Escape From Poverty Essay

Introduction Poverty is a serious situation where the majority of individuals have experienced in their daily life. Poverty is the inability to maintain standard of living. Poverty is hunger and lack of shelter. Poverty is a lack of basic necessities such as clothing, housing, water and health services. Parents living in severe poverty affect the education of young children. This is because they might be selling for their parents to get some money to maintain themselves, or also the parents are unable to pay for their child’s education. Many children are not attending school due to the lack of money for textbooks, uniforms and tuitions. Therefore, some children tend to suffer for a situation they cannot avoid, being poor. Due to this problem, it is the responsibility of the government and family alike to ensure that a child receives an education. Therefore, their education is likely their only escape from poverty. Aims and Objectives The aim of this research is for the researcher to become aware of the factors influencing the education of these children and also to make the public and government officials aware of this serious situation. The main objective of this research is to find some type of solution or help which will benefit both the parents and the children. The people in this village that are of higher standard of living can come together and help the people that are more in need since it is the lives of young children that is being affected. The government should invest their money in this village by helping parents get books, uniforms and paying tuition for the children. Also they should have more job opportunities since many parents are unemployed and without a job they don’t have money to cover the school expenses. Purpose of Investigation The researcher conducted a research on the Factors affecting the education of young children in the village of Trial Farm. Many children in this village  do not have the opportunity of attending school and having an education. This is a serious factor that should be dealt with immediately since it is affecting the lives of young innocent children. In order for the researcher to know the reasons why this is becoming a serious issue, interviews were held, questionnaires were issued out to the different people and surveys were made. This research will help the researcher and the public become aware about the reasons why children stay home and not go to school. Every child has the right to attend school and to become someone in life. However, this is not so in the village of Trial Farm since parents are not capable of sending their young ones in school or high school. This investigation will be like an eye opener to the researcher and to everyone. Method of Investigation In conducting my research on the â€Å"Factors affecting the education of young children in Trial Farm Village† there were numerous methods used. Firstly a survey was conducted, in the form of informal interviews. A total of fifty randomly selected people were asked questions in terms of the reasons why children are not attending school and why the parents are not capable of sending their children to school. The questionnaires were issued to the parents since they are the ones who can state the reasons for their children not attending school. The parents were allotted about ten minutes to complete the questionnaire. According to the respondents, majority of the children are unable to attend school because of the cost of education. For the informal interviews being made, most of the respondents agreed that the area that generated the most is the cost of purchasing books, paying tuition and getting uniforms for their children. The researcher also used secondary data as a method of research. Some information was obtained from newspapers, articles and a website to get statistical information about this research. The website was www.cso.gob.bz.com(government statistics office). Some informal interviews were also attempted to different parents whereby they corresponded very satisfactorily. This was done to get personal views and opinions by parents. Their answers were used to further analyze and study the factors that affect education in this village. Procedures used to collect data The researcher had gone to the village of Trial Farm in order to conduct a research by conducting a survey. The researcher distributed fifty questionnaires to each individual in the village and was given five minutes to answer it accurately. After collecting the questionnaires, the researcher gathered the information and analyzed the information given by the respondents. After analyzing the data collected the researcher presented the findings of the investigation. As a result, the respondents really helped the researcher in the survey being conducted. They gave accurate responds which assisted the researcher in the survey. Presentation and Explanation of Data Figure 1.1 shows the percentage of children both males and females not attending school. The pie chart above shows 20% of females not attending school, 20% of males not attending school due to many causes as the researcher did its investigation in the village of Trial Farm. Therefore, there are 50% of both males and females not able to attend school. Figure 1.2 shows how many