Takaaful T&T Friendly Society
Issue #3: October 2005
Ramadaan Mubaarak
Once again, Alhamdulillah, Ramadaan is with us. Popularly known as a month of fasting, it is also a month of opportunities. It is a great opportunity for the revival and development of our spirituality through fasting, prayer, supplication, reading of the Glorious Qur’an, remembrance of Allah, charity and brotherliness. On behalf of the Board of Management, I wish you all the blessings of Ramadaan and Eid-ul-Fitr and pray that Allah will accept all our acts of worship to Him. Eid Mubaarak!
Aman Hosein, President
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Every Member can market
As a co-operative type institution, we are appealing to all our members to participate in marketing our society. The following are some of the things you can do:
- If you have internet access, you could publicise our website and encourage others to visit our site (www.takaafultt.org).
- If you have benefited from the Society, then tell your relatives and friends about it and encourage them to join.
- You could also invite us to conduct at your home a session on our Society with your family, friends, neighbours and other interested Muslims.
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Altruism alive among Muslims
One lot of land, valued at $60,000 TT was gifted to the Waqf during September last. Alhamdulillah and may the donor receive the lasting benefits of his actions.
Formally launched in January 2004, our Waqf (Endowment) Fund crossed the $200,000.00 milestone by the end of September, 2005. The Fund has actually grown by 800% during the past nine months (i.e. January to September, 2005) thereby exceeding expectations for the year. This is living proof of the prevailing spirit of altruism which forms an integral part of Islam.
Islam views charity not only as a means of wealth transfer to the poor but as a mechanism for self-development and an avenue for achieving Allah’s pleasure and rewards in the Hereafter.
In addition to the compulsory Zakah, the Holy Qur’an strongly advocates the giving of charity. Giving charity is synonymous with ‘spending in the way of Allah’.
“And spend out of the substance which We have bestowed on you, before death should come to any of you and he should say, “O my Lord! If only Thou would reprieve me for a little while, then I would give alms and be among the righteous.” Holy Quran 63:10
“… Whatsoever good you send before you for your souls, you would surely find it with Allah, better and greater in recompense.” Holy Qur’an, 73:20
Waqf is a special kind of charity that has permanence and the capacity to generate income.
Ibn Abbas (may Allah be pleased with him) said: “The Prophet (upon whom be peace) was the most generous of all the people, and he used to become (even) more generous in Ramadan.” (Sahih Al-Bukhari, 4:754)
Therefore, in this blessed month of fasting, we are reminding our members and the general Muslim community that our Waqf Fund is an open fund. We are continuously receiving funds from members and non-members 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 will be expended while the capital remains intact and enhanced over time.
During August last, The Board of Directors approved the Terms of Reference of the Waqf Management & Development Committee and appointed directors Sheriff Faizool and Jamalaudeen Hosein together with the Management Consultant to serve on the Committee. The duties of the Committee include advising the Board on the management of the assets of the Waqf and to review, from time to time, the performance of the Waqf and advise the Board appropriately.
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Dear Muslim! Assalaamu Alaikum
Zakah is worship, not to be guessed.
Do the calculation to be blessed.
If you’re in need of a helping hand,
People and forms are at hand.
So calculate and fulfill your obligation.
Remember, Zakah is a purification.
Courtesy: www.centralzakah.org
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Friendly Societies' Workshop
The Institute of Training and Development (INTAD) recently conducted a New Product Development Workshop for the Friendly Society Movement. Hosted by the Friendly Society Division of the Ministry of Labour and Small and Micro Enterprise Development, the two-day workshop was held at the Central Indoor Regional Sporting Complex, Chaguanas.
The facilitator, Ms. Pamela George of INTAD, described the workshop as a means of starting the process that can lead to successful germination of ideas that will give a new face to friendly societies in T&T.
TTTFS’s Management Consultant, Imtiaz Ali, attended the workshop.
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FBS Rules Amended
Amendments to the Funeral Benefit Scheme (FBS) passed at the 4th Annual General Meeting in 2002 were finally approved by the Registrar of Friendly Societies.
The major change in the rules is the allowance for participants to register any amount of dependants. While the dependants are still confined to spouse, parents and children under 18 the limit of three (3) dependants has been removed.
Obviously, to facilitate this change, the contribution also had to be restructured. The annual contribution of one hundred and twenty dollars ($120.00) still applies to participants with three dependants or less. However, an additional contribution of thirty dollars ($30.00) for each additional dependant now applies.
Other amendments sought to clarify some issues related to the rules i.e.: (1) The commencement date of participation shall be the date of approval by the Board of Management. (2) Contributions shall become effective from the month in which the application was approved.
Entitlement to the benefit was changed from “made a minimum of four monthly contributions” to “participated for a minimum period of sixteen weeks.”
While the phrase “made a minimum of four monthly contributions” was meant to be a waiting period, someone paying the year’s contribution at the time of joining could be considered as having paid the four monthy contributions and therefore entitled to the benefit. The wording was therefore changed to ensure that members understand that they are not entitled to the FBS benefit unless they have been a participant for a minumum period of sixteen weeks. This is not a new rule but a clarification of the previous statement.
The Management Fee, which is credited to the General Fund of the Society, was changed from a maximum of “15%” to “25%.”
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Risk Pooling
The World Health Organisation defines risk pooling as “the practice of bringing several risks together for insurance purposes in order to balance the consequences of the realization of each individual risk.” World Health Organisation, The World Health Report 2000
Risk pooling offers individuals and groups a reduced individual risk of extraordinary cost through the workings of shared risk and volume purchasing. It allows for a transfer of the costs of the risk from one individual or group to another 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.
Risk pooling has also been defined as a form of subsidization of risk. 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.
Risk pooling is based on co-operation. From the very beginning of human society, co-operation (whether voluntary or enforced) has always been an intrinsic factor in human development. Because the individual, by himself, cannot produce all the various necessities for continued existence and reproduction, co-operation has always been necessary, and human society as it developed along the lines of increasing differentiation and specialization among its members, has increasingly needed co-operation among them as the ‘sine qua non’ for its continued existence and development.
Risk pooling is a form of monetary co-operation. Participants of the pool contribute in advance to someone making a claim. It therefore, facilitates the accumulation of funds which are invested for the benefit of the participants of the pool.
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NEMY wins Football Competition
Seven weeks of exciting football came to an end with North Eastern Muslim Youths (NEMY) emerging as champions of the Senior League. On Sunday, July 31st, the final of the League competition was contested between Sangre Grande and North Eastern Muslim Youths (NEMY) at the TML Ground, St. Joseph.
Nur-e-Islam Youths were the Knockout champions and Nur-e-Islam Team B were the Youth champions.
Sixteen (16) senior teams and five (5) youth teams participated in a total of sixty-one (61) matches in which one hundred and six (106) goals were scored.
At the Awards Ceremony on July 31st, over five thousand dollars in trophies, medals and cash was handed out.
The committee wishes to thank all the advertisers and donors, all the teams who participated and their supporters, the referees and linesmen, the concessionaire and all those who assisted in the successful running of this year’s competition. We hope to continue to receive your support in the future Insha-Allah.
For the past three years, Takaaful T&T has been hosting this 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.
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Land For Sale
Takaaful T&T has residential plots at Valencia and Sangre Grande for sale. Contact Shazam Mohammed at 691-5531 or 754-6793
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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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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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