·41 Oi' 4.l!h R!QM. !Li~ II;ft.;,i'ii"e!· Br~k·C, P;!QIt NO. IIa~EU!'!~r::Jity R.QI)Q !JAN ~~:! II ~~l'A!K_A'UL~:e2.523S", Ph: (0'9 II} S7li]3~ 75-8!i] IF~ ,(@~'I) 570 I 'IjI6-ij '

IIst Floor. Taj Cern'i::re"IPIIot INo.. bS;2:" Nle~i' tt-1~II1~ C~6Wk;, M.A Jinm'!lh !it~_g Iii

P!h!: '03@ij,,3S42J)g2 Hydeil":.a.lbad

Ko:t~iltA) ttl '

2ndIIF!~; New' Ail ~~t P!(l!~. ~fu; A-~Ii!!mF.t»~;d;, h..heed Ch~k, S ~_Dld K~:sil~jijfjii" I Ph~{()5~OO) ''iI-S 112@·l'l

C'o iLaJrDsh Guest H(m~ei Behind Cit;r' !3';)rn'k r'bin Auto ~liran Road l-aitfmba.d PliI,: (OO:~) 2:92,44,50 - O,3!10.J.l}b06®4,

MIUU:3l111

L'ilihor-;e
UIlIiI(IJ!

q~P'Ci~il.Ho~P\j'~I.AlOOa[i Road. Ph. ((t61) -'4~OS2(j~

11::;t.111001';AI ...Rilnaq '

plaza,

s,.i;ree~ 11-~!I!!il:~,Ok! !JAN ~ ! ~ il~l'A!KAfUL~:e~23S, Ph: (M2} 5'9'IlSO n.Q7 IF~ '(~2,) 59118: I'{'

M y!~'lim "fIiWl,m

www·Il.-~Il;jql)~!r.~om.pk: 'bmil~ful@

pilik.q-oaml:.atlilii.lpk

~ __ .J~1::~-";
\ J'!EI~

t--

..

TAKA,FUL~~NiNTRODllGflilN

,m~f~rt~ne.

Diefin j'tron

of fiUS'k~',0 ,s,oaJ.rre of (JGI'f~,ref:a pG!iSs~bMil:ty0,' ~'t~(',umn,g loss or

Pr'!e;!m3.'(1IJ 11"'e:

The p,oS$'~b of' a Tllh.y

sll too r,iBaJl be ignored or left unadd ~ss~d. Thess ri'sll<s 'ito
'flill:1li.fI1eii~jl losses tdh:at, could

m~!roorial pO$:sessJo'lfi I~k~ a house or ~ C~U"tlhrough fi're and "!l:Ii1~ft Is ~ ris;!lot

Ile--'3.~'e ,efilidlre '[i1IJlmii Ilas de:srf;~tu~)e: 3JFJJdbusinesses
illl\!'Olve sii~niificant

death a lii"~e-fflJl'rerrng, dis~Jbil'iftr~ r 0

IIGSS

of' ~iiJy

in~o,liyen'~ ~f[! a ~!Jn,gle: blow.lllnsll!l~n(;e has been fin odern w7!fI o~'m-rt~ptlfilrg these rr fiG 'dlliiOl!!gh it proCiSS, oiff' rtsik, ,tril1iliSJf€lJf'I~iflC~ ~'Iilexchaillge of p:mml~um;s. but not Wi:d~iCiIJ[ rnsennll.tiQn~,.'Wh araas, insurance it!).ellf ls CC,fij1 me ndabla, its m ode of ,ciO~dl1!,c:[an dI (;Ojl1'liiir.~:!C1L has been a S!lI bl ect ,of 0 IPpasilt.'i;ol1 wilth,~n the parameters of :Shari'~h r;:h.!i'~'to ~h~ IPfl~~i1iCe Rioo~Ghalfffiri ilnd Qi'm~~~ air

'me

To m'idgat~ rTlSk in order

losses, is
1I10,t:3

in 111!],1 n is,TDorJl' Iin 'f,aVlOlr' af it, for iIFtistanc.e: arnie

reeent inJiLoy,a,]ji 0111, :a nd there

,~,oel!miWllatel,

~Ijf'

red

UlC~

aJilJe

'[he severity' cf f n[iU"H:hii I :aJmlplle, 'evr dellioCes,,a,v;ai rabl'i!

'
I

l,

IlJarantE~Hi1~Snother a

.Dna,man Khau A~· iJn~e;q (v~;~~). is, when tajlilY P'€:rSOI'ii P'~r,$o,mllll'y r that :::Ii, pa.r ticular road rs safe '~O ~yel an @l that [hie 1~'dJbUiit)!O'f :~Jf1ynnalfidiial losses mtat Imig,tat in,OLllr' ale n,! [he 'w.tq' '1':5, on h'~lm~: !lS~f~cttiv~ly!thls is, a case of ris Ik transfe ren ce but wTtli1Ql!i(:~ny