parents both Father and Mother do not have a job. As shown above, both father and mother does not have a job. Out of 15 parents there are 10 fathers not employed and 5 mothers not being employed as the researcher did its investigation on unemployed parents in the village of Trial Farm. Figure 1.3 shows that what the people of Trial Farm believe what causes their children from not attending school. As shown above, there are 10 people who believe that unemployment causes their children from not attending school, 6 people believe that poverty causes it and 4 people believe that the government causes the children from attending school. Interpretation of Data In the village of Trial Farm, there are a number of young children not attending school because their parents are unable to pay due to financial need. After analyzing the data being collected, there is a total of 50% of children both males and females not attending school due to many causes.  There are 20% of females and 30% of males not attending school in the village of Trial Farm. Due to this, it is because of their parents not having a job to sustain the family; therefore, it leads to unemployment where it affects the children. In total there are 15 parents both mother and father not employed. There are a total of 10 males and 5 females not being employed. So it leads to several causes that affect the children in not attending school. This leads to unemployment where parents do not have the opportunity to have a job; it leads to poverty where parents do not have enough income to sustain the family and deals with the government. This may cause the children not able to go to scho ol because of transportation; government doesn’t provide a bus for those children who are not able to buy a bicycle to go to school. Government does not help in purchasing textbooks, stationeries and trying to pay half of the tuitions for those children. Finding 1. Poverty affects the life of many; children go to school without breakfast or even enough money to buy a suitable meal for lunch. 2. When it comes to education of a child, some families are unable to afford sending their child because of the cost of education in terms of purchasing textbooks, paying tuitions and the sewing of uniforms. 3. The researcher had encountered that poverty is a situation whereby many families cannot avoid, mainly because they are born into it and they cannot help themselves, therefore, they seek low paying jobs, and force their children to sell for them in order to sustain their life. 4. Conducting the research in the village of Trial Farm, the researcher saw many homeless people wandering around the streets; women and their children, and men. 5. Poverty neglects many things for families; education, proper schooling, and shelter. Recommendation 1. The researcher had seen how sad is to see people living in poor conditions whereby children are unable to attend school. 2. Government together with the Ministry of Education should try to provide a home for many of the disadvantaged children, by giving them an opportunity by sending them to  school and by giving scholarships to those children who are in need of an education because it is very important for a child to get an education so that they would have something to defend themselves in the longer run when they are finding a job. 3. As a country and as a person, we should find different ways to be a supportive system for these people, because they are just like any ordinary people who have hopes and dreams in life. 4. We should help each other to move forward so our country can progress and be a better place to live in. Questionnaire Greetings in the name of the lord! My name is Maritza Vasquez and I am a student of University of Belize, the researcher. The researcher is investigating on the topic â€Å"Factors affecting the education of young children in the village of Trial Farm† hence; I am kindly requesting your assistance by YOU filling out this questionnaire. This questionnaire will assist the researcher by giving accurate and direct data that will be used for my research project. Thank you in advance for your kind assistance. May God Bless you! 1. Do you have a job in order to sustain your family? Yes No If yes what type of job? _______________________ 2. How much do you spend a day? $0-$2 $2- $5 $5- $10   10 & above 3. Are you in need of basic necessities? Yes No If yes, state what basic necessities you are in need of ___________________________________________________________ 4. Have you been helped by other individuals? Yes No 5. Have you ever experienced a financial need? 6. Yes No If yes, state why? _____________________________________________________________ 7. How many children do you have? 1, 2, 3, 4 and above 8. Are your children attending school? Yes No 9. If your child isn’t attending school, state what they do on their free time and why? _______________________________________________________________ 10. Why are you unable to send your child to school? _______________________________________________________________ 11. Have you ever heard your child say that he/she wants to go to school? Yes No 12. If there was an opportunity for your child to go to school, would you let him/her go to school? Yes No If no, state why? ______________________________________________

