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CEO's Message Economics Investment Outlook Employee Training Development Activities
  Preliminary Reflections Pak-Qatar People Milestones
  Meaning of Takaful Achievements Think About It
  Spreading the Message of Takaful Celebrating Qatar National Day 2008 Book Review
  Strategic Alliances Health Awareness  
 
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Volume 1 Issue 1 : May - June 2009 "Preliminary Reflections on Islamic Banking & Takaful"

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CEO's Message

Assalam – o – Alaikum
This publication is primarily aimed at updating the stakeholders about the developments progressing in Pak-Qatar Family Takaful Limited, and secondarily, educating the general public about the fundamentals of Islamic Finance and Economics, and sharing perspectives of global and local economic headlines.

In a short span of one year, Pak-Qatar Family has already taken strides in leaps and bounds. Our message of Takaful has been bannered and presented in a multitude of seminars, conferences, workshops and symposiums both at professional and academic levels from where we have received an astounding reception and appreciation so far.

Takaful has now become a global phenomenon. The industry is rooted in almost 30 countries worldwide and is growing at an annual rate of 20% per annum. Whereas the label of Shari'ah Compliant is an added-advantage, the actual winning variables for Takaful have been its competitiveness in offering quality need-based products and services at par excellence.

I see an immense growth for Takaful in Pakistan. A country where only 8-10% of the families are financially protected, has a poor social security system, a weak savings culture, Takaful, despite all these challenges can actually create a tipping point in the insurance industry.

Takaful stands for brotherhood and mutual solidarity. With Takaful, people do not only have the benefit of Shari'ah-compliance, but also the advantage of partnering with transparent and ethical operations.

I would recommend all those interested in learning more about Takaful to visit our website. In surety, Takaful is here to stay, and prosper, Insha'Allah.

P. Ahmed (Former CEO)
Chief Executive Officer
Pak-Qatar Family Takaful Limited

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Preliminary Reflections on Islamic Banking & Takaful
By: Farhan Noor


A common man is rightly confused. At first, he was introduced to Islamic Banking. Despite all efforts to make him see the difference, he left scratching his head, bewildered. While at it, Takaful made its entrance. Now Takaful has set about to answer those same questions—questions such as what it is, how is it Shari'ah-compliant, and what can it do for him? This article is not another attempt to generate convincing answers. That—the what, the how, and the why—can be found in the academic books. What is described here is the frame-of-mind required to approach this subject. If we can right our worldviews and fine-tune our perspectives, we can have a better understanding and appreciation, and eventually the experience of new patterns of thoughts and practices. Here, the Islamic Finance industry is the case in point. Our objective is to renovate our mindsets and replace conventional spectacle lens. Only from there, and then, we will be able to see clearly and move forward.

Therefore, firstly, being Shari'ah-compliant, or “Islamic”, or Halal and Ethical for that matter, does not connote or entail anything except the fact that the same does not contravene the teachings of Islam. The practice of and involvement with Islamic Banking or Takaful is therefore (for that matter) neither in the level of fardh nor Sunnah, or Makruh, or Haraam. It in fact falls in the category of Mubah—a category which stands neutral on any given matter and has no rewards or punishments for its performance or avoidance. It is like choosing apples over grapes. Two important points:

a.   You are absolutely free to reject Islamic Banking and Takaful without the fear of incurring Allah's (SWT) Wrath. It is after all, simply Mubah! However, to participate in its conventional counterpart, a system which sponsors Riba (Interest), and Gharrar (excessive uncertainty), and Qimar (gambling), to name just three, all against which there are clear prohibitions, is not acceptable. In other words, there is no compulsion in embracing (or rejecting) this Shari'ah-compliant way of financing as long as one stays safe from the forbidden elements. But can you? If not, then there is at least a system which claims to be free from it!

b.  Intentions can actually change the status of Mubah to Fardh or Haraam and can therefore earn you reward or punishment as a result. To support a system such as Takaful which is certified “Islamic” by some of the most prominent and leading Shari'ah Scholars, for the sake of Allah (SWT) alone, as part of an effort to live Riba-free, will Insha'Allah earn you rewards from Him.

