Takaaful T&T Friendly Society
Issue #2: July 2005
www.takaafultt.org
Information about Takaaful T&T Friendly Society (TTTFS) can be found on the website above. You may view our up-to-date PowerPoint presentation about our Society, where you may obtain a comprehensive idea about Takaaful T&T including its objectives, performance, products and services. The website hosts the Bye Laws, forms, our quarterly newsletter, news clippings and media releases. Recent additions to the website are the fixtures and ongoing weekly results of the 2005 Night Football Competition. If you would like to become a member of our Society you can simply print the necessary forms, fill them out and mail them to us. Visit our site and send us your comments. Our site was designed and is maintained by wevolutions.com
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Bontrager Task Force
Further to Herman Bontrager’s visit during December 2004 and the submission of his final report to the Board of Directors of the Society, the Board appointed the Bontrager Task Force during May 2005. Comprising Aman Hosein, Faiz Amin, Aziz Mohammed, Sheriff Faizool and Imtiaz Ali, the Task Force will review Bontrager’s Report and examine ways and means of deepening and widening the mutual aid and co-operative efforts of Takaaful T&T. The Task Force, which is under the chairmanship of Faiz Amin, is expected to complete its assignment by the end of the year.
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$100,000 TT for sustainable development
Formally launched in January 2004, our Waqf (Endowment) Fund crossed the $100,000.00 milestone by the end of June, 2005. The Fund has actually grown by 300% during the past six months (i.e. January to June, 2005) thereby exceeding the expectations for the year. Alhamdulillah, most of the pledges to the Fund made at the 6th Anniversary Dinner have been honoured. Our thanks to all donors and we pray that Allah would reward them with the best of rewards.
We wish to remind our members and the general Muslim community that our Waqf Fund is an open-ended fund. We are continuously receiving funds thereby developing a growing capital base from which present and future generations of Muslims and non-Muslims can benefit. Only the income generated from these funds would be expended while the capital remains intact and enhanced over time.
While Islamic law allows the bequeathing of a maximum of one-third of your estate to waqf, you don’t have to wait until death to support this venture. You can participate by contributing even small sums regularly or irregularly.
Throughout the glorious history of Islam, awqaf (plural of waqf) played an empowering role in the social, political, religious, economic, intellectual, educational and cultural life of the Ummah. Join us in reviving this authentic Islamic institution.
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4th Annual Football Competition
For the past three years, Takaaful T&T has been hosting a five-a-side small-goal night football competition in collaboration with the Trinidad Muslim League Inc. (TML). This year, the Muslim Credit Union (MCU) was included as a title sponsor.
This competition which spans seven weeks (June 17th- July 31st) provides a good environment for families and especially youths to develop their brotherhood and community spirit. In addition, a well stocked cafeteria is operational and a short admonition is given after Salat-ul-Isha every night of the competition.
This year, sixteen teams from thirteen jamaats/groups from as far as Diego Martin in the west to Sangre Grande in the east and Princes Town in the south are participating. There is a League and Knockout Competition for the senior teams and an Under-18 Competition for the youths.
Every year, the competition continues to prosper with support from the business community. Last year, as well as this year, companies have been invited to advertise in the form of banners for a fee of $500.00 for the entire competition. This, together with other donations has raised the stakes to five thousand dollars in cash and prizes.
The finals and prize giving ceremony are scheduled for the 31st, July after Salat-ul-Maghrib at the TML Grounds, St. Joseph. All members are invited to come and support this venture. Dinner tickets are available at a very attractive price of $5 TTD.
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6th Anniversary Dinner
Permanent Secretary in the Ministry of Labour and Small and Micro-Enterprise Development, Mr. Emmanuel George, delivered the feature address at the 6th anniversary dinner of Takaaful T&T Friendly Society (TTTFS) held recently at the Islamic Centre, Kelly Village, Caroni.
Standing in for Labour Minister, the Honourable Anthony Roberts, George admitted that “friendly societies are needed in our communities as these play a pivotal role in combating many of the social ills … which plague our societies” and cited “the social interaction which is integral to your societies as making important contribution to building feelings of belonging to the community and its institutions.”
“What is even more interesting”, he added, “is that your objectives of improving the economic wellbeing of your members and encouraging a spirit of thrift, self-help and cooperation are closely aligned to the Government’s medium term objectives and goals.”
On what would appear to be an encouraging note, and having identified the challenges faced by friendly societies, he made offer of “the prospect of working with a government that shares your aims and principles and who considers you as an integral part in achieving the vision of developed nation status by the year 2020.”
Aman Hosein, president of TTTFS, gave highlights from the achievements of 2004 and called upon the members to boost the Society’s Endowment Fund. This they did. Pledges, when received would result in a 100% increase in the Fund.
Chairman of the formal part of the evening’s proceedings was Br. Sherif Faizool, then vice-president of the Society.