Adam Smiths Invisible Hand

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I Was Waitlisted - What Do I Do Now?

Hearing back about your college admissions decisions may be one of the most stressful things you’ve yet experienced. You’ll probably feel some combination of excitement and dread while waiting to find out whether your first-choice college will be sending a â€Å"Congratulations!† or a â€Å"We regret to inform you†¦Ã¢â‚¬  But what if, when you open that envelope or log into that application system, the answer is neither? As you probably know, a certain number of college applicants are neither accepted nor rejected on that notification date in March or April. Instead, they’re waitlisted — placed on a list of applicants who may be reconsidered in the coming months, should there be gaps in the freshman class. Obviously, being put on the waitlist is not the acceptance for which you’ve been hoping, and getting waitlisted can be quite disappointing. However, you may still have a chance at being admitted to your chosen school. In this post, we’ll go over the waitlist process, your waitlist action plan, and how to make the best of this situation. If you are placed on a college’s waitlist, you have not been accepted to that college. However, the college is telling you that if there ends up being space in the incoming freshman class, they may consider admitting you to fill that space. Why might there be space in the matriculating class for waitlist candidates? Often, it’s because fewer accepted applicants chose to actually attend the college than the admissions office anticipated; in other words, their yield was lower than they expected. It might also be because some accepted students chose to defer admission for a year and take a gap year. Having a waitlist allows the school to fill any remaining spaces with qualified candidates, thus both ensuring they’ll have a complete class and making a handful of lucky students very happy. In many ways, this is a win-win situation for colleges and college applicants, but in order for you to have the best possible chance at eventually being admitted , it’s important that you understand the waitlist process and use it to good advantage. Because space for waitlisted candidates depends upon how many accepted applicants choose to attend, waitlist decisions can’t be made until the college hears back from this original batch of applicants. Since most colleges have response deadlines of around May 1st, this means that you won’t hear back about your waitlist application until at least May. Different schools have different procedures for considering waitlisted applicants. For some schools, the process can stretch out over the summer. Fortunately, most schools will inform you once the waitlist acceptance process is over even if you weren’t accepted, so you won’t have to live with uncertainty for longer than necessary. It’s hard to say what your chances will be of getting off the waitlist. A great deal of that depends on your profile as an applicant. Generally, the waitlist admissions process considers all the same factors that were considered when you initially applied, though (as we’ll describe below) you’ll also have the opportunity to update the college about any new accomplishments. Waitlist acceptance rates vary from school to school and even from year to year; it all depends upon how the regular admissions process goes that year. Some colleges have ranked waitlists, in which the college’s admissions office already knows who will be offered admission in what order if spaces open up, but many don’t. With all this unpredictability, the waitlist process offers no guarantees, and it’s important that you keep this fact in mind. The number of spots that open up in the matriculating class is often quite low, and consequently, so are waitlist admissions rates. In some years, at some competitive schools, no waitlisted applicants can be admitted at all. You can choose not to stay on the waitlist if you wish, meaning that you’re giving up your chance to be considered for later admission. If you’re excited about another school that has offered you admission, it may be preferable to you to take that offer and begin making solid future plans rather than waiting around. There’s nothing wrong with taking that path. Still, most of the time, someone is accepted off of the waitlist. If you’re still strongly interested in attending that college, and you’re willing to accept not knowing your status for a while longer, it may be worthwhile for you to stay on the waitlist and put in some additional work to make sure you’re as strong a candidate as you can be. If you do choose to remain on the waitlist, you’ll have some work ahead of you in order to maximize your waitlist potential. Below, we’ll go over how to figure out the best approach for your particular college, what to do in order to secure your waitlist spot and update your application profile, and why it’s still essential that you have a strong backup plan. Estimating your chance of getting into a college is not easy in today’s competitive environment. Thankfully, with our state-of-the-art software and data, we can analyze your academic and extracurricular profile and estimate your chances. Our profile analysis tool can also help you identify the improvement you need to make to enter your dream school. In order for you to get accepted off the waitlist, you first need to make sure that you’re on the waitlist. Many schools require that you do something specific to indicate that you’re accepting a spot on the waitlist, such as filling out an online form or sending an email to a particular address. As we discussed above, your waitlist notification will usually tell you exactly how to confirm (or turn down) your waitlist spot. If your school does not give specific instructions, you’ll need to write the admissions office a formal letter notifying them of your decision. If your school uses a specific procedure, use that procedure, and you’ll often be able to submit a more detailed letter as well — ask your admissions office for advice. In your letter, you should explicitly state your intention to stay on the waitlist. You should also reiterate your strong interest in attending that college if you are eventually accepted. Keep your letter relatively succinct, though — the admissions office already has access to your application, so you don’t need to repeat information that they already know. What you can include is information about any new accomplishments you’ve achieved since you submitted your initial