Takaaful T&T Friendly Society
Issue #7: April 2007
Growth in all areas
“A recorded growth of 67% in the Investment Fund; 211% in the Hajj Fund; 21% in the Waqf; increased participation in the Funeral Benefit Scheme (FBS) by some 26%; plus an increase in membership by 23% are certainly cause for jubilation and praise to Allah, Lord of the Worlds,” stated TTTFS President, Aman Hosein in his Report for 2006 at the Society’s Ninth Annual General Meeting held on Sunday, February 25th last.
Reporting that “All in all, it was a very good year,” he added that, moreover, “2007 promises to be better, more hectic and exciting.”
Other major achievements included support for five families through the FBS, allocation of residential plots to 13 members, a 50% rebate to the 299 FBS participants and - the icing on the cake - a 19.45% dividend on the Investment and Hajj Funds.
In addition, four local Islamic institutions – The Islamic Home for the Aged (Princes Town), Darul Hannan Home for the Aged (Longdonville), the Islamic Home for Children (Gasparillo) and Madinah House (a shelter for abused women) were recipients of financial assistance, courtesy of the Society’s Waqf (Endowment) Fund.
The Society’s Takaaful Gardens housing development also saw progress with some plots in Phase I still to be sold, Phase II (13 plots) submitted for subdivision approval and the acquisition of a 5-acre holding at Sangre Grande. The Society has also received a lease for a 50-acre plot of State lands for citrus cultivation at Todd’s Road, Palmiste. This new project is expected to come on stream during 2007.
At the first Board meeting after the AGM, Aman Hosein was elected President for another term. Other officers are Hashim Mohammed, Vice-President, Manwar Ali, Secretary, Ayoub Mohammed, Assistant Secretary and Khamal Khan Treasurer. There being no change in the Trustees, Farouk Khan and Omar Gorib will continue in these positions. Other directors are: Jamaludeen Hosein, Sheriff Faizool, Ibrahim Gorib and Aziz Mohammed with 1st and 2nd substitutes being Feroze Mohammed and Fareed Ali.
The President acknowledged the sterling efforts and contributions of the Board , Committee members, consultants and their families. He also thanked Allah for His mercy and blessings.
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Islamic Banking and Finance Course
Five directors of TTTFS including Brs. Manwar Ali, Khamal Khan, Ayoub Mohammed, Sheriff Faizool and President Aman Hosein recently attended a 3-day course on Islamic Banking & Finance organized by Central Zakah. Also in attendance at what participants agreed was “a most instructive and valuable learning opportunity” were TTTFS Accounting consultant Dr. Shaffick Hosein, Shari’ah consultant Shaykh Mohamed Munaf Mohamed and Ian Narine, a member of the Society’s Bontrager Task Force. The Society’s Management Consultant, Imtiaz Ali, co-ordinated the programme in his capacity as President of Central Zakah.
The 3-day course, which was facilitated by Professor Dr. Monzer Kahf, a specialist in Islamic finance and economics, was held from Thursday, December 14th to Saturday, December 16th, 2006.
Topics addressed over the three days included Foundations of Islamic Finance; Definition, Nature and Characteristics of Islamic Banks and comparison with and contrast to conventional banking; Fiscal and Monetary Policies in an Islamic framework; Islamic re-definition of banking services; Shari’ah compliant Islamic Finance contracts and Prohibition of Riba.
Also in attendance were members of staff of the Muslim Credit Union and Intercommercial Bank.
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Friendly Societies Annual Conference
Aman Hosein, President of Takaaful T&T and Management Consultant, Imtiaz Ali represented the Society at the 23rd National Annual Conference of Friendly Societies on April 15th last at the Point Fortin Community Centre. The theme of the Conference was: A Catalyst for a Crime Free Society.
Items on the programme included Financial Advisory on Building Societies by Mr. Ornell Bedassie, Managing Director of CL Permanent; highlights of the 2006 Conference and a Feature Address by Mr. Ashford Sankar, Deputy P.S. in the Ministry of Labour, Small and Micro Enterprise Development while closing remarks were made by Mr.Victor Sookwah, Friendly Societies Officer II (Ag) in the Ministry.
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Bontrager Task Force: Final Report submitted
The Final Report of the Bontrager Task Force was received by the Board of Management of Takaaful T&T on January 20th, 2007. The Task Force was established in May 2005 following the visit of Herman Bontrager in December 2004.