il1lvoIVEnne rill of fee~ which, mta_kes iit acceptable,

II.. ,Dh~m'(,Jn AI-cl;< ~rk (J~II~~'), when :a!ily person ~.S;~U res another wiith i:!S, IPerson aII ,gwara ntees ,~,otn Hljjen,cl~ the sale by ,!t'12l11 the lbu1~lr '[h~,t iIilg: the gu iiMnlnlto r WOlllid be ~le!ii~C nsible rc r the 111D~S, the! plil rehased uteml ijf p.~oved to Ibe rr3JLIlI'i1y. So, in the eve [1t of a flnaneial IOISS, '~ha:[ e rsen {the p b uye:r) has W!leoption 'to either demand '~ullrep~rli1ent from 'me seller ,or- ~roimthe g~rirrant'or; II~, ~Aq#~(J'~ is whe n in SID me ~,~~IJ~:i:iol1~,~Ipaym,E:ll"llt o'f Diyat to' d1e )i, the ~j:cdml·.$;'fa!m~'liy ls mad ~ Q bil ~,:s~to'ry m the ml~mlb o,f the comnliuliiiq o ers Hllld not on the murd~~er. Eiwfe'Ctilvl!!IYi! rU',~I~ dliflstri1 bUIDedil am cn,g~t :EJ1'iI dl is sharad b etw,een them as a result, " IV; A~d M u~htot {~I~~4P)~,s when tt1ny p~r5Qn embi1ace lslarn at the naJf1d i cw'an other and then paet an aJ,greernem't w~th h liml e'f with :tllllry' dlii rd that II'be:'will be 1E~'U:~ ill1h,eri'ir:or of h I!S weal'dl1 afte Ii ~lis d,eatn" and '[nat a,111 nab !JIiitie~ for h!is wrofilgs WilliI be UPO'jil hitnii. AI II the aJlb(lVe~lmEmdQlnjle;d lfil.s,k, nil alnagem,el'ilt tachn nques ~lte: based en the pi'idn cip Ies o~'broth erh ood and m utua] .sol iidamrfi[,y :;an are In COIl1FQ,l"ma.fiI c,e dl

'., l1li..... 0, !I ....

D" -~·lln t-,·.'nn- Will _gln.~!I!I!J;I ~'T~II\"_""I·I ,_'~I _ ! I~.' _,

The .s:ys.'l]eml of T a k3:fu I b:, b3~e1d110 [jn~' priil1dpl~, 0 of brethe rho~d! mlLltu i!Ij,11 _s;Olik~ari'tr~ iaJiiilalTaDurru wni,diil is erncour,~,ed by tne Shari'3Jh.liIl QUIIi :s,odety~ W~ haVle"faryiriig: i'lmpllici'li!Jonrs orfT~ka;fijl;the ,jo Tiilt..falffi ily ~y:S1D~m '~'Or one ~nd oo-oilper-;a.tr'!l'~ sccieties for ;[u1,O'tlhlE!'liin whieh risks and fin:[IJl'iI,c'uall Ilosse.::1!, re a dlil~rli-~IIJl}ed amQ,n,~t th-e partidpan~ :aJili@ ~'u:1!llp mluruialJII:t extel1ded te eseh is othoelliin tim es of need on IlPri~dple:ofill3!,~~ILJ!i!.,Ex-a'cdy the $8!me l~plPe!ils '

in y~1'(a:~UlI"wh ere Iparmlt~paJi11~ pool tJhEiiirrecou :::.Ible to, Illellp each oth1er' in ~he. tim e of need,

'me

rSI~S\ ,SOl

that

'1l:IllI~y

ifltl~ht b~

T311{a:fullis eensldered by so me to be :~,~,~iiicS:t. Isll,amiic concept, ,O'f Tawakkall. Thls lbe,llief ~'~a,ctuiaJiiy based on iii. the l rnisundersran di iig and cherefo re n 0'[ true, m01f T~,I<~:fudoes not .sugg:e;S,t I
!nsu
r,:!ILFlice:air' ~or' that rnaeesr even
I~

reJe~tllil,g :abaJrndonil'ilg Unci! means our rescurces, but instead to use wri;cl\I\$, or :~g~n~i~s 'wn~leI,e;:;rvifil,-itheoutcome to Allah ,Ajlmrl~tr~s WiilLTnis, :is 'what Talkii!:~ul stan ds ~'O'r~,~!1whk:h 'Wit$ aJl$o sanction ad b~t rophet Mluham mad d (~,) '~fii a IHadlth 'WhEH·~ h~: dilrec.t~ ti:lhl~ B~doiun ln tJhEl' 'fcillow~ng~ wQrdll~ having See n hum Ileavi'n,g hi~camel ulilftiied ,c'onside;wllllg this as !being Ta,wa.lkkaJ e FIi ,AU:::IJh Allm iln'!ly: ¥),j ~I' ::Jti YJi~J ~~ J~yjl J '~
,dHJ¥ J
~ ::

J-:J J'6i

••A eern pan ion ,~fJ the Propnti!:t (Ii) asked; jO Prop net of ,Alilahl!: Sh,oul d I tIe my cam e II alii d ehen entrust ,Allah 0 r shcel d I IIeave the C~ mel IiJrillitJh~d aliid then ~n~iii!J~1! ~~ Him Th~ Prop,n~rt ,_) f\~pI~ed: 'iIDcNil~t Ileave your camel untied; illi stead '~ru ti~emle camel and tne n put y'ollUr'TawakkaJl '0 fill AIII:flJh:i"'i' rh.~severat ~srecO:rU'ed ljl rfiFm,~,lr ,(JS !We~J~s ill' various' ~ther b(1lok~ ,0( Had'ith;[.. (2~·4I) ln retrospett we alse find 'tlhatt ~miPhe,t IMl!!Jummad ~) ~!i1d1 Com [ltllJ'f!Joliis hT~ tock rlil,~dI~ti e iiii ti m es 'of UIn ess th u s eonf rrn Ing: th e alji"g,iJlml~fiIitthae Iii emlp~o)'1j'IIl,g'necessary m i!i!IIns and resoueeas dOE!~ not COJl!itraveTlle! 1lJne! Ibe11 ii@{ o~'t1ii.w·wak:'aJLI't ls m ieliir[ionea lnil :a, Httditn:

T/.,J<AFUL "i6.N I~TFlODUGTlaN

I).!d!i

" 'I!, I.