2.  There are two tiers to an Islamic Financial Institution: one is the business model and the other is the practitioners implementing that model. The title “Shari'ah-compliance”, in this context, refers, implies, and concerns the former and not the latter. The practitioner's belief or values or practices have no bearing or impact on the permissibility or the impermissibility of the business model in question, in Islam. The focus of debate should be the business model, not the Hijabless receptionist. One point:

a.  However this does have an implication. Shari'ah, in reality, is not limited to any particular aspect of life, or work. It encompasses and is applicable on both individual and collective life activities. To call Islamic Banking or Takaful “Shari'ah-compliant” and then to limit its scope within the boundaries of business model, is therefore unacceptable. If the industry practitioners are non-practicing Muslims and are involved in activities prohibited in Islam as prohibitive as free intermingling of sexes, and then to pretend and plead compliance to “Shari'ah” is unacceptable. Islamic Banks and Takaful should instead refer their case as “Riba-free Banking” or Halal financial intermediation.

b.  The prevalent practices in Islamic Finance is of “acceptable level”, if one, for the sake of perspective, broadly categorize it into acceptable, satisfactory, and desirable levels, desirable being the one closest to the vision of Islamic Economics System.

3.   Islam is a strictly process-oriented religion as opposed to being result-driven. The emphasis is not only on the intention but also on the effort put in by the individual. This is an important point. Many amongst us wrongly pass out judgments on the results, the face value, the conclusions, the outcomes, the end of an action without considering the process or work content involved in reaching it. The only factor differentiating the birth of a child one from wedlock and other from out-of-it is a mere offer and acceptance contract called the Nikah Naamah. This Nikah Naamah is what distinguishes between the two same results (birth of the child) rendering one form of birth permissible while the other impermissible. Moreover, what constitutes an animal sacrifice acceptable in Islam and its food fit for consumption (Halal) is the lone attributed proclamation during the act of slaughter. This proves that processes count, not results. Similarly, the Prophet Muhammad (peace be upon him) was asked to only “deliver the message” and not to “kill yourself in grief over them” (when they disregard your declaration). Two points:

a.  The same principle holds true when judging Islamic Banking or Takaful. Just because conventional car financing scheme and Ijara or life insurance and Family Takaful looks the same on the surface, it does not necessarily mean that the two therefore must be identical in its processes also. It may or may not be, for which you need to read its respective literature. The argument that conventional and Islamic financing “looks” the same is therefore invalid.

b.    Islamic Economic system is means to an end, not the end unto itself.

4.  The Deen of Islam is divided into Ibadaat and Mu'amulaat. One golden rule worth remembering is that the former comes prescribed with a list of do's whereas the later with a list of don'ts. In Ibadaat, all besides which has been listed is considered Haraam whereas, on the contrary, all besides which have been listed in Mu'amulaat is considered Halal. In simple words, in matters of financial dealings, Allah (SWT) has given us a list of don'ts in Riba, in Gharrar, in Qimar, etc., and have left the field wide open for human ingenuity and intellect to play around. On the other hand, in matters of Ibadaat, Allah (SWT) has taught us exactly how to worship him right to the minute detail, deviation from which will give rise to the despicable Biddah. One point:

a.   The existing Shari'ah compliant system/products—be it in banking, be it in Takaful—are “man-made” products, meaning that we have developed it, and not Islam. We were allowed to develop these products because, as explained earlier, it is a matter of Mu'amulaat (and also Mubah), and as such as long as one does not indulge in Riba and co., one is free to innovate to mind's and heart's content. This fact is best exemplified in the number of Takaful models in operation in the world: there is the Modarabah Model, the Wakala Model, the Modarabah-Wakala Model, and the Wakala-Waqf Model. Therefore, there is no reason to become confused or skeptical if one country is following a different Takaful model from another. Perhaps now you would understand why there is this constant hue and cry for product innovation and creativity within the Islamic Finance industry.