application for admission. New accomplishments can also include ways in which you’ve significantly improved your original applicant profile. If you’ve retaken a standardized test and achieved a substantially higher score — for example, a change of more than 150 points in your SAT score — informing the college might  help your application. The same is true if your grades have improved by more than one letter grade. Smaller improvements in grades or scores probably won’t make much of a difference. Depending on the nature of these updates, some of them may require you to submit additional information. For example, if you have a higher SAT score to report, you must also remember to order an official score report to be sent to the college by the College Board . If you want to send in any other supplemental information at this point, first, call the college and ask if they’ll take that information into consideration. Some colleges won’t even look at supplemental materials, and it’s a waste of time to prepare any. Remember, the college already has your application; you can make updates, but you can’t rewrite the whole thing. Don’t forget to do your research on the college’s website and even call the college’s admissions office if you’re at all uncertain about whether or not to include a particular achievement or piece of information in your letter. It’s also a good idea to have someone read your letter before you send it — this would not be a good time for typos or other silly errors. Finally, in making and carrying out your waitlist action plan, you need to follow any specific instructions that you’re given by the college. As we’ve mentioned, some schools have more specific procedures than others regarding what to do when you’re waitlisted. If a school uses a particular online system to collect information, for example, make sure you use that system rather than just submitting a separate letter. Conversely, don’t do anything the college tells you not to do. If the college tells you that they don’t accept additional letters of recommendation for waitlisted students, don’t send one in. If the college tells you that you can’t arrange for an additional interview or admissions meeting, don’t show up unannounced and demand to see the Dean of Admissions. (Yes, things like this do occasionally happen.) Not following directions can only hurt an admissions officer’s perception of you as a candidate, even if you’re breaking the rules in an attempt to portray yourself in a better light. Being perceived as rude also won’t help. As always, being polite and respectful to admissions representatives is essential — these are the people you’re trying to impress, after all. While you might be tempted to call the admissions office every day to find out if there’s been any change in your status, it’s best to stifle the impulse to check in too frequently. Once you’ve done your best to update your application, you can be hopeful while still moving on with your life. In the next section, we’ll offer some advice about making backup plans while waiting to hear about your waitlist application. Making a backup plan involves confronting the reality that in the end, most waitlisted applicants will not be accepted . This doesn’t necessarily reflect poorly on you — competitive colleges have to turn down many qualified applicants , and there’s always an element of chance. Still, it can be hard to give up on your dream school or your mental plans for your college career. The good news is that, in many ways, college is what you make of it. Even if another college doesn’t initially seem perfect, it can still be a great fit for you. While you’re waiting for news about your waitlist status, for your own safety and sanity, you need to continue moving forward with your plans as if you’re not going to be accepted to your waitlist school, and think about how to make the most of life at another school. First, you’ll need to make a big decision: Which school’s offer of acceptance will you go with? Evaluating your choices and coming to a final decision is rarely easy, and its complexities deserve their own blog post: How to Deal With College Decisions and Make a Choice . Once you’ve made your decision about where to attend, do whatever that school asks you to do in order to secure your spot in the matriculating class. Don’t worry about this decision impacting your chances of admission off the waitlist — it won’t, and the college that waitlisted you knows that making a backup plan is a wise and mature move. Many schools ask admitted applicants to submit some type of deposit in order to confirm their enrollment, and sometimes also to confirm on-campus housing. These deposits are often nonrefundable, meaning that if you get accepted off the waitlist at your first-choice college and withdraw from your backup college, you won’t get your money back. Enrollment and housing deposits are not insignificant, especially if your family income is on the lower end. However, despite the potential monetary loss, this is the safest way to proceed if you want to remain on the waitlist. If you’re unsure whether you can afford to do this, discuss the situation with your family and your guidance counselor for more advice. Don’t just choose a backup school to attend — embrace that choice! Instead of dwelling on what might have been, throw yourself into learning about all the opportunities that await you at the school you plan to attend. For more advice on how to deal with this situation, check out our blog post Envisioning a New Future: Preparing for Life at Your Second-Choice (Or Third, Or Fourth) School . What if you do get that coveted acceptance letter over the summer? If you make your plans well, it’ll be an exciting surprise rather than an agonizing wait. There’s even the chance that you’ll change your mind and decide to stick with your second-choice school. Either way, you can rest easy knowing that you handled the situation with maturity and foresight. Do you have more questions about the waitlist and how to manage your waitlist status? Check out the blog for more posts about the waitlist experience: Are you looking for some help in perfecting your update letter? Our experienced consultants can assist you in crafting a compelling waitlist letter that truly shows off your achievements and potential. Learn more about our College Applications Program , where successful grads from top colleges guide students every step of the applications process, from creating a school list to preparing for interviews to writing waitlist letters.