I'· ~~I" ~ fJ""'Ji.i ~~ ~:~ j

'!Ii,~,

i.

'

- . UI ;~ t$ j

.J'

L'!!

to

I~~~ ilJ"r.J'C b_,~'r ~·I iLl,

.11 ~ • ~J"1dII-, I'

J' i!!

Io!!I ~

,j

I,,",..

,~'

~u

il,iiilooi;Ol

II'

~'

..

·.lI·I' ... "1 ~""' :'ir~l!! ... m·mad ~'J-' ~.'C- ~""IJI·..iI1 ,jJ;,.., li.... II~,..,m .... .""_I!;0;,;,0,; .("",./1....;,0,; II!I 1I;!.,tl! i~ ;Jill'u ::...~Il.!! T~'I;;i. 1,#1,"'-"=': ,I,.!<;ill,!! .... ~ ge'~~i',cik) Proph~t M uh ;~«liIn:~d(D.) repli td:: !Ol Peolplle; r of AI IIa,fIi !Yes, get 'u'ea.tITiN'2rillt 'fi-OIF rOUl1" illlne:ss; bec.-'fil.iJJSle: AII:aJh AI'Fi11ligjhrty has -1mada 3va.iil:able the ...,em,edi,es of a.1111111ilE!;5lsles: ii eX'ii:,ept ,th~t of old-age," '(M~$AW41h J;S8l2~, R~tMm~,d;Tlr'mi~(,Ab~
rl!1

~ .r ' r-*I-b-.1_, ~b # .' ~ ~.J' ;~1~~;) ~ r ;y.I1 "It ls narrated by Haarat Us;:ama b'iin Sh4lJ'e ralk that a ~'omp3.n.Ii(,Hl, .of IProph,et: Qli) ~i7.WamJU~h (ritA): ifllqUlli,Mdll
i>'~"i!-I' f ". • .~I·
l

nl!..· 'I- M'" i.I~!1....... . JI, !II '·· .' I. '1 ~~

DtJWJiJ 00,

for ou r 'falmiIli~ to spare the m the dtlisgil of b~ggjifl,g fc ~C,~

J'WI ~y4.~~

Simihu1~'the Sharf'an, ~.I~o' c.ommali1d\s

ILlS

to' le~e behifi!d

V\leaJlth ~!/"ildl property

Ii

it from ethers,

lllLP '~:J.ii jf ~ " ~~1 ~j'J).ll

,.J~' &~

!4'iit ii~,better 'ItOlea:ve' )1'0 Ulr h ei!i'~ we'~I'~ny rather [h:~n poor ;andli ;as:ldng:otb ers for ,the~rnE)@dS:Y&Ikh"ri. 'j8]d)

This jls:t~e, true Ib~n~~~t cfT~kJlG3Jl: em p!lo.Y,i,l~~he, 3.V3jlab!I'e!l :ag.eney to o,u~' .. best ,of :aJbill!ft~'~fiI)j Ileif.'i{ll'ii(g, the outzorn e to' AIII~h and Ie'v-eryeli! osen ,strnJte,gy -reiSliilting' i'liil p~nting' 0 r e;~~lillg 'Cemifll dn.: jjm~ifl~ ~f1~ thus '~Iil(onwrm~'ty with th is co neept,