5.  Just as one should not become skeptical over the differences in approach to Takaful, one should also not feel burdened over conflicting fatwas. The logic is simple. The issue of Shari'ah-compliant financing is an issue of Ijtehad/Qiyas (Analogy). In Ijtehad, there is room for discussion and debate, and ultimately disagreement. For Ijtehad to qualify or fail, the majority opinion is generally held sacred. An important point though:

a.   According to the Shari'ah, in matters of Ijtehad, a person may prefer the fatwa of one Scholar over that of another's but without resorting to unfound criticism and revolt of the contradicting one. One should in fact follow the fatwa of the Scholar whose level of knowledge and expertise in Shari'ah, professional background in the related field, and Taqwa we most trust and hold dear.

6.   If Islamic Banking or Takaful is not “Islamic”, and is in fact Haraam, both the Shari'ah Scholars and the consumer of this system would be free from sin—if—and only if—the Scholars were honest, sincere, and true with their convictions. This makes sense. A judge may pass a wrong verdict, but if that decision was driven by Truth, Allah (SWT) will not hold him accountable for his mistake. A doctor can also fail a person's health with his treatment. Again, if it was an honest mistake, there would be no blame or charge on him. Similarly, a Shari'ah Scholar, to the best of his knowledge and intentions, may also authorize an Islamic financial product to be Shari'ah-compliant and Halal which the case may not be, and in which situation, he will not be penalized with sin. One point:

a.   A consumer's responsibility is to exercise reason and faith in the ruling of the Shari'ah Scholars with regard to the permissibility of Islamic Banking and Takaful in Islam. If he errs, he will not incur sin. If Shari'ah Scholar errs, by way of an honest mistake, he too will be free from any divine transgression.

Seeing things differently is a challenging proposition one which requires knowledge, and Faith. Not everything is art and science; there is revelation as well. Islamic Finance, being a subset of Islamic Economic System, which in return in founded on indigenous social sciences, besides empirical sciences, starkly differs from its conventional counterpart. It is this paradigm which contributes towards the development of a frame-of-mind necessary to approach the study of Islamic Banking and Takaful, otherwise, confusion will continue to abound. Subscribing to this position will greatly remove misapprehensions and moreover influence sympathy. This, however, is not the end, but the means to an end. In reality, it is just the beginning. Regard this as a stepping stone. In actual, one cannot do away with the academic books in favor of this, for that would be blind faith. If there are two things this industry doesn't need, those two things would be blind faith and baseless criticism.

May Allah bestow us with the knowledge of His Deen and the strength to act upon it; Amen.

The author of this article is associated with Pak-Qatar Family Takaful Limited as AM- Corporate Communications Marketing. He may be contacted at farhan.noor@pakqatar.com.pk

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Spreading the Message of Takaful

Takaful Seminar in University of Peshawar
One of the most exciting seminars to be conducted on Takaful was arranged by Pak-Qatar Family Takaful Limited in coordination with the University of Peshawar on 24 February 2009. The participants included doctorates, students of doctorates, Shari'ah Scholars, and professionals as Muhammad Ahmed, Head of Shari'ah Compliance Training Department at PQFTL introduced the concept of Takaful through an interactive presentation. Later, the much-awaited question and answer session was handled by P. Ahmed (Former CEO) and Dr. Mufti Ismatullah.

Executive Dialog CNBC
For those interested in knowing P. Ahmed (Former CEO) better and at a personal level, from his childhood years to his fast-track in becoming the Chief Executive Officer of the first Family Takaful company in Pakistan, the Executive Dialog at CNBC is a must-watch.

Black Coffee Interview
Pak-Qatar Family Takaful, being the pioneers of Family Takaful in Pakistan, turned into a topic of interest and discussion on ARY OneWorld. P. Ahmed (Former CEO), CEO, and Osama Javed, Head of HR, participated in an in-depth interview on the company's vision, its products, various achievements and accolades, and future plans. This one-hour interview was a major success for the channel.

DAWNNEWS Interviews CEO of Pak-Qatar Family Takaful
The issues-in-discussion included the how and why behindthelowconventionalinsurance      penetration rate in Pakistan, the concept of Takaful, the differences defining it, the posing challenges and available opportunities, the products on offer and the future that can be.

 

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Strategic Alliances

First Shari'ah-Compliant Banc assurance (BancaTakaful) Agreement Signed
Pak-Qatar Family Takaful Limited and FWU AG signed a BancaTakaful agreement with Bank Islami for the distribution of long-terms savings and protection products (Nov 06/08).