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Bad habits Essay Example | Topics and Well Written Essays - 750 words

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Enterprise resource planning Essay Example | Topics and Well Written Essays - 2250 words

Enterprise resource planning - Essay Example In the company’s model, the franchisees are provided with the concept of the stores which encompass coffee bars, retail store specialty, cafà © stores, and kiosks among others. The cafà © stores were introduced in 1997 where the menu was expanded to include products such as soups, bakery goods, sandwiches, and salads. These stores were quite distinct from the earlier operational stores due to increased requirements in terms of the space of the floor, equipment, staff, as well as location which was to be outside structures such as malls. Coffee Beanery offers products such as coffee that has been freshly brewed, tea, espresso, as well as specialty drinks. In fact, it has the globe’s highest quality standards in terms of coffee specialty. In addition to the above, the company also sells tea bags, goods that are baked, coffee beans that are gourmeted, soups, fresh salads, sandwiches, coffee machines, and branded mugs. Furthermore, the company also sells franchises relate d to coffee shops. It obtains its revenue and income from the sales of products and equipment to these franchisees (Bloomberg Para 1). The mission, vision and values of the company are geared towards providing the consumers with the best specialty coffee and related products. They illuminate the strategies and values of the company that guide their work, employees and relation to customers. Moreover, they are integral facets of growth and success of the company.

Google Case Study Example | Topics and Well Written Essays - 250 words

Google - Case Study Example rnment’s stringent laws, Google agreement for self censorship is the right alternative as it provides it with option to tap the huge market for its other products like android services. Hence, I agree with Schmidt that some information is better than no information. Schmidt is right in his assertion as Google is a business proposition with the basic objective of disseminating information. In the contemporary environment of global competition, changes within business strategy become essential and decision to self censor in China is part of its strategy for global expansion. Google’s decision therefore is right conforms to its wider objective of business goals and mission. While Google’s business strategy is fundamentally based on free access to full information, it has to forego its principle of providing full access to information as per guidelines and restrictions of Chinese government. Hence, the Chinese customers cannot access information that is deemed objectionable by the Chinese government. But in the highly competitive global business, China presents huge scope of business expansion and therefore its decision to self censor is

Organizational Performance Management Essay Example for Free

Organizational Performance Management Essay Each Learning Team member must select a different type of health care organization to study for the purpose of this group assignment. You are encouraged to select a different type of organization from the one chosen in the Week Three individual assignment but it’s not necessary. Group members compare their chosen organizations to complete the table and paper. Resources: Organizational Performance Management Table and Paper Grading Criteria and University of Phoenix Material: Organizational Performance Management Table Conduct a group discussion and address the following points: Â · Summarize the type of health care organization you selected. Â · Compare the main regulatory and accreditation standards that apply to each type of organization and identify standards that apply broadly to most or all types of health care organizations. Â · Discuss the influence of regulatory and accreditation standards on performance-management systems. Â · Discuss how the performance-management systems affect risk and quality management in each type of organization. Â · Identify key areas in the organization that will have direct responsibility for carrying out the day-to-day responsibilities associated with the regulations or standards. Â · Identify other areas in the organization that will be indirectly affected by the regulations or standards. Â · Outline what oversight activities you could use to ensure that the regulatory and accreditation requirements are being implemented and are achieving the desired results. Collaborate to write a 1,400- to 1,750-word paper in which you address the following points: Â · Address the similarities and differences among the types of organizations. Â · Follow the link Now for full guide https://bitly.com/1DNjhaY Look into attending community college for your first year or two. By taking your basic core studies at a community college, you can save a considerable amount of money. You can then transfer all of your credits to a university of your choice. If the cost of a 4-year degree is beyond what you can afford, this is a good option. General Questions General General Questions Each Learning Team member must select a different type of health care organization to study for the purpose of this group assignment. You are encouraged to select a different type of organization from the one chosen in the Week Three individual assignment but it’s not necessary. Group members compare their chosen organizations to complete the table and paper. Resources: Organizational Performance Management Table and Paper Grading Criteria and University of Phoenix Material: Organizational Performance Management Table Conduct a group discussion and address the following points: Â · Summarize the type of health care organization you selected. Â · Compare the main regulatory and accreditation standards that apply to each type of organization and identify standards that apply broadly to most or all types of health care organizations. Â · Discuss the influence of regulatory and accreditation standards on performance-management systems. Â · Discuss how the performance-management systems affect risk and quality management in each type of organization. Â · Identify key areas in the organization that will have direct responsibility for carrying out the day-to-day responsibilities associated with the regulations or standards. Â · Identify other areas in the organization that will be indirectly affected by the regulations or standards. Â · Outline what oversight activities you could use to ensure that the regulatory and accreditation requirements are being implemented and are achieving the desired results. Collaborate to write a 1,400- to 1,750-word paper in which you address the following points: Â · Address the similarities and differences among the types of organizations. Â · Propose how each organization will monitor performance, achieve regulatory and accreditation compliance, and improve overall organizational performance.