Takafull is, not '3. recent I!"Ini'E:H1'itli on, Illn 'faJct. its reme:ren©e is availabl e ifIl 1E~U~ Hlolil' Qunm and S;!Lilfi!lrg~h. The i!'"e~en::rr!,Cle I.S in C:'Ofl! n ection w~t!h the divi ne commandment for brctherbood and mljjt'jj~1 s,o!udarity which i~ 'le)t;~,tlly what T:aJkaifull stands fO:IF.

~~~J.#~~jJ,WJ ~
.uCoop@~,ooWiltlll 0 ne aii10rdler- in mstters of and p'ilezy:~'(£uro.h M.aido':' AQ,~,fItt· No.i:)
rig'ht~QiUJ$]l~S5;

1?j.j~QATAFI FAt1ll v TMArut. LIM ITISC

Wn~;r:$ expected from i

is th ~t we shoeld cooipe,rn'~eamc ~g.s'[ ourselves ~nd become p:Ulars of ~ltirnl1gtlll a I'lld support fCH· €!ac'h ether '~n'tilm es of dim C:lUI Lii',es: m ~sfort)LIlrne.s'Hi1itd:s, ~swhat lslam teaches us, and by followfll1l:1~i' 'and
IU~

'woril d, 'and :!!:Jril1i1~,r:ly mlfitiLlJaI coope'~,'~~'lon! '~[l1drmuw~1~iOU~r!lty"l'hb;; ~'~ ex~ady 'wh~t T'a!1t2lJ11\'~1 SQtlldis wor;, 111111 Tal'(af!i.lll too, p2l rciclj'parilits exte:nd ,thu~ir~uppolrt to aach ctlm~'r' in dml~ of f nanclal misfo rtu uU~S",
J

thils eom m:aJlI1dm ei'iiit. we can promote

~he concept. ,of blW'ijJ'[neriloo d ilf'li dle

In the ~ii)ah Y'~~,rof the Hijfij' date, the f'rolp,ltI~t Mi!Jh:ii,mm~d , rm~dl€, a pact 'wiwh tine: j1ew:s ef M,ediina 'whk h ls g.eoe,railly known as, the "M ee:th~,q = ~= M ::8:dfiI ', Varleus ~ aJ, clauses o'f 'it ~jre exte.n~ irveily ml~lHltiol1led tlhl·'O,ugjno..at

<eoJ

1$I'anilk: H ~st~OI!iY :;:Jjnd 3,.I!SiO hi! various books

Thls pact'~ :aJl"lid such aJS

O'f

$l.Q !11f1!~n,

!"IP'M' Fil'limh,;::;; ... e"" ~""",r'I ~~r Y'lf~~' ...c.Il"'ih;oB,.,-"';' .. ti:iJ ,.,i. a .......Ii1"I' . ,~.~~l' ~v. :'_~:~~'~~yiy~~~ I!I ~·,v~· tiZi or 1~1'I;:.~r-:~~!:.~'r-'~ ,(~!I)';:I ';''Ii -m I~~_I_I_!JI\ ... g

laJlIJse:sstates tharlt ~\l.e:'fery rn~mbe,I'" will ,~alle to ~~,Y' "'r~" '~h"""" IU 1!1~ ~ L6~r'u~........... _b-_:. -".11'·1 'I N IW_d~, "'I...... ........~f'I; I!l~; _.'~i-' ,efl'f~e~in,g'ttlhe, ,slav,e wH11 be en lblle, shou Iders 'or those to wlllo$s, 'trib~ the ,~Ia:ve wiill bellolllrg,ThI~s ~Si: a Plll1TI@ exarnlplle of tne concept of br-othewlhoad ,i1fjlT1d s~H d.aJ!lilt,y ili!~~lsl!3.rm" the
I~

based OI1,e 'Of

0'11 tha

prii iru:flpl!~ off'breth iSrlhood :lind IIil1ilUilai ,siolidan'itl'

Sue hi kl nds ,o~'pacts ha(Ve~een e:!ds,1Dent dug~tlll,~ b the full IS ,ofi the Call lphs as well,~ th()u~h not !by the n)[IJJme' Ta!k:arfull.l~rllYile,\lIer' mile s:pi ri:t of'la_,k_a:r!LI1 has Of ;~llwaysbeen 'ithe~: clHfereli111:people 'mhrough 'coimmll;,.lfi!;~ty.-pooling help create ~ ICQm rnon fund WIil~'iC: Ts,used to beil~iflit them in 'tj'lml~,s, iii eed, h ,or

Therefere, thare i~no do LIlbt_ abou t

gj\iilen rhae ls flJ!lrH::IDi'lonifi!~ 'C:U~I the pri[ndple~ 'of' bretherhec d an dl Oil utual sollida:J"rrty and 'wit!h sjnc~rity;

me pe~mi;SS:LC,iIlit_y OF TaJkaful

1'111 shareholders 1\1 rstfry woull d create a 'Waqf Podl in 0 rde it '[0 iifiitl1:~,oohe e t T:ak:afu I actlv ltles, Bec,tIi,[.Jse: ltihey !had been mhe e'lli~, 1DO est3,bllish th li~W:EiJqf they ~re c~Wlled Wa'qif~ the whe~s mhe ~w!ilership of the W;3l,(Jlfis t~fl~~erred to AI13 h All migluy. ~op~I,~ :l!Hf~,aJble tlOJ benefit from ue, for theJr rr~1<m'irtltgad:OIllI p,urpcses ;±a,ifueraClquiln"ii IlIg:a rfll'EH'lfiibe'lf'ship of this Wa~f Pool wh lien Is II ,galliy e ~efeirred '[0 ~;S, 'che PaJr'Ell(:~'pan'r:,s,I"lakafriml Fm1d '~:r PTE

TAKAIF UL ·AN INfAODUCTIOrq

~AK'.aATAF!J FA MILY TA~AHH. LIMITED

'whi,e,ill w'~ill ~'Olrnllt~~ basis of lts QP'~r,a'ti!ons. Ba~ed on the lFii'qlh ruHn,g 'l..~L.::Jlp ~jI.b~ ~,these co'ndid o III'S ]lii dg~d to be as iflecti¥e ~Ind v,and :~'rE as if the-y wo,u!1d ka!.V',e een 11:~i'd Ut, by 'd~e,Sha~';~a,~ elt'flhi~ means ch[t( b O its 'the' Wa,qi(!, by ¥il'l!t[I!_U~ ,of' its Ih~i~ posltlon ~~fi!1 '~kere'fo,re ,~IJIIIPl1! that fifi!@Jl'!!daj larte bene"~t-s'may only be p,rovided 'to, rhose who contrjb ute' '11.10 th e Wtlqf Pool.. The' relaJt~ofil~,h of Ibhe' pal!tti c:'~P~'!j''i'[ ~p and dille W'aqw on '[~e o,'l:h hand is er m erely a relatlonshjp ,o~' n Aqd T1i;b~ a !il!i'11IThe co ntriibutiolls, paid by d~e partlclparrts :~JrerecQ,gn~zed as Taburr u'at :an@1 not :aJS Wa,q~!and i FIi fact becom e '~llle~ IprolP,erty or th.e 'Wa,qf.lh its:is akin ee tru~ ,charity we ,g,ivEi,el:any otner t '~he ehariity liveli1 is not eonsldered