Distribution Agreement Signed with Bulls Bulls
According to the agreement on Nov 26/08, Bulls Bulls will sell Pak-Qatar's individual family Takaful products such as Share 'n Care Savings and ABC Education Takaful through its distribution network across Pakistan. Pak-Qatar Family Takaful would provide training to the Bulls Bulls sales team.

Pak-Qatar Provides Free Takaful Coverage for Investors of Al Meezan Investments' Mahana Kharch Account
Pak-Qatar Family Takaful Ltd. and Al Meezan Investments have signed an agreement (Dec 02/08) that will provide all investors of Mahana Kharch Account with free Takaful coverage of up to 1 million rupees. The investors would be entitled to Takaful cover in case of natural death, accidental death, permanent total disability, and medical expense in case of accidents.

Business Secrets From Holy Quran

Eliminate Wastage
Toyota Motor Corporation, which started off in 1934, a multinational corporation headquartered in Japan, is currently the world's largest automaker. The success of Toyota, defined in the philosophy of the 'Toyota way', is based on two core principles: 1) Elimination of Wastage and 2) Respect for All.

The Holy Quran encourages Muslim to eliminate any wastage around him/her, at home, at workplace, or in society even when faced with resistance. A very common example would be to control the use of water, food, and electricity according to one's needs. Wastage of resources such as material in the workplace, man-hours, machine-hours, human potential, and time should also be eliminated in order to achieve maximum efficiency and effectiveness. It is written in the Holy Quran:
“… waste not in the manner of a spendthrift for the wasteful are the brothers of Satan; and Satan is ungrateful to his Lord.” (Surah Anbiya:26-27)

by Omar Javaid, Sr. Editor - Citric Magazine

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Economics Investment Outlook

Shariah compliant financial institutions better off during the financial crisis

By: Salman Ashraf

Financial markets in the recent past have been marred by the global turmoil. It all started off with the sub prime mortgages. Mortgages are used by individuals and businesses to make large purchases of real estate without paying the entire value of the purchase up front (Investopedia Definition). These mortgages were then re-packaged and securitized to form more debt-based financial instruments which were further securitized and sold globally. Since the initial mortagage debts were of low quality in terms of their recoverability, borrowers started defaulting on them. This had a chain reaction on the financial securities created on the basis of mortgage debts eventually causing large corporate companies like Lehmann Brothers to collapse.

However this collapse allowed Shariah Compliant Financing (SCF) to be looked upon as a solution to the global financial crisis of today and to prevent such events in the future. (SCF) in general proposes a list of “don'ts” or prohibitions which if acted upon, a transaction becomes Shariah Compliant. Interestingly the factors driving this financial crisis actually belong to that list of prohibitions. SCF among other things prohibits interest based transactions, short selling, Gharrar (Transactions involving excessive uncertainty), Qimar (Speculative Transactions). Although it allows the securitization process (Sukuk being its manifestation in SCF) but at the same time it clearly lays down the extent to which it can be benefited from. Similarly SCF fosters a risk sharing mechanism rather than a risk transferring system in the conventional financial system. SCF prohibits the selling of debts above or below their par values, which if had been acted upon could have prevented the whole crisis from occurring.

Although SCF is not being openly accepted by the western world as a complete change over to their present system, but certainly it has come out into the open that the “list of don'ts” in SCF, prevented the Shariah Compliant Financial Institutions (SCFI) from the losses faced by their conventional counterparts. Recently the U.S. Securities and Exchange Commission announced that it is considering restrictions on short selling, which is believed to have caused volatility and loss of investor confidence in the US Stock markets. Similarly regulations are being proposed for speculative financial instruments like Credit Default Swaps (CDS) which caused huge losses to American International Group (AIG) which eventually had too be bailed out by the Federal Reserve of US through a $85 Billion package.

Practices of the SCFI's being monitored by Shariah Supervisory Boards, prevented them from investing and being involved in transactions that let their conventional counterparts suffer huge losses. Although SCFI's represent only 1 percent of the global financial industry which should have made them more vulnerable during these hard times, but they stood these difficult times quite effectively. However it is still a long journey and tough target ahead of SCFI's to commit themselves to Shariah Compliance which involves a compromise on a lot of short term gains and eventually setting the path to recovery for the 200 year old conventional financial system.

