Takaaful T&T Friendly Society
Issue #5: May 2006
Enhancing your Portfolio in the Hereafter
“Who is he who will loan to Allah a beautiful loan, which Allah will double unto his credit and multiply many times? It is Allah that giveth (you) want or plenty. And to Him shall be your return.” (H.Q.23:245 – A.Y.Ali translation)
Takaaful T & T Friendly Society (TTTFS) takes great pleasure in advising that, within the last financial year (January to December), our Waqf Fund has grown by some 800%, bringing the total contributions to just over TT$205,000.00 inclusive of the value of one lot of land in Central Trinidad.
This has been due in large part to the generosity of some 100 individuals and TTTFS would like to take this opportunity to thank you for your continuing support. May Allah richly reward you as you continue to strive in His name and for His Pleasure.
Waqf, in Islam, refers to charities and gifts that have permanence and continuity so that benefits are continuous over years, generations, even centuries. This form of charity is referred to in the wellknown Hadith of the Prophet of Islam (uwbp), related by Imam Muslim as follows:
“When a human being dies, his work for Allah comes to an end except for three things: a lasting charity, knowledge that benefits others and a good child who calls on Allah for His favour.”
The Waqf Fund is a continuous and growing fund, and bequests or contributions are welcome from both members and non-members on an ongoing basis i.e. from both first-time and repeat contributors.
Waqf funds are invested in profitable enterprises in conformity with the Act and Islamic Shari’ah and the annual net surplus is expended on charitable, welfare and developmental projects.
Again, we should like to thank all those who have already contributed, invite you to make further contributions as well as those who have not yet made donations.
May Allah bless you and yours.
Aman Hosein, President
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8th AGM
According to Aman Hosein, “With our Strategic and Marketing plans in place, we are poised to aggressively move forward to facilitate improvement in the economic, social and cultural welfare of our community, by encouraging thrift, self-help and cooperation”, Hosein, President of the Board of Directors of Takaaful T & T Friendly Society (TTTFS), was speaking at the Society’s 8th Annual General Meeting which was recently held at the TML Primary School, St. Joseph.
Describing 2005 as a year of continued growth and development, he told appreciative members that the Society’s Investment portfolio had “grown by 60%, closing the year at just over two million dollars.” While members/investors received a dividend of 9% annualized for 2005, he added that “with 69% of our investment in land (two purchases at Sangre Grande and one in Valencia), we are in a strong financial position.”
Growth in the Waqf (endowment fund) from just under $26,000 (at the end of 2004) to over $205,000 at the end of 2005 and increase in the Hajj fund to just over $62,000 at the close of the year with two members accessing the fund to perform the Hajj were, in the opinion of the Board of Directors (BOD), further cause to celebrate the Beneficence and Mercy of Allah, Subhaanahu wa ta’aala.
In order to enhance their efforts, TTTFS has continued to maintain cordial relations with local bodies such as the Muslim Credit Union Cooperative Society (MCU) and the Trinidad Muslim League (TML) and international associates that include International Co-operative & Mutual Insurance Federation (ICMIF) and the Americas Association of Co-operative & Mutual Insurance Societies (AACMIS) who continue to provide TTTFS with consultancy services in the area of developing mutual aid products for the local Muslim community.
Finally, the Financial Statements for 2005 and the Budget for 2006 were presented, deliberated on and approved.
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Former Principal elected Trustee
Farouk Khan, former Principal of the TML Primary School, St. Joseph was elected unopposed as one of the two Trustees of Takaaful T&T Friendly Society at the recent 8th Annual General Meeting of the Society. A founding member of the Society, Br. Khan has served as a director since the launch of the Society in 1999. As a Trustee, Br. Khan together with the other Trustee, Omar Gorib, and nine Directors will comprise the Board of Management. Br. Khan replaces Br. Faiz Amin who has resigned. In accordance with the Friendly Societies Act, Trustees are elected for life.
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Friendly Societies in Mauritius
During my one-week (April 10 – 17, 2006) stay in Mauritius, I was pleasantly surprised at the prevalence of Friendly Societies among Muslims there. As a guest of Al-Barakah Multi-Purpose Co-operative Society, founded in 1998, my main purpose was to promote the co-operative in a variety of ways. However, it was during the question and answer period after my lecture at the Ar-Rayhaan Mosque in Port Louis that the involvement of Muslims in Friendly Societies emerged.