The Shar~ho lders 'th~rlfeam~~f' fo rm u Ili:ze,certal n cond rdons for th e W~qrf

as:Wiaqf but sTrmply 31S 'a,donEaoon.1litnr~, eans '~hart the p:a!rddp3fi1l1S 'im,medliate"l m loose th,ei r ri,glilr[, ,of oWl'iile!r'shii'IPI '~h,ere~o~e Ithe, il:i1Iiwsperta.iimi ng Za kat :andil e~efill the' IIi1nerit::mce law' 'W,C,UiI 't an 1m I'iI h era, As m en'ltiio,nedi earll i,et:. th es.e rll I eontrlbutiens become ~dn~: IPtr'cpen:y' o£'th e W:a~f with 1mm,ediiallt:e e:l'ea aJrI'I d thus beneifi~ from it neecf to' be: according to, the, eO)ndiml~ns sanc:tiol1l'ed
1I

Wa~t

fe r ~XaJ,lfnllillle. H enc e,~ it is -t he WOJq~Pool wh I,e n 'co IiTil~ansa p:ar~rcii pant's less and no,t th e Taksfu II O~~rntor.

by du~ Waq rf. such as 1U!tlilizi Il!g these oalittibutiol'1ls, 'far ~he:

pa)i'irlfU!fillt

of cllaJir111cS~ tas fo r t ne

The f1.!ilnds a,van:mJlbl,~~riI the Waq~' Peol ate ifil,ve;s,t~d in Sh~Iit~'alllCo,m pl lant b u!s;~I!I~S a,¥ELi1il!i~.Any pro:ffiits, l~a.l!I!zed from these inv~$,tm~rlts ,af~,return ~dII - i~" ,uqi' 11.,1 eer, t'0 ~Ik,~ W:"" - if .. II..Ili;""g'~~:1lE...ifI. '!I.~ aoi"D"i

The cC),mpany 0 r the ,oIPrer,a:tolli" serves as: 'the 'WaKe,el or the 1M1a,n3(gelliof the Waqlf 1~;Uifii,dand charges a ~W~,kaJl:al, fCH' lt.Th is fee ~s paid l~rOlmthe fee" W1liqrF~nd.,~ the 'Wa.l~ee!l,the all' erator must Tnv,est 'the fl!..lndls; avallable
in tlhe:Wa,qf IFool
~fi!

0llPerator Ralbul-'ILIII,~M'1'jnl (slee:pin,g

'alJi:e:shared bei~en

Sh'allli"l'a h-cernp Iianlt. busjness es; ro,f' IPlrofi'it:,s,. ;Since tn,e ~sth e M u d;;'jjliiib (wollil~d ng:partne r) and] ,the W~q~' Fl!!n d is tn,e

partner], any 1IPI!I"'O'firC$made frorn til e if'r!:ve-:S,'tm ents the 'mc, en pre...{!eflnedil pen:e:ntages.

I., COIi1'iDrii uelens Ipa.id by the paJrrtifc,~pafillt:s b 2.,CllcaJi 1W'3.YITii'E!:I1't:s, receiv,e@l from Re,~TaJkafull Operaters m J., Pmcomteos, rna,de mholm ii1fI¥e.S,tifiig: dle fundi'S,'3.vaill:aJble: in th.e wa.~f Pool '~'.' Qard=e;-I=I:aJsaj!lia~ Ipaicl by the Olpj~H"aJJt'O'r in an event (),'f :aJ1'ii(Y Def1d'iL s., M~'.~celllal1le~!Jl~en a,1tihJ[]l~to' the 'Wa'qfJ'IP~o,1 ~

TAKAFUl·A.N

INTFlOI)l)CTION

3..W~II~'tjjI:a IF'e)~ of
,~" Operator's

2.•Fte-'T~kilfl~d p~:~ymlefiiriJ;;i
tIl'i@.

I,"II:::Ijli m Ipaym'e!filits: C

Operator
l

peFCe'litag-e' lin the ili1ves,trn ell!l: IWJllfO;1liiU m:i3Jdle s,. Po:rtio~ .of su liP IIus w hid'n is di:sl.'~liiiburted to ·'[he,partle ilpants,

61. Rep~ rme'!i1t O~rdl. e-Hasana o:f

1"All'l!'t denanons pald en ~he: fiec:ornmendatio'l1l of Sh:i3Jri ah IB~ard

l

There are twc classes ofTakaJIJJI,: I ,.G,enaral T~I(3fu II 2.. F,ar!1lill'y 'fak~£u I

~n 'G eneral YaJIGtJl[.Il!he WiaJqF~~,mem b er$hiIPr$ are ~$$igr~e,d 'those, who t 'to lii,eE!d to m iIDigaIte ris!lc;;S to thedir :@j;ssetsIlike ailr"]~II:i3Jne;s~ rmot'~III~1<alii dI hays es et€:'.11 an E,IV,efl1tof any defined loss '1::0 tne, 'aS5let~the Waqf !Pool ~ampens;artes. n "fhe COlmpa1ny sets up tf'tie Wa,~'f P'ool! mlaJn~:es 'it! invests the ~ulf1ld av,aii'Iii;,bll,e j'n the pool ~ril Slllari'~alll-(o,mpliant busmesses, an d (h~Jifg:e'S,a '~xe,d'Wakala f~~ ~'n Fe:tulrill.IFu FtnermOfe',;. the: Wa,qlf POOII! l\s, aliso, 'ith~ Rac!il-uIQI;"1aal (sleepin,g pi::IJrtI1Etr)artd the eom palily acts as, the Mludarib (working partner] and aJllIly p rofits made frolnij th e ~fi!Ve$'l!,lnillie~'~, shared between 'l1:~e '~\l;)' on preare
dI'~firill~d

p~n:',~n~g~s..

,FO~~'DWiJ1gi$ the

BM]:5'JIlI~ScS

M,otjI'eJ fDr Gl';!m~!!r.(}Jr~k.ati~J:

---

----

1
• ! pIV~il;.t:<l!f~,
4igrt

W.aqf folJnd

(I ~ Ctbiri!5
(~ :5Ut'lpJl.t!l[)i~Ili'ibw6of1ll1

------_

~W

fl!!rflcl)

n}\"1,!3;.~ F~ 4lgrr 'i~$~I;!fI~J

f:amill,' Takaful or Life T'aka,fuil

I frves by acqui ri Iii,g'a 1lIi1€!:1i1i ~ ers hip ofJ' the W~qfJ IFiulIld. ~n addit io n to til e p retec tio n - I!em ent, IpaJlltlei PaJJlii[.s, ca n fIj,ll~o use, h,m ~Iy e 1Tak;aL~1'I!J~ fOIl!" ,til eii It" inv~;t!in~H'!It. eed~' '~nroll!g_han other FUfi! d c~jlll'ed n 'the: l~aJro,!i:JIIP~,!11tl\s; Ir~v'est!ine!i1t AC-COYlilt, (PIA},. A, IPOlilt to rernemb ~r ls ma,t 'un G~Jl~rnll Tskaful there ~sno PIA. fa,mii Ify 'Ta,ka~'U11 ~Ulril,ctiililn$; thus:
I '.

The: I~K~n'ticiIP~Ult-$ HJJmiliyThlk'tJJrull mitl'gat,e: ,tlhe~r risks, pilrt-ah,'hlltg '00 tJheJr O'f

C:ontri b!,liitio'ill$ Ir~cerlve:d~:ir'E: f~r$t, cr~dited to "the PiA will ich is! 'Use:d'tOI buy Shari 'ah-ccm plii ant iirrvestment fu nd un lts ~or' he p'::.,rtiidl~:ElJn~. t NOTE: The amOUI11t '~,aJiI~blle in tne~l~IIA,bebWlliirg~'[:0 the pa.Ft'idpafiiits and e [J1 wh~t:~ the Ilsl:aJmi,t:n ..! ~i of I!'!! heritance ~Jt1dZakae ~'~; ng,s ~lPpllic~,b~e~
Froml PIA units
:EIJ["i\2

:2"

;a,lllo,t1jjed for the Participali1lt'~Sl:Tallcarfull fu nd (P1iF), or

th e W~'q'r-Fund.

~" Th e

for- ~nV;i!~nm p'UJrposes;, ~ilIt

various 'exp~l'ii~e~(suer. as partlel piaJJt'ltt'~sIfnedi'~3J11 chee k-up], lis used by d~le OIP~rator In 'til e il:,aipad"[)f of ,ltJhe:Wa.l~ee I! un d!er the ~upei!tvT slon of the Sh aJ!r!J'ah IBo~n:JIl, '
amount

availac:I'!E: th e PI~, after in

Oil eetitng

s,.

Tille 0 p eraeer e nar,ge.s a fixed WakaliaJ, f~~, (whli eh ls not rel1ai~ed '[:0 illri!;,l'\e5CiTile;I1'ii:prciffii ts and is c::alll 'Waka.laitJlJl=,lstislFlilar) f~ir tne servieas ad rendered !liil lnvesrment mlan~g.e:i1'n,efiil't th e '~ee,s pirdd ~!rom tne I~'IA. i

The Wilq~' FlUnell calmpe,iil~~~$;-rOIif'"afili)l' Im~',sh~p to' th E) Hie, of partk ilpariHt.

'fi

Takafu I

I [J1 a !i! lJt;ihell~ ci)ii1tributiofii~,received ~rom tp;':llrti'dpa!i1ts are biFl!..Irc~,red du;, the iJi"lit 0' '~O s~pa,mte, :a,cc,'ounu 'frOrtwo dlfiere nit purpoSl~s. into:: ::c,) Par'IT.iidip:anfs; 11ilv.e5,tm,emt Aeeeunt and
1b.)1

(PIA) for Iinves,tmlel1l.[ p lJi'POSi;1S:;

the mHn of T:a,bl.!llrFlII;-fclFi" risk

Panic ip\ilJl'illt's T:aJ!Karfulll Fund (P"T1F)t-!Jn miitipJij,ellili purpose;$, --

At the '~iild c~'I~~ry' yeEllf~:tl'lt€r' ha:vin,g' prlJidi :aJII a'~imsand lin iil:~~iIlg ;~JI ~xp~iJl~, d any' su Dl~11 s ramal riliing i111 the Waq~' Flllllnd may be, dlfl:stm'ii blilted! amongst the: u
y~a,r,

the re:c'@imn'liIendfa1i1i,~n o,f'the Sharitan Board" SIil~lus is paid Ofii Iy 00, those pi@r'~h:ip~n't$ W~Oi d~dl not fUe ~.ny,clh3il1'm$ ii'rJ1 'dle; ,calendar
P'a.-rtiilcilpalTt"s, as Ipe:r

In ian everilit ():f a D'emidit~ wlthoue _ ncrea:s,~I11!7the W3JkfIJlaJ, the Operate i fee~, Q. Ie:x.t'elllds :Iii Qard-e-lHa:salil~ (~'~)' )to IDhe W:aJqrF Fund.
~!!I!I

Ii

~/r(fwi"g~$' tJl1e BMs~'~e.ss. Mode'

«w hJ,miiy rilk~ful:
P..'It'll~ip;:iii II!.\ lnveurnenr
h~.o.Uflt ~ PIA)

Pt-fil!u
~~1:.

rflfllfi"i

'Y"/!il\!,[h. 'ree~!!llf&l'
ii'!I!Ii::!:~~nl!: ifn!'!~.eti1li::'!1!t

Ll+'mlriliHrll~_f1I f~r
"
,

1[~ Iti!&! II;;~ ~111y;

S;l!IFtPlu~. D!~i:rll!Jl![il,oo . !(if ~ny)

l.'Vi.'i,r.jf(~~l ------

''!iVaJ,:aia,

'lN3qff1!lM

Mri! ror 'o-peflltil'\~

Taii<afu [

Ta:bfu'I i5 ~,T~harnll{t.,.i) bitsoo

OO,ii"j

--------------W~ere8,S,

C,onvendon

3.1:1 n5 u ranee

t.ntc:t

'f-or'eaeh ~lJ)e of c!.:mtlf~ct

.2.
In'T~bful~ 'me p3Jrti)'[~p0Jnts can .have ia share ln :SItU'):) Ius

CiQfiV6ii'1:tion~11 liIII:5i1iI1llft!C\f: i:5 a, C)o:Ii'M:rac'~of COlm pens'ritio,li'il (Aqd MUal~wn) (-hlrp), " NOTE:' Shari"ah rIlJlifllgs ars d~iff~r>ef'irt

me

Whereas.!

~,In~Ulr,an!i:e bel16ng,s ,en t'f1rety 00 '~he

:sUilrphjs; ilfi!

'[:0 nv

e!fl:ILl] liiiall 0

li1!1s!JJlii!l:nceoompiilln::(

The"fabluwnlat paTdl'W 'me,Waqf ~ekmgs"to the ¥ffiqf; tih;: Operator

IS n01l::

the

OWIi@!1i

af thJII~ a!mollJ~t_

W:her1t;[I]S. 'me IPreFifliiuf1I1Is, ~idl ~y 'lh~ 1lll'h5!llIrl2:dl I~]o ngs to the 'i'luIUllf';!!!iI'lIiCe; oom Pc'aJlilly;
Wher,eas, in rn nvenri 00311 '[nsurnrrlIce" all 'trr/l,le5tmem: prnfi;'~cbeiloln;g to 'the iitilS!iJfianCe oomp8Jrny,

4,.

Sinoe, the owne:r of 'me Waqf Pool is t&-l;e:VV3Jqf iitself. aJUirwestmel!illt PIl"O~ts abo rerum ee the Foo!1 Mild not to ~heO'p,era:itQr. The, I1'~J obIectlve of1ialka.f:ulll ls tD 'racm~ve coopefiai:dairll be~ern the !?'arth:lpaflu in mat~e rs of nTghtetJus ness aJn d T3i1W3: it ii~1m ot tc do, Du:sTlfless.llri; i~fer this, rr;a.son th~ ~oob',a,ot off3k:a~U I avo'ict~l:Ising' '.~'''''''I",,,,i;I:''that "'Cl'U~ d 1'l11"~ Y'~~ Y~~J:.. :...-!I:_I
~~~1_ 1[J\.::i
I~._l