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Pak-Qatar People

Mr. M. Kamran Saleem - Chief Financial Officer Company Secretary

Mr. M. Kamran Saleem has a Bachelors degree in Law a Masters in Commerce. He is an associate member of the Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Corporate Secretaries of Pakistan (ICSP) and a fellow member of Institute of Cost Management Accountants of Pakistan (ICMAP) and Pakistan Institute of Public Finance Accountants (PIPFA). His academic achievements include three gold-medals in final examinations of ICAP.

Currently, he is associated with Pak-Qatar Takaful Group as the Chief Financial Officer (CFO) and Company Secretary. He holds rich experience of more than 10 years in accountancy and corporate compliance matters.

Prior to joining Pak-Qatar, Mr. Kamran was associated with the Dewan Mushtaq Group for 2 years in the capacity of Deputy General Manager, Corporate Finance Department. Earlier, he was the Manager Accounts with Farooq Textile Mills Limited for 2.5 years. Mr. Kamran has also spent 5 years in the public practice sector as the Manager of the Assurance and Management Consultancy department at Hameed Chaudhri  Co. Chartered Accounts which is affiliated with International Network of Professional Accountants, USA.

Mr. Kamran also holds a Post-Graduate Diploma in Islamic Economics Finance from Center of Islamic Economics, Darul Uloom.

Mr. Abdurrehman Fayyaz Khan – Regional Head, Karachi

Mr. Abdurrehman Fayyaz Khan is a seasoned insurance/takaful professional with over twelve years of sales/sales management experience.   He holds an Executive MBA and started his career with EFU Life Assurance in 1997.  Displaying exceptional selling and people management skills, he quickly rose in the ranks to Unit Manager and then Senior Unit Manager in Commercial Union Life Assurance in 1999.  He continued to excel and was appointed as Group Manager in NJI Life heading five branches with a sales force of 140 plus and more than 24 managers - winning several awards and overseas conventions in the journey of success.

Abdurrehman has exemplary skills in sales force recruitment, sales management and in insuring high levels of customer retention and persistency.  He has participated in over twenty trainings and seminars on sales and related disciplines. 

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Achievements


Pak-Qatar Assigned 'A-' (Stable Outlook) Rating
Feb 17: JCR-VIS Credit Rating Company Limited has assigned Pak-Qatar Family Takaful Limited an initial 'A-' rating with a Stable Outlook. This accomplishment incorporates the financial support we have from the State of Qatar, experienced management, and established business processes.

Pak-Qatar First to Implement SAP
Feb 13: Pak-Qatar Takaful Group becomes the first company in the Takaful/insurance sector and the second in the whole of financial services industry in Pakistan to implement SAP, achieving yet another pioneering feat. Pak-Qatar has also previously invested in procurement of state-of-the-art PentaTakaful system from Malaysia in 2008.

New Website Launched
We are proud to launch our new website and hope that you like it and find it useful. This makeover is an attempt to enhance and facilitate customer experience by bringing all the relevant information you need to know about Takaful and Takaful products at a mouse click. Do let us know your feedback. We appreciate your involvement in every step of the way.

New Features:
Online Get-A-Quote Form
Customer Complaint/Feedback Center
Downloadable Brochures/Flyers
Streaming Videos
Branch Locator, and many more exciting features

3rd Annual General Meeting of Pak-Qatar Takaful Companies
The third annual general meeting of the two companies was held in Doha recently. Sheikh Ali said there was tremendous scope for the growth takaful portfolios in Pakistan. “The future of takaful in Pakistan looks promising and we will continue to support and provide technical assistance to promote it in the country. We will continue to tap the potential of the takaful market in Pakistan,” he said.
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Celebrating Qatar National Day 2008


Dec 18: Pak-Qatar Takaful Group, a Qatari-financial institution, celebrated the Qatar National Day with zeal and fervor. The celebrations emphasized the identity and history and embodied the ideals and visionary aspirations that the country was founded on and paid homage to the great men and women who participated in building Qatar's nation. Present on the occasion at the Qatar House were Governor of Sindh and the Diplomatic Core including the Counsel General His Excellency Sheikh An-Naimi.

