Takaaful T&T Friendly Society
Issue #1: February 2005
Welcome to the First Issue of our Society’s Newsletter
Our three-year Strategic Plan developed in 2004 identified the launch of a Newsletter in 2005 as one of our strategic objectives. Alhamdulillah, we have embarked on this project which we look forward to continuing, Inshaa Allah.
Published quarterly, this newsletter will keep you abreast of developments within the Society, the Friendly Society sector locally and Takaaful companies abroad.
We also plan to publish our newsletter on our website which is expected to be up and running soon, Inshaa Allah.
We would welcome any and all feedback, comments and suggestions concerning this and future issues.
Aman Hosein
President
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Notice of 7th Annual General Meeting
All members are hereby invited to attend the 7th Annual General Meeting of the Society on Sunday 20th February, 2005 at 9.00 a.m. at TML Primary School, Eastern Main Road, St. Joseph. The agenda is as follows:
- Registration (before 9.00 a.m.)
- Opening Dua (prayer)
- President’s Address
- Minutes of the 6th AGM
- Business arising from the Minutes
- Board of Management’s Report for 2004
- Auditor’s Report and Audited Financial Statements for the period ending Dec. 31st 2004
- Elections to the Board of Management
- Budget for the year 2005
- General Business / Other Matters
- Closing Dua
Issued by Ibrahim Gorib
Secretary, Board of Management
Monday 1st February, 2005
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6th Anniversary Dinner
Our 6th Anniversary Dinner is scheduled for Saturday 26th February, 2005 at the Islamic Centre, Kelly Village, Caroni. Tickets (adults $50.00 and children under 12 $25.00) are available from our directors, trustees and consultants.
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Death Benefit: Sharing each other's burdens
Annually, participants of our Funeral Benefit Scheme (FBS) contribute $120 TT each. All participants are allowed a maximum of three (3) dependants from among parents, spouse and children under eighteen (18) years of age. If the participant or any of his dependants dies, a sum of $2500 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).
The demise of an individual is in itself a loss in a variety of ways. Additionally, there are costs related to the burial. In an effort to ease the burden of the family that suffers the loss of a member, a fixed sum is given to the family from the pool of funds. The burden, therefore is shared by all the contributors to the pool. Obviously, the larger the number of contributors to the pool, the smaller is the impact of sharing of the burden on each contributor.
The FBS was launched in 1999 but it was not until 2001 that a claim was made on the pool of funds. So far, eight (8) families have benefitted from claims while all the participants have been benefitting from annual rebates ranging from 49% to 100%. The Society, which administers the FBS receives a Management Fee of fifteen percent (15%) of the annual contributions.
The FBS provides a tangible means of co-operation and caring. It is an exercise in the sharing of responsibilities, solidarity, joint indemnity, mutuality and the spreading of liability. It is also a platform or launch pad for other types of Islamic mutual aid/insurance products. This, however, will not happen unless Muslims ‘buy into it’ in large numbers.
The FBS is now in its seventh year of operations. In 1999, fifteen (15) members (pioneers of Islamic insurance in T&T) joined the FBS. Today, the number of participants has increased to two hundred (200) while the total membership in the Society has reached 455. Last year, contributions to the FBS exceeded $20,000 while the claims were $10,000. The accumulated reserves are now just over $7,500. The rebate for last year was 49%. This means that anyone who contributed $120 in 2004 has to contribute only $61.20 in 2005 to maintain his participation in the FBS.
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Building a lasting Charity Portfolio
Our Waqf Fund was started in December 2003 with donations from three members totalling $900. It was formally launched on January 24th, 2004 at the Society’s 5th Annual Dinner. By the end of 2004, the fund grew to over $25,000 from donations by 28 persons.
Waqf is an Arabic word which refers to charities and gifts that have permanence and continuity, so that people can benefit from them for years, generations or even centuries.
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.”
This service provides an opportunity for individuals and groups to contribute according to their capacity towards establishing a permanent waqf for charitable and welfare purposes. Thus small individual contributions can give rise to a significant co-operative waqf.
Contributors to this fund will not be entitled to any monetary gain or profit nor will they be able to take back their contributions.
Disbursements for charitable or welfare purposes will be made only from the profits generated by the fund. Last year, the Fund realised a profit of $1,506.00. So far, no disbursements have been made from the profits.
A target of an additional $50,000 for 2005, thereby taking the Fund up to $75,000 is not beyond our capabilities.
So, join us, and build a ‘lasting charity’ portfolio for yourself.
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Attending the Annual General Meeting
As indicated above, our 7th AGM is scheduled for Sunday 26th February, 2005.
The supreme authority of the Society is vested in properly constituted general meetings of members at which every member has the right to attend and to vote.