Whe'rea:s!, th e: ,onlly ,obierdve of corrv;elltToilil8!1 ill'llsura~lflli::f:00 rnp a nirie:5i

IS to do erade,

(Oliii'l

me;I"CJii,1 busl

~El:S,S

ilJln ell

,(;I(_-!I'~

,..8,..",.

'any othe r kJllilla m Aqd Mluawza.

eommerclal

hmpf~siQns ,gff' it, b~in,g a

venture

h1JiSi~ff\e~!5 ail"

6.

In'Takaful. dW C'On1p3ny (Oper:awll") ,ser.ves in rcihecap~cit;r of a'vvake~1.

WlheJl'leas, in Il:oll'lveru;:i'omd insl!Il"a!1i'IO~, rthe oom~tllnies: s@lfveas ~"'H! owners

IOf'til€: ~ - '='" " - - - " ~ "- l:::u.JISiiinES:s.

,', ,', ~" WIb " " ne;If'i2:aS, lifl! 'C:'O'Il'IVentl\Qf!i(liJI 1Il'IISI!Jra.U'flCe'i' nc such kTmJ ef $ype.lf"'i!i'~sc 1111 Uke$ i pl~c,enOJI~ 'i:S d1~re,any IlfLI!N concerning 011,th~ {3o<mp~n:y.A~, P¢F T~b,ful ~t, Th'~._," ,i1!'il~UI~,nc~. corn PaJ[fl!Y _.si1m_ply R\!II~5200S" a Sh~td~~hBQaFld !~ts t!h~I!f' "und~ l!ill any Ib\l!~Ul~~ tih~ ,cornpnl:s:hi'ig of at lea'S~ 3, 5chol~i"5 is d eoe:tmIii[~ ilrres p.6ci[ive, W!h e~h,er 'rlhe: f IGOmp\liIWiry. b lJs'iillles s is Sh:a.rii"Dlh·confl pll ii8J1t1t and

lA, Shariiah BO);!Jrdi is an 'jnli:~ral part IOIT':any T3iKa,full ,setup whklhl ,~upef'Y~es,'me i lfi/ilestlfifi~Wit~c~lvitles

tn~. :

Halal or

ril0t.