Prospects and Perception of Islamic Life Insurance

Prospects and Perception of Islamic Life Insurance Chapter 1 Introduction Background to study: Insurance is a financial industry which has surfaced as a colossal industry for both in Muslim and Non Muslin world. In Conventional Insurance there are many elements, activities and procedures which are considered unethical, unlawful and unislamic by majority of Islamic scholars. Elements such as uncertainty, gambling and excessive interest are the main culprits. (Khair Bakhsh, 2009). For the satisfaction of Muslim concern, market experts and Islamic scholars introduced an insurance with the name of Takaful.The increase in demand of Takaful system and the presence of large markets for its products is compelling the entitled authorities to introduce it in Pakistan as soon as possible. Problem Statement: What are the prospects and perception of Islamic life insurance in Peshawar? Purpose of the study: To review why convention system is prohibited in Islam To compare Islamic Life Insurance (Takaful) with Contemporary Life Insurance. To find out justification of an Islamic Life Insurance (Takaful) Analysis of prospects of Takaful in Peshawar City. Methodology Applied Research: In this research I will be studying existing Islamic life insurance system and adding no new finds to body of knowledge. Scheme of study Type of investigation: This is a descriptive study: The format, which will be followed in this study, is to find out justification of an Islamic Life Insurance and what are its prospects in Peshawar. Cross-sectional Data: In this research I will observe and study secondary data regarding Islamic Life Insurance and Conventional life Insurance system. Unit of Study: My research unit of analysis will be organization Study Settings: Field Study: Study will be done in natural settings in which variables will not be controlled. Researchers interference: In this study researchers interference will be minimal and has no direct interference with the Islamic life insurance organizations because I am not allowed to interfere in the organizations. Methodology: The methods I will be using in the report are both Primary and Secondary data collection. Secondary Data: For this research I will use secondary data. Sources: Internet Leading newspaper articles Books related to Islamic life Insurance (Takaful) Research instruments: The instruments which will be used in my research to collect primary data are: Observations Questionnaires. Sample Size: I will be distributing questionnaires. Sampling Techniques: The sampling technique will be simple random sampling that will help in reducing the biasness factor in the research. Limitations: The scope of my research will be limited to students of universities in Peshawar because of time and other limited resources. Scheme of the report: The report will consist of the following parts. Introduction Literature Review Findings Analysis Conclusion and Recommendations Literature survey Meaning of Takaful: Takaful is a form of mutual assistance (Taawun) strengthened by aiding the ones who are in problems and deserve to be helped.(Dr.Masum) (2009). According to him, Islamic Scholars have begun to accept and conclude to the viewpoint that Takaful is according to Shariah principles. Numerous Islamic conferences are being held and Shariah Councils are emphasizing by creating awareness amongst the Muslims that Takaful operations are free from unIslamic elements thus the development of Takaful in the market is to cater to the needs of Muslim by providing them products and services in accordance to Islam. â€Å"Overtime, greater understanding on the concept of Islamic Insurance has emerged as the concept of Takaful, based on the contract of Tabarru (donation) and Mudarabah profit sharing.