IFMP Bancatakaful Certification (BTC), Pakistan case studies
IFMP Bancatakaful Certification (BTC), Pakistan · Put your knowledge to work in context.
The Bancatakaful Certification is one of the insurance certifications listed by the Institute of Financial Markets of Pakistan (IFMP) on its programmes page. IFMP describes itself as Pakistan's first securities market institute, established as a permanent platform to develop quality human capital for financial markets and to create standards among market professionals, and it states that it conducts licensing examinations leading to certifications for different segments of financial markets. The IFMP Bancatakaful Certification (BTC), Pakistan case studies are 5 cases and about 4,238 words.
1The 'Guaranteed 6%' Savings Takaful Term Sheet
Al-Baraka Islamic Bank's window plans to launch 'Baraka Secure Savings Takaful' through its branches next quarter. The draft term sheet provides that: (i) the customer pays PKR 100,000 a year for eight years; (ii) the takaful operator guarantees return of all contributions plus a minimum 6% annual profit; (iii) 30% of each contribution is deducted up front as a wakala fee, the balance going into the operator's pooled fund; (iv) a death benefit of PKR 3 million applies from day one; (v) the brochure describes the plan as 'risk-free - like a fixed deposit with free insurance'.
884 words, about 4 min2The Surplus That Wasn't There
A family takaful operator's participants' risk fund for its group credit takaful line shows the following for the year (PKR million): contributions received 500; wakala fee to the operator 25% of contributions; direct claims paid 210; retakaful contribution paid 60; retakaful recoveries received 40; increase in outstanding claims reserve 30. A qard hasan of 25 advanced by the shareholders' fund two years ago to cover a deficit has never been repaid.
795 words, about 4 min3The Retiree and the Ten-Year Plan
At a Karachi branch of an Islamic bank, the branch manager is 12% short of the quarter's bancatakaful target with two weeks left. A 68-year-old retired schoolteacher comes in to roll over a PKR 4 million fixed deposit; she says she will need the money 'within a year or two' for her husband's cardiac treatment.
836 words, about 4 min4The 'Takaful Window' Proposal and a Two-Line Email
An Islamic bank's window has distributed family takaful for two years under an agency agreement with a licensed takaful operator. A new Head of Wealth proposes to replace it with a 'takaful window' of a conventional insurer, with the bank taking 35% of gross contributions as 'commission', collections routed into the same account used for the window's mudaraba deposits, and marketing stating the plan is 'approved by the bank's Shariah advisor'.
793 words, about 4 min5Four Branches, Four Policies, One Refund Account
Over four working days, a customer at an Islamic bank makes four single-contribution payments into a family takaful savings plan - PKR 1,750,000 each, each at a different branch, each in cash, each on a fresh proposal form in the name of a different family member (wife, two sons, brother-in-law). Stated source of funds is 'savings'.
930 words, about 5 min