Models of Takaful in Bangladesh Perspective

Milliman Research Report Prepared by: Safder Jaffer Farzana Ismail Jabran Noor Lindsay Unwin Reviewed by: Debo Ajayi November 2010 Takaful (Islamic Insurance): Concept, Challenges, and Opportunities Takaful (Islamic Insurance): Concept, Challenges, and Opportunities Safder Jaffer, Farzana Ismail, Jabran Noor, Lindsay Unwin November 2010 Takaful (Islamic Insurance): Concept, Challenges, and Opportunities Safder Jaffer, Farzana Ismail, Jabran Noor, Lindsay Unwin November 2010 Milliman Research Report Contents EXECUTIVE SUMMARY 2 BACkgROUND AND MARkET OUTLOOk 3 PRINCIPLES AND PRACTICES UNDERLYINg TAkAFUL OPERATINg MODELS 11 ISSUES AND ChALLENgES FACINg ThE TAkAFUL INDUSTRY 15 CONCLUSION 25 APPENDIX I: gLOSSARY 26 APPENDIX II: BIBLIOgRAPhIC REFERENCES 28 APPENDIX III: SELF REgULATINg BODIES and TAkAFUL gROUPS 29 Takaful (Islamic Insurance): Concept, Challenges, and Opportunities Safder Jaffer, Farzana Ismail, Jabran Noor, Lindsay Unwin November 2010 1 Milliman Research Report exeCutive s ynopsis Through work area inquire about, one can get a plenty of materials and papers on Takaful, however generally will in general spotlight either on the basics of Takaful or on Takaful models.In differentiate, the target of this report is to feature the key issues and difficulties confronting the universe of Takaful and recommended zones where work is required to discover arrangements. Subsequently this report is expected to give helpful reference material to practioners by summing up the accompanying key things: †¢ A diagram of Takaful and the complexities of the models †¢ Insights into the issues and difficulties confronting the Takaful business †¢ Finding supportable answers for a portion of these challengesTakaful (Islamic Insurance): Concept, Challenges, and Opportunities Safder Jaffer, Farzana Ismail, Jabran Noor, Lindsay Unwin November 2010 2 Milliman Research Report BaCkground and market standpoint Muslims represent around 25% of the world’s absolute populace, yet in spite of fast development as of late, protection deals inside the Muslim populace stay a little division of the complete protection advertise. Verifiably, the contradiction between traditional protection and key principles of the Islamic confidence has gone about as a huge boundary to sales.These contrasts have prompted low entrance rates and have left numerous Muslims with minimal outside insurance for their wards or assets. The advancement of Takaful, which begins from the Arabic action word ‘kafalah,’ which implies ‘to help one another’ or ‘mutual guarantee,’ has been driven by a need to defeat these hindrances and make a protection recommendation that is completely agreeable with Shariah (Islamic law). It offers Muslims an important hazard the executives apparatus and the principal genuine option in contrast to customary protection in both the life and nonlife areas that is worthy to the Muslim faith.For non-Muslims, Takaf ul items possibly offer an elective wellspring of protection protectionâ€with diverse venture destinations, a way to deal with surplus appropriation, and an oversight framework with a moral measurement. Consequently in Malaysia, for instance, non-Muslims represent over 60% of the all out Takaful premiums. Takaful offers Muslims an important hazard the board device and the primary genuine option in contrast to regular protection in both the life and non-life parts that is adequate to the Muslim confidence. Figure 1: geographiCal spread oF muslims as a % oF absolute populace No information 0-5% 5-10% 10-half 50-75% 75-100% Sources: U.S. State Department, CIA WORLD FACTBOOK, Swiss Re Economic Research and Consulting Market Size and Outlook Whilst Takaful began in 1979 in Sudan, it possibly picked up energy in mid 2000 when the Malaysian government advanced it and critical development was seen from there on. The development of Takaful has fluctuated altogether from nation to nation a nd its prosperity, or something else, has been to a great extent reliant on the mindfulness and luxuriousness of the neighborhood populace, just as on the vigor of the nearby administrative system. Thus the most elevated development has been seen in spots, for example, Malaysia (with its significant mindfulness ofTakaful and vigorous administrative structure), while development in the Middle East has as of late taken off. Contingent upon the meaning of Takaful, the at present cited volumes as far as premiums go from USD$1 billion to USD$5. 6 billion. Despite the fact that the specific size of the Takaful market has frequently been contested, there is general affirmation of the quick development of the business. In 2007, Takaful premiums in developing markets developed by generally 26% and represented 5% of protection premiums Takaful (Islamic Insurance): Concept, Challenges, and Opportunities Safder Jaffer, Farzana Ismail, Jabran Noor, Lindsay Unwin November 2010 3Milliman Research Report written in Muslim nations. 