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Employee Training Development Activities

Course: Sources of Shariah
In literal terms, Shari'ah means water source. Technically, it means the commandments which Allah ordained for His worshippers so that their striving may attain salvation. Shari'ah laws come from a combination of sources viz. Al-Quran, As-Sunnah/Hadith, Ijma (Consensus), and Qiyas (Analogy).
In this course the employees are trained in the development of the skill and the ability to understand better and appreciate the various sources of Shari'ah. Participation is voluntary but once registered, have to attend the lectures regularly. Weekly tests are also conducted.
The course is taught by Dr. Mufti Ismatullah who is a member of the Shari'ah Supervisory Board at Pak-Qatar Takaful Group.

Course: Islamic Economic System
This is a one-year in-housing training course conducted by Dr. Mufti Ismatullah covering wide-ranging topics broadly aimed at understanding and learning the dynamics of an Islamic Economic System, in comparison with that of Capitalism and Socialism. The course is conducted every Friday morning and employees need to register themselves to participate, attend classes regularly, and pass bi-weekly tests.

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Milestones

Setting Benchmarks: 3 Crore Pati Branches in Less than 1 Year
We began our operations in March 2008 and fast-tracked to achieve sales milestones in a very short span of time. By end-year 2008 three of our branches reached the crorepati mark: two in Karachi (named Falcon 1 and Falcon 2 branch) and one in Peshwawar named Khyer Branch. The Falcon 1 branch is spearheaded by Abdur Rehman Fayyaz whereas Kamran Soomani leads his Takaful Consultants in Falcon 2. Kamran was the first to achieve this milestone whereas Mohammad Anwar, Business Unit Head at Khyber Branch, was the quickest.

500 Takaful Consultants, and Growing
Currently we have 121 permanent employees and 500+ contractual trained Takaful Consultants all over Pakistan.

First Annual Sales Conference—2008
Pak-Qatar Family Takaful Limited celebrated its first Annual Sales Conference and recognized and rewarded those involved in spreading the message of Takaful in Pakistan. The year 2008 brought laurels to the company and broke sales records in the industry. For a company to achieve Rs. 100 million milestone in only its first year of business proves just how dedicated and committed the management and the sales force is, and how quickly popular Takaful is becoming amongst the masses.

To keep the momentum going, the year 2009 was branded on the theme of “NO STOPS: Nothing Can Stop Us”. Certainly, nothing can stop us if we keep our conviction in Allah and strive for success with sincerity and hard work.

During the Conference, CEO P. Ahmed announced the 2010 Malaysia Convention as an incentive to those who are  willing to take on the challenge of providing financial protection to everyone through Takaful. The winners of the “Chief Executive Challenge Trophy” conducted last year were also announced in the Conference.

The winners of the last quarter of 2008 contest “Chief Executive Challenge Trophy” were announced at the Conference and shields of recognition and cash prizes were distributed to them.



 
Rs. 100 million Business Submitted in First Year of Operations!
An industry record, Pak-Qatar Family Takaful reached Rs. 100 million mark in terms of business submitted in only its first year of operations. This milestone bears testimony to the company's commitment to provide financial protection through Takaful to everyone.
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Think About It

“The conventional definition of management is getting work done through people, but real management is developing people through work.”
Agha Hasan Abedi

“In the modern world of business, it is useless to be a creative original thinker unless you can also sell what you create. Management cannot be expected to recognize a good idea unless it is presented to them by a good salesman.” 
David Ogilvy

“There are two blessings that most people are deluded by: Health and spare time.”
Prophet Muhammad (PBUH), Bukhari 8/421

“Waste your money and you are only out of money, but waste your Time you have lost a part of your life.”
Dr. Michael Le Boeuf

“A good disposition, and deliberation in affairs, and a medium in all things, are one part of twenty-four parts of the qualities of the prophets.”  
Prophet Muhammad (PBUH)

“Whoever desire the world and its riches, in a lawful manner, in order to withhold himself from begging, and for a livelihood for his family, and for being kind to his neighbour, will come to God with his face as bright as the full moon on the fourteenth night of the lunar month.”
Prophet Muhammad (PBUH)

“What most people need to learn in life is how to love people and use things instead of using people and loving things.”