“While the Jama’ats catered to the religious and social needs of the Muslim congregation in the countryside, in the towns the Muslims set up several Benevolent and Friendly Societies with the view to promoting the cultural and social advancement of their members as well as that of the Muslim community at large,” wrote Moomtaz Emrith in his book History of the Muslims in Mauritius published in 1994 by ELP Ltee, Mauritius.
Emrith added that by 1993 there were 270 registered Muslim organizations in Mauritius with 30 registered as mutual-aid organizations. The mutual aid schemes are mainly for health and death benefits. Some of the organizations can boast of being in existence for over one hundred years.
Unlike Takaaful T&T, the funds collected via the mutual-aid schemes in Mauritius are not invested nor do they have any system of rebates to the contributors. People simply contribute monthly or annually to the fund without the expectation of any annual rebates. On the demise of a participant or a dependant of a participant, a cash benefit is disbursed to the registered nominee.
It would be worthwhile, for our brothers in Mauritius to review the management of their mutual-aid portfolios in the context of the relevant governing legislation to explore the possibility of (1) investing surplus or idle funds and (2) establishing a national secondary institution to further the development of Muslim Friendly Societies in Mauritius.
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7th Anniversary Dinner
Takaaful T&T Friendly Society held their 7th Anniversary Dinner on Saturday 8th April, 2006 at the JFK Auditorium, UWI, St. Augustine Campus. The event, which is now a permanent fixture on the annual schedule of activities of the Society attracted almost four hundred people. Aman Hosein, President, spoke on the products and performance of the Society while Mirza Ali Mohammed elaborated on the Society’s Hajj Fund.
Recognising the importance of Hajj, one of the five pillars of Islam, and recognizing further the costs attached to fulfilling this obligation, the Society offers this Plan to facilitate the performance of this obligation by encouraging thrift, savings and investment.
This Plan is ‘Flexible’ in that it allows members to choose saving schedules that they can manage and set targets for the performance of Hajj long in advance. It also allows additional lump sum deposits and withdrawals. In compliance with Islamic rules, the dividend rate is not fixed and is declared at the end of the financial year.
The Board of Directors and the Dinner Planning Committee wish to express their thanks to all who attended and contributed to the success of the event. Special thanks to UWI Islamic Society for securing the venue.
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Takaaful T&T Commissions Survey
UWI lecturer, Dr. Nasser Mustapha presented the results of the survey of the “Islamic Insurance needs of the Muslim Community of T&T” to the directors of Takaaful T&T on Saturday 13th May, 2006. TTTFS had commissioned Dr. Mustapha to conduct this survey in order that they might determine these needs and thus be in a position to effectively address them. The results of these findings will be used by Takaaful to chart their future development plans in this area. Dr. Mustapha is Deputy Dean (Student Affairs) in the Faculty of Social Sciences and Lecturer in the Department of Behavioural Sciences at the UWI, St. Augustine.
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Annual Conference of Friendly Societies
“The ability to congregate as a movement annually and the hosting of today’s Conference, shows that there is commitment to the movement. The challenge remains to keep the movement attractive in a society and an economy that is growing by leaps and bounds and which is departing from principles of fraternalism, in many areas,” said Carl A. Francis, Deputy Permanent Secretary, Ministry of Labour and Small and Micro Enterprise Development.
Francis was addressing delegates from Friendly Societies all over the country including Tobago at the Bureau of Standards Auditorium at Macoya, Trincity on Sunday 23rd April, 2006. The theme of the Friendly Societies Annual Conference 2006 was “Involving Youths in Friendly Societies 2006 & Beyond.” Aman Hosein, President and Imtiaz Ali, Manager, represented Takaaful T&T.
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Takaaful T&T co-sponsors CMF 2006
Takaaful T&T has agreed to co-sponsor the Caribbean Muslim Forum 2006 which is scheduled for June 17th & 18th at the JFK Auditorium, UWI, St. Augustine Campus, Trinidad & Tobago. Representatives of Muslim organisations from fifteen Caribbean and Latin American countries are expected to attend the two-day conference which will feature several lectures by Professor Dr. Monzer Kahf.
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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
Farouk Khan
Omar Gorib
Directors
Aman Hosein (President)
Aziz Mohammed (Vice-President)
Ibrahim Gorib (Secretary)
Khamal Khan (Treasurer)
Kameel Mohammed
Sheriff Faizool
Imam Manwar Ali
Jamaludeen Hosein
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: 1219
No. of pans returned: 330
Amount received: $36,543
Dated: December 31st, 2011
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WAQF PRESENTATION
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Selling Land?
Why not give us a call?
682-1141
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