"

'Thi~In'il~~J~~,it Qb:viou~, d.@EIJI" that ~h1~~' ~Ild ,coi!1!V~nttio!il~1 io~uran(;~ li~, .a~ed Ion Aqd b
MilJaW~la!. 'iilt. is, filO'b free; fifom Rlll00. Ghan@!r~ and Q'iliflfl~Jr:;, beTfi"lg SMll"aJn 'ineffle~tive ..

~oweve'r~'Ta~ilJl IDO:trn.c!l: of Tabarru (~d TabarlriLIl~;)"T~e sy;5~em.of Ia bfu I Isa tS; frr'eif froil1"!1 llitl ba and Qllmilir because of [ih15 C:'On'!TIII.cl;, thl'!!. 'also !l"es!J'II~ In Ghanr,aji'

TAJ€A!F'LIT....-A'NINTRODUCTIoN I

/M 1\' "".',' '= •. ,~, I " " CO'-" '.' I,',PA' N"y" IINTRO'-',DIUCT'IIO' N

lPak-'Qat:af' F,a rn ~Iy Takafttlll LJTmlitsd~, the pii"cnesll1"s ow Farriilly 'Taka~ul in lPakiis;~rii, is, re,g,~rded_ as ~ pr~lr~_s:siv'e, $h~,di:~~ C~m,pliia,ttit. '~'~{I~palli(Y' pr,ov~ding need-based :~l!1d co~t-Ieiff\ec:t~ve 'T~kaftJ!lll solu tlons in PaJIki:$~n.+
11fi!:corpon~~ din 'lOCH;, :3Jnd lbe:gafJ1 ~pe,V'a!t!lofill$ iiIil 2001'1' tine ,~olnpafil~' is i!"ell$~e!iedand :5 Ulper~l~edby' 'irh~Se(lLJri'ibj.~5,~nd IExdut!Jl,ge ComniliS'~ton o~ PilJkista n ~,ECfl)j'.An indl\e~E:fiid'e'nt, Sh~Jrr~h 51..!! fi1~iI""Visoil"V' cna,hioo 'l~' tirO rF" l" Boord by M wi! Mlulhtalmmad TiiIl,qi ILJsm:aJnii'.~ cell1:lrlir,e,s; all products aJlld operaticns t. ~O.li Iti'L ,."a h'I !b\tlmlpII· ;;)I'i:arl ranee,

'T1h~'co,mpafirlYl visiQ'ITl of pif10vT dling, fjfi1QRci~1 Ipr-otecti'oo thr-ol!l,g,h: 'Tal~aful lD @,'!/@FYone, is ~,lJlpported br Sam ISof '~Jie'stm:riigE!st iliirm8Jnciall ill'ii~uj'tl!Jti'Oats ilf_l 'dle' ~tam of' Qa'ml~'siu~c:h 93.~r IsJ8}~ic IlnfHJraJliIC:~ , as CQm,p3JI1Y' (Qlllllr;jl, Q,~.ta.r Illnrte~r!1a.'~~onaJ~s;l8Jmlk~Sari! k (Q IIB)~, 'Q~car ~$I"a,m!JcIBa!i11k(O! IB! I Qa~f" Nation~1 Banl~ (Q'NB,)~ ttn:t ,ArmwaJ Gr,o!J,iPl Mlas,rnf A_I-,R~n, and Milll,nilcn-lb3;~H~dI f\NU AGIO Th i2 com b1ned assets umder man a~e!mE!nt c~' itlhe ;sponso!~ amounts to US$, 26, Illbn as idl:li:, ,3; III Decem,ber~, 00,,.. 1 Pak-Qatar r~ 1i:nlr.2; ifni r:st Taka~!J1 GIFOU P' in i?:akrStaJl!1 stardng wh:n both h.imily ~fild Gef!l ernJ 'Talkaf!Ld oper,a,]]Ofl1iL The pa~@~u eaphal o'f IPalk,,, Qatar" p F'amii'ly l~ka!fu~ is Rs,,5,3], mUllcon; 'tll1e~ combined IP~jdi'"'lLJp~it~,11 i~~.I-tt} fi!1lillllion"

(;_o~m!pany~s furt~oer s;t~e~,f[h~11~d !by lts Re~Taka:f!lJ11ajliilfafill,e:melil'ES , W11d~ M U!Ii !Jch-lftJe a nd T~ka!iu1,~I~,e., are welli-po~idone d 'to ensu re We
The

i'm~plec,ca!bie cl ~e:iflt,sieIFVic,e; foillowi iilg heavy' '~n:VE:stme nts In procutu'ng: stl3ite-of-tne?i3If't tach FlJology '~romM'aJiilysia :amd the ,s,tffitegic B'anca.TabFuI ~JII~;~nc,e FW'U ,AG. . with

lP,alk=!Q,atElJr''T;aka~!J1 hasa wide ~eogri!lphi(cal l~c;h iln P''al,dSitiiUil and IL~,ms;t lif!lolYll ng: !into s rna ,II er dti!es ,:1Il.nd 'r,cwT~s. h a fiI;:!Il,~:=b-eaMr ef l akaful, we are CO!i1~,'t~f!ldly IE ngaged. ~fii 'ii:'Olmm un i'[y-deve;lop m ent through Takafu I SQlhJ'tuo ns,

,Jiab.

~~

IPA,K=OATAR FAMllV TAKAIFUIl.. Il..~MlllED