1 According to Takaful Re, a Dubai-based Retakaful organization, Takaful premiums crossed the USD$3 billion imprint in 2007 as found in the table in Figure 2. Figure 2: takaFul premiums (usd$ millions) gCC 2004 2005 2006 2007 770 SAUDI ARABIA 1,238 1,579 2,046 645 1,065 1,340 1,695 KUWAIT 54 83 90 124 UAE 31 42 65 109 QATAR 25 34 50 76 BAHRAIN 15 34 59 south east asia MALAySIA 474 544 692 951 343 412 534 797 INDONESIA 77 75 80 94 THAILAND 30 32 35 24 27 30 35 aFriCa BRUNEI 121 181 215 317 levant 14 17 21 32 5 8 11 18 1,384 1,988 2,518 3,364 indian suB-Continent all out Source: Takaful ReThe anticipated Takaful composed premium assessments have frequently been bantered by experts in view of the wide scope of numbers distributed by different sources. There is trouble in deciding firm gauges of the complete business potential as there is a wide assortment of Takaful definitions and categorisation, just as an absence of reliable and believable informati on. Oliver Wyman recommended in an ongoing report that the Takaful premium potential is in any event USD$20 billion though Swiss Re in its yearly Sigma report sees a capability of USD$56 billion. Takaful premiums by 2015 are assessed to be in the scope of USD$7 billion to USD$8 billion.Hence it is important to practice alert when examining anticipated figures. Takaful gives access to a huge, generally undiscovered market, in which protection entrance floats some place well underneath 2% of gDP, and its development in the worldwide market is relied upon to proceed in the long haul. Takaful gives access to an enormous, moderately undiscovered market, in which protection infiltration drifts some place well beneath 2% of GDP, and its development in the worldwide market is relied upon to proceed in the long haul. Worldwide appraisals for the development of the overall Takaful industry come in at 20% every year, far exceeding the 2. % yearly development for ordinary protection premiums. 2 It is fascinating to take note of that numerous Takaful suppliers have developed to a great extent solid from the money related emergency, as speculations are regularly held in profoundly fluid resources, which is because of restricted Shariah-consistent ventures. Safety net providers considering passage to the Takaful market are in an ideal situation surveying the business sectors and openings in the near future. Directed showcasing and buyer instruction are fundamental to create advertise mindfulness and built up safety net providers can use their current promoting and conveyance platforms.The absence of a reasonable market pioneer in Europe and the UK implies that back up plans can make the most of the difficulties and openings present in a creating worldwide industry. 1 2 Swiss Re (2008). Protection in the developing markets. Sigma, Issue No. 5. PricewaterhouseCoopers (2008). Takaful : Growth openings in a powerful market. Recovered Nov. 3, 2010, from http://www. pwc. com/en_GX /gx/money related administrations/pdf/pwc_takaful. pdf. Takaful (Islamic Insurance): Concept, Challenges, and Opportunities Safder Jaffer, Farzana Ismail, Jabran Noor, Lindsay Unwin November 2010 4 Milliman Research Report rinCiples and praCtiCes basic takaFul Principles Underlying the Takaful Industry The Islamic Financial Services Board (IFSB), a self-managed association in Islamic funds, delivered a paper on administration (in December 2009) and characterizes Takaful as follows: Takaful is the Islamic partner of customary protection, and exists in both Family (or ‘Life’) and General structures. Takaful is gotten from an Arabic word that implies joint assurance, whereby a gathering of members concur among themselves to help each other together for the misfortunes emerging from indicated risks.In a Takaful plan the members contribute a total of cash as a Tabarru’ responsibility into a typical reserve that will be utilized commonly to help the individuals against a predetermined kind of misfortune or harm. The guaranteeing in a Takaful is in this manner embraced on a common premise, comparable in certain regards to ordinary shared protection. A normal Takaful endeavor comprises of a two-level structure that is a half and half of a shared and a business type of organization †which is the Takaful administrator (TO) †despite the fact that on a fundamental level it could be an unadulterated common structure.Hence there is an acknowledgment that while the current ‘Takaful’ idea and practice is in certainty a crossover of a common and business safety net provider, on a basic level it needs to move more towards an unadulterated common structure. This will be examined later while talking about the chances and difficulties of the Takaful business. There is a typical misconception that protection or hazard moderation isn't permitted under Islam, as Muslims accept that solitary God knows one’s future and confidence. The a ccompanying discussion taken from the maxims of the Prophet Muhammad portrays an intriguing message with regards to why Muslims ought to undoubtedly decrease the danger of loss:Whilst the current ‘Takaful’ idea and practice is in actuality a crossover of a common and business safety net provider, on a fundamental level it needs to move more towards an unadulterated shared structure. Prophet Muhammad asked a Bedouin who had left his camel unfastened, ‘Why do you not tie your camel? ’ The B

