Takaaful T&T Friendly Society
Issue #6: December 2006
Muslim NGOs benefit from Waqf Endowment
Four Muslim organisations were the first beneficiaries of Takaaful T&T Friendly Society’s Waqf Fund when representatives were presented with cheques during a brief ceremony at the Valsayn South home of TTTFS manager, Imtiaz Ali.
Receiving cheques were Madinah House, a home for Battered Women, The Islamic Home for Children in Gasparillo, Islamic Community Services who manage the Darul Hannan Home for the Aged at Longdenville and the Islamic Home for the Aged at Hindustan.
Takaaful T&T’s Waqf Fund is a co-operative effort of both members and non-members who contribute in cash or kind towards establishing a grand national Waqf Fund for the benefit of the entire community.
The institution of Awqaf, a deep-seated religious tradition geared to boost social solidarity, is augmented by the prevailing spirit of altruism, which forms an integral part of this noble religion and way of life.
Waqf offers great potential for the reconstruction of socio-economic life in Muslim countries and communities including the construction and maintenance of Islamic religious, educational, scientific and social institutions.
Making waqf is considered a virtuous act of spending in the way of Allah (SWT), an avenue for achieving His Pleasure and Rewards in the Hereafter. Contributors to a Waqf Fund are not entitled to any monetary benefit nor can they take back their contributions. In addition, the net profits generated by the Fund are disbursed for charitable purposes and the general welfare of the community.
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Members get Land at Takaaful Gardens
Sixteen (16) plots of land at Takaaful Gardens, Kolahal Road, East Charlieville were allocated to members of Takaaful T&T Friendly Society on Sunday 19th November, 2006. Since fifty (50) members had previously indicated an interest in purchasing the plots, a ballot system was used to allocate the plots in order to avoid any favouritism. Dr. Shaffick Hosein, a chartered accountant and auditor, conducted the exercise. The Society bought the lands in 2003 and was finally granted subdivision approval earlier this year.
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PhD Student joins Board
As at November 18th, Ayoub Mohammed replaced Kameel Mohammed, who resigned owing to family commitments.
Ayoub Mohammed joined Takaaful T&T Friendly Society in 2001. He was elected the 2nd Substitute Director at the Society’s 8th AGM in March, 2006. In April he was appointed to the Society’s Education & Marketing Committee and to the Agricultural Development Committee in June.
The elected 1st Substitute Director, Zafir Ali, currently a student at UWI St. Augustine Campus, opted to give way to Mohammed.
Ayoub holds a BSc in Agriculture, an MPhil in Agricultural Engineering and is presently pursuing a PhD. in Agricultural Engineering. He is currently employed with the Ministry of Agriculture where he is in charge of Food Safety, Post-Harvest Handling and Food Crop Production. He is also a director and lead consultant of Fresh Technologies Consultancy Services.
The other Directors are Aman Hosein (President), Aziz Mohammed, Ibrahim Gorib, Sheriff Faizool, Khamal Khan, Terrance Ali, Manwar Ali, Jamaludeen Hosein, Omar Gorib and Farouk Khan.
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Are you on board?
If you are not already participating in our Funeral Benefit Scheme (FBS) either as a participant or a dependant, then we invite you to get on board.
The annual contribution of $120 TT covers the participant and three dependants. Parents, spouse and children under eighteen (18) years of age are defined as dependants. The Scheme caters for additional dependants with a contribution of $30 each. If the participant or any of his dependants dies, a sum of $2,500 is paid from the pool of funds to the participant’s nominee (i.e. if the participant dies) or to the participant (i.e. if any of the dependants dies).
Our FBS is a Shari’ah-compliant insurance (mutual aid) scheme. It operates on the basis of a fixed set of approved rules guided by the Friendly Society Act of T&T and Islamic laws. Rather than “buying insurance by paying a premium”, participants contribute to a common pool from which they are entitled to benefit. During the year, the collected contributions are invested in Islamically acceptable transactions. The profits accrued are added to the contributions. At the end of the financial year, after paying all claims and fees and allocating reserves, the surplus funds are returned to the participants by way of a rebate.
The FBS provides a tangible means of co-operation and caring. It is an exercise in the sharing of responsibility, building solidarity and mutuality and the spreading of risks. It allows for a transfer of the costs of the risk from one individual to a group thereby providing relief to the affected and spreading the costs to all the individuals in the pool. Therefore, the larger the pool, the lesser is the burden of sharing the risk to each individual in the pool.
If you think that you are young, strong, healthy or wealthy and do not need the benefits of the FBS - then you are thinking only of yourself. The FBS is a form of risk subsidization. Subsidization of risk can occur from the healthy to the sick, from the wealthy to the poor, from low-risk to high-risk groups, from the young to the old, and so on.
So, we appeal to you to get on board. Small contributions from many people can be a big help to a family that has suffered a loss.
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2006 Football Competition cancelled
Our Small Goal Football Competition, which is held in collaboration with Trinidad Muslim League (TML) at the grounds of the TML at St. Joseph had to be aborted this year because of the poor condition of the field. With the repair work completed, an attempt to hold the competition in December this year was also aborted in order to allow the grass some more time to take root and to spread. Inshaa Allah, the teams could look forward to an exciting 2007 tournament during the summer vacation. Our apologies to the teams, fans and sponsors.
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New Management Software installed
We are pleased to announce, that we have developed and installed a new Management Software Programme for our Society.
This includes a new format for our Member Report. The format is reader friendly and easy to understand. The report includes the name, address and member number of the member and the period of the statement. It provides information on Membership Fees, the Funeral Benefit Scheme (FBS), Investments (Investment Fund), Hajj (Hajj Fund) and Waqf (Waqf Endowment Fund). It shows the opening balance, all receipts and payments transacted for the period of the statement including information on the dates, Receipt or Cheque numbers, a narrative, debits and credits and the balance.
The FBS includes a column on Prepaid Balance which refers to payments allocated for the following year. The FBS will also include the Rebate while the Investment and Hajj will show the dividend.
The Waqf contributions, though not refundable, are included to allow the member to track his donations to the Fund.
The system aims at creating greater efficiency in handling members’ transactions, generating financial reports for the Board of Management and general member satisfaction.
The system was developed by SoftCom Limited based in Trincity.
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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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NEWS HEADLINES
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WAQFY CASH PAN
No. of pans disbursed: 1613
No. of pans returned: 641
Amount received: $82,012
Dated: December 31st, 2012
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FRIENDLY SOCIETY
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