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Book Review

Islamic Finance is plagued with misconceptions and miscomprehensions. Skeptics pronounce their doubts and mainstream their reservations about this industry either in the form of fatwas or in the format of casual discussions, influencing the many who read or listen to them. Whereas discussion in itself is healthy, un-moderated discussion is not. What entails thereafter from such uninformed discourses is further confusion and diffidence in the minds of masses about the validity of Islamic Finance. This is a common dilemma facing the nascent industry. In order to revert and clarify the apprehensions in a befitting manner, Pak-Qatar Family Takaful has published an easy-to-read booklet on the policy concerning and practice of Takaful from both technical and Shari'ah perspective.

The booklet is divided into Urdu and English versions of the same and approaches the subject of Takaful at different levels and from different perspectives. The readers will enjoy the lucidity of the writer's thoughts and the logic in his arguments. The objective of this booklet is to familiarize the Ulema and the common man with the fundamentals of Takaful without going into an elaborate discourse. It is recommended for the students of Takaful as well. The booklet is readily available at all the branches of Pak-Qatar Family Takaful, as well as on our website as a free PDF download.

Booklet Format
Urdu Author: P. Ahmed (Former CEO)
English Translation: Farhan Noor
Publisher: Pak-Qatar Family Takaful Limited

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Health Awareness

Benefits of Quitting Smoking
By Dr. Izhar Ahmed, Pak-Qatar Family Takaful Limited
You have been hearing about the risks and dangers of smoking for years from your loved ones, friends and strangers, from the media, and even in that warning box on the back of each pack of cigarettes. You know that quitting now is the single best thing you can do for your lungs, for your heart—for your life.

For many, fear of illness, even death, is a primary motivation for quitting. And that's fine. The key is to find the reasons that mean the most to you. Maybe your motivation is to look better, or healthier, or respectable. Consider the many ways that kicking the habit can kick-start your life. You'll soon have:

  1. Sweeter breath: Your teeth will be whiter; your breath, fresher. And you'll be less likely to develop gum disease, tooth decay or tooth loss.
  2. Smoother skin: Going smoke-free is one of the best ways to ward off wrinkles.
  3. Nicer nails: Who's yellow? Make those stained fingers and nails a mere bad memory.
  4. A sharper sense of taste: Remember when you could really smell and taste your favorite foods? You'll be able to, again.
  5. Fresher scents: Your hair, clothes, house and car will smell better.
  6. More time: Who doesn't need more time? All those minutes once spent on cigarette breaks really do add up. Smokers spend 8 percent of their working hours on smoking rituals, the American Cancer Society estimates. Now you can spend that time getting things done more efficiently, or enjoying yourself in a healthier way.
  7. A fatter wallet: Think of the thousands of rupees you'll save!
  8. A better feeling about yourself: You'll know that you're no longer exposing those around you to secondhand smoke, and if you have kids, you can feel really good that you're setting a positive example.
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Life on the Lighter Side

Once, the people of the city invited Mulla Nasruddin to deliver a speech. When he got on the minbar (pulpit), he found the audience was not very enthusiastic, so he asked Do you know what I am going to say? The audience replied NO, so he announced I have no desire to speak to people who don't even know what I will be talking about and he left.

The people felt embarrassed and called him back again the next day. This time when he asked the same question, the people replied YES So Mullah Nasruddin said, Well, since you already know what I am going to say, I won't waste any more of your time and he left.

Now the people were really perplexed. They decided to try one more time and once again invited the Mullah to speak the following week. Once again he asked the same question - Do you know what I am going to say? Now the people were prepared and so half of them answered YES while the other half replied NO. So Mullah Nasruddin said The half who know what I am going to say, tell it to the other half and he left!

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This newsletter is developed and published by the Marketing & Communications department at Pak-Qatar Family Takaful Limited. Please address your correspondence c/o farhan.noor@pakqatar.com.pk or at company address

102-105, Business Arcade,
Block 6, P.E.C.H.S., Sharea Faisal,
Karachi.