Heliopolis Creation Story - Free Essay Example

At first, there was nothing in the world but a vast ocean of chaos, which was named Nu. There was nothing in the world except Nu. There was no sky, no land, no up, no down, nothing. Using his pure thoughts and force of his will, Atum came to be. Atum was the first of the primordial Egyptian gods. He created a hill because there was nowhere he could stand. Now there was only Nu and Atum in the world. Atum was lonely, so he joined with his shadow to produce a son and daughter. He named his son Shu and made him the god of the air. He named his daughter Tefnut and made her the goddess of mist and moisture. Shu and Tefnut married and gave birth to Geb and Nut. At first, they were tangled together, so Shu pushed Nut up into the heavens. Nut became the sky goddess and Geb the earth god. They were destined to be together, but they had to be separate to fulfill their functions as the earth and sky. Nut and Geb gave birth to Isis, Hathor, Osiris, Set, Thoth, and Nephthys. One day Shu and Tefnut got lost in the waters of Nu. At this time Atum had only one eye. He sent it to search for Shu and Tefnut. While the eye was out looking for his children, Atum fashioned himself a new eye. When the eye returned with his kids, Atum wept tears of joy. When the tears hit the ground, they became the first men. Worship and Pharaohs The Egyptians believed that they should worship the gods. They offered sacrifices, pleasing the gods. Sometimes, they would offer sacrifices for things like keeping their temples and pyramids safe. The pharaohs (the rulers of a part of Egypt) were said to have divine powers, so citizens worshipped the gods and the pharaohs. Around 3000 BC, a man named Narmer united the upper and lower halves of Egypt. He became a ruler of all of a\Ancient Egypt, the first true pharaoh.

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Age Rituals For Females The Bat Mitzvah, The...

Within the human lifespan, there are milestones setups that are in increments based on how many times we have revolved around the Sun. The ride around the Sun starts the day we are born, and each time we have made a full revolution we celebrate a birthday. Interestingly enough, cultures around the world have decided that after so many birthdays, a child has reached the coming of age and is celebrated through some type of ritual. I quote the coming of age because it is practiced differently from culture to culture. However, the underlying similarity is that it marks the time in which a child has reached a milestone in life that a society now views them as an adult. For this paper, I will investigate three coming of age rituals for females: the Bat Mitzvah, the Quinceanera, and the Sunrise Ceremony. To begin, the Bat Mitzvah is the coming of age ceremony for the girls in the Jewish community. The first coming of age ceremony for a female Jew is dated back to 1817 at a synagogue in Berl in. It was not until 1922 when the first Bat Mitzvah celebrated for Judith Kaplin was recognized. (Hilton, 2014 p. 106-107) A girl celebrates her Bat Mitzvah at the age of twelve and one days. The age for this coming of age celebration was determined by a story in the Midrash: As Esau at the age of thirteen went off to worship idols, his father Isaac was relieved by responsibility for him (p. 1). According to our society, she is not even a teenager, yet the Jewish religion sees her as an