Having considered the recommendations of the Task Force and after further discussion, a decision was taken that the BOM should now proceed in establishing a vehicle to deliver mutual aid products and services to both Muslim and non-Muslims alike and that this should take the form of a co-operative.
Although the Report considered an ‘open membership’, it was emphasized that the new organization “must maintain Islamic values” and that any products offered by this new entity should reflect “Islamic lifestyle and values” in addition to being Shari’ah compliant.
Having tabled the matter for discussion at the Society’s Annual General Meeting in February 2007, approval was given for the project to proceed.
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Islamic Finance on Cable TV
TTTFS now presents a programme entitled Islamic Finance Forum which airs on the Islamic Broadcasting Network (IBN Channel 8) on Thursday evenings between 9 and 10 pm.
The 3-month old programme is hosted by Imtiaz Ali, one of our local pioneers in Islamic Financial Intermediation. He was also largely responsible for the groundwork that led to the establishment of the Muslim Credit Union, the Islamic Banking Service by Clico Investment Bank and Takaaful T&T Friendly Society. He also contributed to the formation of multi-purpose co-operatives in Guyana, Fiji Islands and Mauritius.
Imtiaz’s knowledge of Islamic Economics and Finance and the genial and easy manner in which he shares this knowledge have made IFF one of IBN’s popular programmes.
According to feedback from IBN, Islamic Financial Forum has met with “very positive response” since viewers – both Muslim and non-Muslim alike - can readily source information and advice as to which products are halal (allowed) and which are haram (disallowed) and more importantly, why. They can achieve all this by simply calling into the programme.
The aim of the Islamic Finance Forum programme is to inform and educate viewers on financial and economic matters from an Islamic perspective. Reports indicate that the hosts have certainly achieved this.
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Annual Dinner 2007
The Annual Dinner is one of the major social events in the TTTFS calendar as it gives members and their families an opportunity to meet in an informal setting and to interact and interface in a spirit of fellowship and camaraderie.
It is a time when relationships are renewed and friendships revitalized as people share laughter and experiences over what is usually a mouthwatering dinner. It is also a time when members take the opportunity to invite relatives and friends to introduce the Society to them. This year was no exception.
The TTTFS annual dinner, held on the evening of Sunday, March 31st last at the Islamic Centre, Kelly Village, Caroni, was very well attended and provided for many one of those rare occasions when people venture out in an attempt to ignore, even briefly, the fear and apprehension under which most of us now live.
The main event of the evening – apart from a sumptuous dinner - was a Power Point presentation on Takaaful T&T by Br. Aman Hosein in which the activities and achievements of the previous year were highlighted.
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Our Management Consultant appointed to Advisory Council
Imtiaz Ali, Manager of Takaaful T&T Friendly Society, was recently appointed for a period of two years to the Advisory Friendly Societies Council by the Minister of Labour, Small and Micro Enterprise Development.
The main purpose of the Advisory Council as stated in the Friendly Societies Act of T&T “shall be to promote the general welfare of the people of Trinidad and Tobago by encouraging the growth, development, improvement and expansion of societies throughout Trinidad and Tobago.”
Friendly Societies were introduced in T&T in the early 19th century (1840s). In 1888 when legislation was first introduced in T&T to regulate Friendly Societies, the first society to register was the Port-of-Spain Wesleyan Friendly Society.
In 1953 the number of registered societies peaked at 393 with a total membership of 159,000. Since then the number of societies has continued to decline. Currently, the number of registered societies in T&T is 160 with a membership of approximately 16,000.
The Advisory Council is made up of 9 persons familiar with matters pertaining to Friendly Societies, 8 of whom are appointed by the Minister with the ninth being the Registrar of Friendly Societies. In addition to the Registrar, the Council includes the Vice Chairperson, Mrs.Naomi Regis Gilkes, Messrs. Ramnath Ramcharitar, Urban Huggins, Choy H.W. Lee, Imtiaz Ali, Ms. Glenda Esdelle and Ms.Iris McKain and Tobago representative, Mr.Charles Dillon.
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Benefits of Waqf
Means to the Hereafter
Waqf is one of the means by which the owner of wealth could use such wealth in seeking an abode in the Hereafter. We are reminded in the Quran “to seek the Hereafter.”
