Takaful (co-operative insurance)

Home Takaful (co-operative insurance)

Mutual insurance systems such as takaful have existed in the Islamic world for centuries.

Conventional insurance relies on interest-based investments – which are forbidden in Islam – and is entirely rooted in un-Islamic, speculative investments. The insurance provider gambles on receiving more income from the premiums, the payments it receives, than it has to pay out.

Takaful does not aim to make a profit – its purpose is to ease the risk faced by contributors.

It is a co-operative system of reimbursement or repayment in case of loss. People and companies make small contributions into a mutual pool of funds, from which they are compensated.

The principles of takaful are:
  • members cooperate for their common good
  • member contributions are considered donations or gifts (hibah) to the fund (pool)
  • every member pays their contribution to help those who need assistance
  • losses are divided and liabilities spread according to the community pooling system
  • it does not gain advantage at the cost of others.
There are a number of models – and several variations – for implementing takaful according to Islamic social financial principles:
  • an endowment fund (waqf) uses irredeemable donations to compensate members of the takaful fund for their loss
  • in a commercial model, a fund is created with members’ voluntary contributions and compensates them in case of loss. An agency manages the fund and charges an up-front administrative fee paid from the contributions.

Growing demand for Islamic insurance over recent years, particularly in the Gulf Cooperation Countries and other areas of the Middle East, has seen a proliferation of new companies offering Islamic insurance products in these markets.

The majority of these firms are solely takaful operators, but conventional insurance companies have also created Islamic social finance compliant funds.

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Adnan joined Islamic Relief in 2004 as a regional fundraiser in the UK. He worked in multiple roles over 10 years at Islamic Relief UK, including setting up the first digital team and leading the growth of digital fundraising and engagement. Adnan also led numerous fundraising and marketing campaigns, which played a significant part in the growth of Islamic Relief UK.

Having moved to Islamic Relief Worldwide in 2014, Adnan has held different roles that have helped grow Islamic Relief’s global digital footprint into new geographic territories, supporting Islamic Relief members with their digital and marketing growth as well as developing new products and initiatives for the Islamic Relief family.

Adnan graduated in Industrial Design and Technology from Loughborough University. He has since completed an Advanced Diploma in Business Administration from Durham University and a Diploma in Digital Marketing from the Institute of Data and Marketing.

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He studied Modern History and Politics at Manchester University, and at the University of Law in London before qualifying as a solicitor in 2011.

Nadeem is an experienced corporate, commercial and governance lawyer, having worked with various faith-based and grant making charities as well those in health and education settings. He was a partner at a law firm in London before moving in-house where he focused on setting up and restructuring charities and social enterprises.

Most recently, Nadeem was Lead Counsel at Mind, a leading mental health charity, where he co-authored a new federation agreement, revamped legal processes, and played a major role in developing its strategic and fundraising partnerships.

Nadeem has been a charity trustee for the Seafarers Charity, as well as many grant-making bodies and theatre companies.

Adnan Hafiz

Director of Network and Resource Development

Adnan joined Islamic Relief in 2004 as a regional fundraiser in the UK. He worked in multiple roles over 10 years at Islamic Relief UK, including setting up the first digital team and leading the growth of digital fundraising and engagement. Adnan also led numerous fundraising and marketing campaigns, which played a significant part in the growth of Islamic Relief UK.

Having moved to Islamic Relief Worldwide in 2014, Adnan has held different roles that have helped grow Islamic Relief’s global digital footprint into new geographic territories, supporting Islamic Relief members with their digital and marketing growth as well as developing new products and initiatives for the Islamic Relief family.

Adnan graduated in Industrial Design and Technology from Loughborough University. He has since completed an Advanced Diploma in Business Administration from Durham University and a Diploma in Digital Marketing from the Institute of Data and Marketing.

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Javed also has diverse experience across the private sector, having worked at American chemicals and pharmaceutical giant DuPont, shipping firm FedEX and technology consultancy company Accenture. In all his roles, he prioritises using the latest technologies to improve monitoring and reporting at every level. Javed’s commitment to embracing digital end-to-end technology, enhancing accountability to our stakeholders and promoting financial transparency is ensuring that we remain at the forefront of financial developments in the sector.

By training, Javed is a chartered accountant with a Master’s degree in NGO Management with Charity Accounting and Financial Management from Cass Business School.
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Affan Cheema is an experienced leader who has spent 25 years working in the international aid sector on poverty eradication in Asia, Africa and the Middle East. He has worked in fast onset emergencies, protracted crisis and development environments whilst working for Islamic Relief Worldwide and Care International. He is also a trustee of South West International Development Network (SWIDN).

Through his career Affan has held numerous roles including institutional fundraising, programme and grant management, and programme quality assurance.  Affan’s leadership has helped Islamic Relief Worldwide secure the highly coveted Core Humanitarian Standard (CHS), seen as the sector’s premier benchmark for operational excellence.

Affan completed his BA in Economics and Geography from University of London (School of Oriental and African Studies) and his MSc in Development Administration and Planning from the University of Bristol. He is PRINCE2 qualified, is a keen sportsman and recently co-edited a book entitled -Islam and International Development: Insights for working with Muslim Communities-.
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At the start of his career, Dr Hossam served on the Board of Directors of the Egyptian Medical Syndicate, before moving to Islamic Relief Worldwide to manage the core global business activities as International Programmes Director.

During this time the organisation increased its global reach, gaining both domestic and international repute and credibility. Dr Hossam has also served on the Islamic Relief Worldwide Board of Management and Executive Committee for the past 15 years; sharing responsibility for strategic organisational development and the change management process, whilst forging strong relationships with many other charities.

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Martin has helped Islamic Relief to increase its mainstream media profile and expand its campaigning work, producing hard-hitting advocacy reports on floods in Pakistan (2011) famine in Somalia (2012) disaster risk reduction (2013) and aid to Afghanistan (2014). He has over 20 years’ experience working in media, communications and marketing roles for international development and environmental charities.

Martin graduated from the University of London with a degree in English and Drama (1982-85) then trained as a journalist with a postgraduate diploma at City University (1986-87). He has previously worked for Christian Aid as Editor of Christian Aid News and Media Relations Manager (1988-97) for Oxfam as Regional Campaigns Manager (1997-2000) and at the Soil Association as Marketing Director (2001-2006), as well as working for a wide range of organisations as a freelance writer, researcher and communications consultant.

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Tufail is driven by a passion for empowering disadvantaged youth and mentors a number of young people. He also works to strengthen engagement between British Muslims and wider society. Under his leadership, Islamic Relief UK has significantly increased its income and developed successful partnerships with communities across the country. He has travelled around the world to raise awareness of major emergencies such as the Syria, Yemen and Afghanistan crises and the floods in Pakistan and Sudan.

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Before joining Islamic Relief he was CEO of Orphans in Need, where he oversaw a new strategy that increased income from £2 million to £9 million in 3 years and opened up new UK and international offices. Tufail is also a trustee of the Muslim Charities Forum and a Director of TIC International (Islamic Relief Worldwide’s clothes recycling and trading arm).
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With a special interest in community mobilisation and infrastructure, Waseem received an MSc in Project Planning and Management from the University of Bradford, as well as an MSc in Economics from Arid Agriculture University in Rawalpindi, Pakistan.

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