The formal part of the evening was preceded by a sumptuous dinner of authentic Indian dishes prepared by Daawat – The Indian Kitchen.
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7th Annual General Meeting
Reporting to a very vocal audience on the morning of February 20th last, President of Takaaful T&T Friendly Society, Aman A. Hosein was fulsome in praise - and rightly so - of the Board’s achievements during the past year. Among the Board of Management’s (BOM) accomplishments during the past year, Hosein identified the development of a Three-year Strategic Plan for the Society.
Hosein also advised the 7th Annual General Meeting that membership in the Society at the end of 2004 had increased by 20% and participation in the Funeral Benefit Scheme (FBS) which offers assistance to families in times of bereavement had increased by 15%, with four families having accessed aid during the accounting period. The Society had completed the financial year with a 167% increase in investment income and a net surplus in the Fund of $229,155.00 had enabled them to declare a dividend of 15% to investors. The operations of the Funeral Benefit Scheme resulted in a 49% rebate to the participants of the Scheme.
Explanations were given to members of the purpose and constitution of both the Hajj and Co-operative Waqf Funds with the reminder that Muslims are expected to contribute to the development of the community as well as engage in other acts of charity so that those who are in less fortunate positions may be enabled. The Waqf Fund experienced an exponential growth of 2,874% during 2004.
The visit of Herman Bontrager, President of Goodwill Mutual during December 2004 had already begun to show the benefits of association with the International Co-operative and Mutual Insurance Federation (ICMIF) and the Americas Association of Co-operative and Mutual Insurance Societies (AACMIS) who will now provide the TTTFS with links to international bodies, and also consultancy services in the area of developing mutual aid products for the local Muslim community.
Special tribute was paid to the Society’s Management Consultant, Br. Imtiaz Ali who continues to make sterling contributions to its progress, based on his wide-ranging and distinctive knowledge of Islamic Financial Intermediation. The contributions of the other consultants, Dr. Shaffick Hosein (accounts) and Shaykh Mohamed Munaf Mohamed (Shari’a) were also acknowledged.
As a result of the elections, the Board now include Brothers Omar Gorib and Faiz Amin (Trustees), Brothers Sheriff Faizool, Khamal Khan, Jamaludeen Hosein, Farouk Khan, Aziz Mohammed, Kameel Mohammed, Aman Hosein, Ibrahim Ghorib and Imam Manwar Ali.
The meeting, held at the TML Primary School St. Joseph, deliberated on the Financial Statements for 2004 and approved the Budget for 2005.
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Real Estate Update
Members are hereby advised that we still do not have the necessary approvals 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.
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National Youth Council of T&T
TTTFS’s manager, Imtiaz Ali, represented the Society at one of the recently held workshops on the “Formation of the National Youth Council of T&T” organized by the Ministry of Sports and Youth Affairs. The process of revitalising the NYC is part of the Government’s National Youth Policy.
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Caribbean Muslim Forum 2005
Aman Hosein, president of TTTFS, represented the Society at the Caribbean Muslim Forum 2005 which took place over the Easter weekend. Among the countries represented were Argentina, Mexico, Cuba, Anguilla, Barbados, St.Croix, (US Virgin Islands), Guyana, St.Maarten and Grenada with the largest number of delegates culled from among the major Islamic organisations in the host country, Trinidad & Tobago.
At the formal opening on Good Friday at the La Joya Auditorium in St.Joseph, then Minister of Social Development, the Hon. Mustapha Abdul-Hamid congratulated the organisers of CMF 2005, and noted that it was “critical that our future be the product of an ongoing process of analysis, thought, discussions and consultations”.
The working part of the Forum extended over the following two days at the Trinidad Muslim League (TML) Headquarters, St.Joseph where delegates presented papers, engaged in animated discussions and tabled a number of resolutions for CMF 2006 (see www.centralzakah.org for details).
The Caribbean Muslim Forum 2005 was organised by Central Zakah and partly sponsored by the MCU, with generous contributions from S.M.Jaleel & Co.Ltd., Eniath’s Printing Co. Ltd., India Fashions, Maxsal Drugs, Chief Brand Products, Toymart and the Ministry of Community Development, Culture and Gender Affairs.
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TTTFS in Tobago
The President, Aman Hosein and the Manager, Imtiaz Ali represented the Society at the Annual Conference of Friendly Societies held on Sunday April 3rd, 2005 in Tobago. While in Tobago, they both conducted a session on the Society at the mosque in Lowlands. Sheriff Faizool, a director and former president of TTTFS also participated in the session.
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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)
Farouk Khan (Vice-President)
Ibrahim Gorib (Secretary)
Khamal Khan (Treasurer)
Kameel Mohammed
Sheriff Faizool
Aziz Mohammed
Imam Manwar Ali
Jamaludeen Hosein
Consultants
Imtiaz Ali (Management)
Dr. Shaffick Hosein (Accounting)
Shaykh Munaf Mohamed (Shari’ah)
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