“But seek the Home of the Hereafter, with the (wealth) which Allah has bestowed on thee, and do not forget thy portion in this world: but do thou good, as Allah has been good to thee, and seek not (occasions for) mischief in the land: for Allah loves not those who do mischief.” HQ 28:77
Mechanism for expressing thanks to the Creator
Acknowledging that all our possessions are a favour and blessing from Allah, one of the best ways of showing thanks to Him is by spending some of it in His Path i.e. via both the compulsory and voluntary means.
Method for self purification
“Of their goods, take alms, that so thou mightest purify and sanctify them; and pray on their behalf. Verily thy prayers are a source of security for them: And Allah is One Who heareth and knoweth.” (9:103)
Spending in the Path of Allah, by way of Waqf or otherwise such as Zakah, Sadaqa etc. is a means of self development and can result in the spiritual development of both the giver and recipient.
Sustainable benefits to the poor and needy
Supporting the poor has always been a priority among the Awqaf objectives to the extent that it has become known in Shari’ah that if a founder did not mention an objective for her/his Waqf, supporting the poor and needy must be considered the de facto objective.
In support of the poor and needy, the history of Awqaf went into specific areas. We find, for instance, several Awqaf for orphans, for widows, for helping poor men and women with the cost and requirements of marriage, for home furnishing for the poor and needy, for nursing mothers, for battered wives and for travellers.
Owing to the abiding and cumulative nature of Awqaf, and depending on the efficiency of the managers, surplus funds are available annually for the support of good deeds in its widest context.
Nurtures futuristic thinking
The Waaqif (giver of a Waqf) is a futuristic thinker with respect to both this world and the next. The Waqf deed is a provision for the hereafter for the Waaqif and also a provision in this world for the present and future beneficiaries of the Waqf.
“When a human being dies, his work for Allah comes to an end except for three: a lasting charity (sadaqa jaariya), knowledge that benefits others, and a good child who calls on Allah for His favour.” Related by Muslim in his Sahih, the book of “Al-Wassiya”.
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Waqf Conference in Singapore
TTTFS Management Consultant, Br. Imtiaz Ali recently returned from Singapore where, along with 230 participants from 13 countries, he attended the Singapore International Waqf Conference 2007 which was held at the Fullerton Hotel, Singapore.
The conference was jointly hosted by the Majlis Ugama Islam Singapore (MUIS or Islamic Religious Council of Singapore), the Islamic Development Bank, the Islamic Research & Training Institute, Warees Investment Pte Ltd. and the Kuwait Awqaf Public Foundation (KAPF).
Hailed as “the premier event on Waqf and Islamic Finance” the conference attracted a variety of participants, among them Waqf administrators and regulators, Shari’ah scholars, bankers, legal practitioners, financial consultants, leading academics and corporate leaders, eager to share and discuss contemporary issues and developments in Waqf and Islamic Finance. Among them was Mr.Goh Chok Tong, Senior Minister in the Republic of Singapore.
The conference offered insights into the experiences and challenges encountered by various countries as they sought to develop plans for Waqf and its integration into and potential for boosting the Islamic financial sector and its more familiar financial instruments and allowed the gathering of distinguished scholars, professionals and delegates to exchange creative ideas and recommend workable solutions to address these challenges; and also develop theories, models and products that would harmonise Awqaf and Islamic finance so as to arrive at a more broad-based integrated system.
In pursuit of these stated aims, the assembly which included a large number of experts in Islamic Financial Intermediation, made a critical examination of the management, regulation and governance of Waqf in order to enhance its function as an institution for community development.
Delegates were encouraged by Dr. Albakri Ahmad, Chairman of the IWC 2007 Committee to “develop networks, explore collaborations and conceptualise projects to increase Waqf asset and revenue generation for the benefit and development of the Ummah.”
According to Syed Alwi bin Mohamed Sultan, Head of Islamic Banking at the Hong Leong Bank of Singapore, “ Islamic finance has seen tremendous growth over the past few years, ironically spurred by the aftermath of 9/11 which has resulted in huge capital repatriation of wealthy Muslim investors from western markets.”
Combine this with “the petrodollar wealth of Muslim investors and nations” and the need for diversifying many countries’ risk and industrial sectors, and what we have is an enormous amount of capital available for other ventures that offer less risk - one of which is the Waqf.
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Takaaful T&T Friendly Society
PO Bag 1066, Valsayn.
Trinidad & Tobago
Tel. (868) 682-1141, 663-4541
E-mail: ibali@tstt.net.tt
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