The quorum of the Annual General Meeting is ten percent (10%) of the total membership or fifty (50) members, whichever is less.
Among the major duties of the AGM is to consider the accounts and reports presented by the Board of Management, to approve the budget for the new year and to elect directors and to also elect trustees if necessary.
It is, therefore, of paramount importance that the AGM is held as scheduled but this can only be achieved if the required quorum is obtained.
Our Society is unique. It is a multi-purpose Society with products and services which include mutual aid, investments and charity. Our investment portfolio has already crossed the million dollar mark.
It is the responsibility of the membership, through the AGM, to ensure that the stewardship of our Society is in good hands.
So come out and attend your AGM.
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Real Estate Update
Members are hereby advised that we are still awaiting Town & Country approval for subdivision with respect to the 7.625 acres site in the Charlieville area - east of the Uriah Butler Highway and south of Munroe Road. Pending the necessary approvals, the Society intends to sell residential lots to its members only, Inshaa Allah.
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Takaaful T&T hosts Goodville Mutual President
Herman D. Bontrager, President and CEO of Goodville Mutual recently visited Trinidad and Tobago as a guest of Takaaful T&T Friendly Society (TTTFS).
TTTFS and Goodville Mutual, through its insurance trade association, are members of both the American Association of Cooperatives & Mutual Insurance Societies (AAC/MIS) and the UK-based International Cooperative & Mutual Insurance Federation (ICMIF).
Bontrager’s visit came in response to a request by TTTFS for assistance in developing Shari’ah-compliant mutual aid products which would meet the needs of the approximately 80,000 local Muslims who, by virtue of their religious beliefs, are, to some extent, excluded from the insurance sector and as such, very vulnerable.
Goodville Mutual, with its Head Office in Pensylvania, was founded in 1926 by a small group of Mennonite businessmen and is presently represented by some 600 independent agents in 145 locations with annual revenues in excess of US$60 million.
According to Bontrager, the Mennonite lifestyle traditionally was a simple one of mainly agrarian groups with “great emphasis on community and commitment to their collective welfare.” The Goodville Mutual group is “committed to providing comprehensive property and casualty insurance products of the highest quality” at the same time conducting their business “by biblical principles of love, justice and integrity”.
These principles are also in accordance with Islamic beliefs and are an inherent part of TTTFS’s practices that are directed at brotherhood, the sharing of burdens and social commitment in accordance with religious tenets.
In an interview with the writer, Bontrager explained that his main purpose was to explore the feasibility of deepening and widening the mutual aid and cooperative efforts of TTTFS and, depending on his findings, to help the TTTFS to develop a plan of action.
Bontrager saw himself, at this crucial stage, as a facilitator who would identify the indicators on the ground – positive and negative – and then determine what steps were necessary to achieve the objectives.
His visit involved meetings with members of the various organisations, among them the Takaaful Board and Consultants; the leadership of the Muslim Credit Union Cooperative Society Limited (MCU); various Muslim businessmen and finally, religious leaders for advice and direction as to the need for Shari’ah-compliant mutual-aid instruments.
Bontrager who sees himself first and foremost as “a person of faith” confirmed that the ‘vibes’ he had had so far were quite positive and there existed “a vision that you can build on”. He was impressed that there are people who have had experience in mutual-aid and who know what is necessary when ‘starting from scratch’.
He stated that he felt optimistic about Takaaful after seeing firsthand “the visionary leadership and people with the practical, managerial and organisational skills that are required to translate vision into reality.” “Takaaful”, he said, “have a good sense of the direction they wish to take.”
Hopefully, with the combined assistance of ICMIF/AAC/MIS they will be able to move steadily and safely towards realisation of their vision for Muslims in Trinidad & Tobago.
Yvonne Teelucksingh
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Youths in Friendly Societies
A representative of Takaaful T&T FS recently participated in a workshop on “Recruiting Youths in Friendly Societies” hosted by the Woodbrook Fellowship Friendly Society at its office on Woodford Street, Port-of-Spain. The workshop was organised by the Friendly Societies’ Division of the Ministry of Labour and Small and Micro Enterprise Development.
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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
BOARD OF MANAGEMENT
Trustees
Faiz Amin
Omar Gorib
Directors
Aman Hosein (President)
Sheriff Faizool (Vice-President)
Ibrahim Gorib (Secretary)
Khamal Khan (Treasurer)
Kameel Mohammed
Fareed Ali
Farouk Khan
Aziz Mohammed
Terrance Ali
Consultants
Imtiaz Ali (Management)
Dr. Shaffick Hosein (Accounting)
Shaykh Munaf Mohamed (Shari’ah)
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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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