Program Logic Engage and External Evaluator †MyAssignmenthelp.com

Question: Discuss about the Program Logic Engage and External Evaluator. Answer: Purpose The program was created in response to the rapid proliferation and steady rise in the number of cases due to open defecation on the shoreline and into water bodies, subsequently resulting in the increase of water-borne diseases. It is aimed at promoting the use of latrines in order to counter open defecation-related outcomes (Horwitz et al, 2016). The program is largely dedicated to advocating for the use of latrines, observing sanitation in compliance with health policies. It is also aimed at improving the economic conditions of the region by protecting marine life which is the primary source of livelihood through countering cases of open defecation near water bodies. It is aimed at enforcing projects to develop, update and enhance clean surroundings, sanitation, and economic development (Vyas et al. 2014). It seeks to establish new measures of construction, availability, and use of latrines. Program objectives To improve and reconstruct the economic status of residents To counter the spread of water-borne diseases To enforce the use and availability of latrines in every homestead To introduce measures to prevent water contaminations To ensure marine life is protected from extinction To counter open defecation In this evaluation, three broad categories of key evaluation questions are used to assess whether the program is appropriate, effective and efficient. Appropriateness questions To what extent does the program address the identified need? Is the program being implemented correctly? Effectiveness question To what extent does the program achieving the intended outcomes? To what extent is the program producing worthwhile results? What were unintended outcomes produced? Efficiency questions To what extent is the relationship between inputs and outputs timely and to expected standards? What has been the ratio of costs to benefits? Methodologies Observation It is a way of gathering data by watching behavior, events, watching physical characteristics of the study subject (O'NEILL and KUBANY, 1959). Surveys Surveys and protocols for interviews are used to capture information about a program. The researchers select a portion of the population in which they major their study on. In the context, the group selects several homesteads to study from them (Tourangeau et al. 2011). Interviews and questionnaire Interviews can be conducted in person or via digital platforms to collect information about the program and the modification to be made. The audience is given the opportunity to air their opinions and suggestions about the program. Deliverables The program leads to improvement of sanitation in Itaukei village which is hindered by continuous open defection. This has been done through establishing latrines few meters from the households and thus addressing the problem of inadequate latrines in the area. The program is championing the prevention and spread of water-borne diseases in the village by addressing its causes and offering remedies to counter the diseases. The environment and marine life are preserved by use of measures introduced by the program, and since fishing is the main economic activity in the region, the economic stability is restored and poverty level reduced Context and Stakeholders information The program incorporates several stakeholders who provide capital and the necessary funding. Some stakeholders can be involved in designing and conduction the evaluation. They are informed about the progress of the program through stakeholder meetings, reports and other means of communication. Red Cross can be involved in education and public awareness campaigns to ensure that the community understands the need for the program. The local government as the main stakeholder of the program, have a direct impact on the program and its approval and support act as the stepping stone for the commencement of the program. References Coffey, D., Gupta, A., Hathi, P., Khurana, N., Spears, D., Srivastav, N. and Vyas, S., 2014. Revealed preference for open defecation.Economic Political Weekly,49(38), p.43. Groves, R.M., Fowler Jr, F.J., Couper, M.P., Lepkowski, J.M., Singer, E. and Tourangeau, R., 2011.Survey methodology(Vol. 561). John Wiley Sons. Jenkins, A.P., Jupiter, S., Mueller, U., Jenney, A., Vosaki, G., Rosa, V., Naucukidi, A., Mulholland, K., Strugnell, R., Kama, M. and Horwitz, P., 2016. Health at the sub-catchment scale: typhoid and its environmental determinants in Central Division, Fiji.EcoHealth,13(4), pp.633-651. O'NEILL, H.E. and KUBANY, A.J., 1959. Observation methodology and supervisory behavior.Personnel Psychology,12(1), pp.85-95.

Psychology Meditation Websters Dictionary Defines Meditation As To Ref

Psychology Meditation Webster's dictionary defines meditation as "to reflect on; ponder, to engage in contemplation," which it really is, although, many people believe that meditation is a means of developing a more spiritual or religious life. Meditation does not necessarily have to be religious. Many people just meditate to relax or organize their thoughts. Meditation is a very broad subject since there are many ways in which to perform meditation. Not only are there many ways but, there are also many different religions associated with meditation. Not only is meditation good for the soul but, it is also good for the mind. I myself have experimented with meditation and have found it to be very relaxing and at the same time stimulating. One way to perform meditation is to first find a comfortable place to sit or lie down. Then you must have a precise, intense focus on one object. Follow and control your breath and note all of your body sensations or track the sequence of your though ts. Second, be allowing to any thoughts that may enter your head. Be spacious and open- hearted. This is excellent for the mind. Another form that is good for the body is body relaxation. First lie on your back on the floor, a supportive bed or a couch. Close your eyes and rest for a moment. Wait for a feeling of readiness. When you are ready to begin, tighten all the muscles that you can, but never tighten them to the point of discomfort. Hold this for thirty seconds. Next pay close attention to the sensation you feel and remember it. Then let all your muscles go and allow them to relax. Compare the feeling that you are feeling to the one that you had just felt minutes ago. After a few minutes repeat this but, allow your muscles to relax for a longer amount of time. Yoga, another form of meditation, teaches an eightfold path beginning with the acquisition of pure moral attitudes, proceeding through practices of breath control and postures designed to allow a person to concentrate without having his or her mind distracted by outside forces. By concentrating on progressively more abstract concepts the person achieves higher and higher meditative states, culminating in a contentless trance that constitutes liberation. Yogis, people that perform yoga, in more advanced stages of this process are said to be gifted with remarkable powers , such as special capacities for sight, an ability to levitate and to project their minds into other bodies, and so on. Religion is a major factor in meditation. Many people meditate to grow more in tune with their spiritual life. The religion of Taoism uses meditation as a way to find the way of harmony in life. Zen Buddhism uses meditation to see into your true nature and realize enlightenment. Buddhism is another form of religion that is based on meditation that is similar to Zen Buddhism. Buddhists use meditation as a way to release their inner illusion. Meditation is not used for religious purposes only. It may also be used to relax or dig deep into a persons soul. Meditation brings out the union of opposites. Due to this the yin-yang symbol is associated with meditation. Within the white there is black and within the black there is white. Both intervene. Some radical doctors will know prescribe meditation instead of pain kills or drugs to relax a person. They do this because meditation has no harmful side effects and can be done by anyone. The only thing meditation can do is to help an individual calm themselves and have clearer thoughts. Meditation has been found to improve mental health by reducing biochemical indicators of stress, decreasing anxiety, and enhancing psychological development. In Sweden the National Health Board conducted a nationwide epidemiological study that found that hospital admissions for psychiatric care for people that meditated was 150-200 times less common to people that did not meditate. Increased intelligence is another benefit of meditation. It has been found that college students that practice meditation over a two year period have a higher nonverbal IQ. All in all meditation is a healthy practice to do. You should be aware of the many

Free Essays on Colonials To Provincials

The conclusion that the author of a history book comes to is directly related to the point of view with which he or she undertakes the writing. Such is the case with Jon Butler’s Becoming America: The Revolution before 1776, and Ned C. Landsman’s From Colonials to Provincials: American Thought and Culture 1680-1760. Both authors are examining the same period of time, 1680 to 1760, and most likely looked at much of the same material while researching for their respective works. Yet the two authors come to two completely different conclusions. This paper will look at the similarities between the two books, but also the differences, which led the authors to their different conclusions. The first and most important similarity between these two books is that do deal with the same period of time 1680 to 1760. This is important to look at because of the separate conclusions that they have come to. Another similarity is that Butler and Landsman share is that they both look at the middle colonies consisting of New York, New Jersey, Pennsylvania, and Maryland. This is somewhat different from many previous texts on this period, in that previous works often dealt with the New England colonies or Virginia. Both Butler and Landsman handle the issue of immigration to the colonies, however Butler and Landsman’s opinions on the effects of immigration on the colonies and colonial society differ from each other. While Butler and Landsman examined the same period and for the most part the same geographic location. The perspective with which each author viewed the material, contributed to the two arriving at such different conclusions. It will be easiest to examine the reasons for these differing conclusions by examining each individually. In Becoming America: The Revolution before 1776, Jon Butler has examined how Britain’s mainland colonies became the first modern society, by focusing on their Socio-Political and Economic transforma... Free Essays on Colonials To Provincials Free Essays on Colonials To Provincials The conclusion that the author of a history book comes to is directly related to the point of view with which he or she undertakes the writing. Such is the case with Jon Butler’s Becoming America: The Revolution before 1776, and Ned C. Landsman’s From Colonials to Provincials: American Thought and Culture 1680-1760. Both authors are examining the same period of time, 1680 to 1760, and most likely looked at much of the same material while researching for their respective works. Yet the two authors come to two completely different conclusions. This paper will look at the similarities between the two books, but also the differences, which led the authors to their different conclusions. The first and most important similarity between these two books is that do deal with the same period of time 1680 to 1760. This is important to look at because of the separate conclusions that they have come to. Another similarity is that Butler and Landsman share is that they both look at the middle colonies consisting of New York, New Jersey, Pennsylvania, and Maryland. This is somewhat different from many previous texts on this period, in that previous works often dealt with the New England colonies or Virginia. Both Butler and Landsman handle the issue of immigration to the colonies, however Butler and Landsman’s opinions on the effects of immigration on the colonies and colonial society differ from each other. While Butler and Landsman examined the same period and for the most part the same geographic location. The perspective with which each author viewed the material, contributed to the two arriving at such different conclusions. It will be easiest to examine the reasons for these differing conclusions by examining each individually. In Becoming America: The Revolution before 1776, Jon Butler has examined how Britain’s mainland colonies became the first modern society, by focusing on their Socio-Political and Economic transforma...