† â€Å"Takaful is an alternative form of Conventional Insurance based on the concept of trusteeship and cooperation inspired by the beliefs of the followers of Islamic teachings. Murtaza Ali (2007). It can be concluded that takaful is an Islamic way of dealing with uncertainties via mutual assistance and it is social scheme developed on the principals of brotherhood, solidarity and mutual assistance. Takaful is rooted from an Arabic word Kafal, which means that ones needs should be taken care of. According to this scheme participants jointly agree to bind themselves against damages caused by hazards. â€Å"Takaful is a legally binding agreement between all the participants of the scheme to pay any of the members who suffers a loss as specified in the Takaful certificate†. (Dr.Masum)(2009). Muhaimin Iqbal (2005), Abdul Rahim, Wahab and Kabir Hassan explain Takaful as a scheme that is derived from the concept of Taawun and the concept of Takaful is similar to Conventional mutual risk sharing. Takaful has a fixed maturity period and is considered long term saving tool. Apart from giving benefits of return it also provides a mutual financial assistance among participants. â€Å"A Programme that pools efforts to help the needy in times of need due to immediate deaths or mishaps resulting in personal injury or disablement†. (Bank Negara Malaysia) Scholars like Dr.Yusof Qaradawi (July 2007) state â€Å"Our observation that the modern current practices are objectable Islamic ally does not mean that Islam is against Insurance: it only opposes the means and methods.† According to the author the Islamic insurance companies will use the contract of donations and provide compensation and the operation of the company shall not get engaged in any unislamic elements. HISTORICAL PERSPECTIVE; â€Å"Muslims were involved in Marine activities in the Mediterranean and Indian Ocean from the seventh century on†. Chaim-Vardit (2009).† â€Å"The rough model of Takaful was practiced by Arabian tribes, holding to the principal of pooled resources to help the needy on the voluntary basis† Masum Billah (2001). Tamim become the first insurance term in Arabic only in 20th century and it is believed that Ibn Abidin, a Hanafite Jurist who died in 1836,is the First Muslim to coin name Insurance Sukara (security) influenced by Italian term Siguare and Turkish Sigorta. Chaim-Vardit (2009). Merchants of Mecca used to form a group of Mutual funds with a purpose to help the victims or survivors of natural hazards during their commercial ventures into Syria, Iraq and other countries. Such a practice was supported and even contributions were made by Prophet Muhammad (P.B.U.H) while trading with the capital of Hazrat Khadija. Aziz-Abdul (2005) â€Å"The period lasting from the fall of Rome until the Dawn of Islam was the darkest, most corrupt and unsettled period in the known history to man. Hence the Dawn of Islam removed darkness from the face of life and brought the environment of security and stability to the areas which came under the influence of Islam.† According to Chaim-Vardit, Shariah recognizes several transactions and institutions which function in a way similar to certain type of Insurance. The typical ones are: Daman (guarantee) is synonymous to â€Å"Kafala† is used with risk or responsibility that one bears with regard to property of which one enjoys profit. Daman Khatar al Tariq (guarantee against travel hazards). In this type of transaction, the person himself wishes to be compensated for a future possible loss. Wala al Muwalat-This type of transaction was prohibited by Prophet Muhammad (P.B.U.H). The problem was this type of transaction established new ties, as strong as blood ties, outside the family was unbearable. Diya (blood money)-compensation to victim or victims family for unintentional killing or bodily injury. Mudaraba-is not mentioned in Quran and there is much doubt whether it is mentioned in Hadith Zakat-means growth and purity. It is often mentioned as equal to modern social Insurance and there have been modern attempts made in Islamic states as Saudi Arabia and Pakistan to apply Zakat. The institution of Waaf (endowment)-the property endowed as Waaf was intended to support the poor, staff of mosques, hospitals, to maintain city facilities and the two holy cities. Jizya-tax levied on non-Muslims residing in Islamic State and provides then with security for their lives and property. Holy Prophet (P.B.U.H) emphasised that a Muslim should protect itself from hazards and risks via transfering the risk through Takaful Model.The life of a muslim is Controlled and destiny by Allah (S.A.T) but it does not mean that a Muslim cannot protect itself but indeed a Muslim in Islam should gurad itself from misfortunes, hazards, risks and uncertanities.Dr.Masum (2001). Types of Takaful Structures: â€Å"There is no single â€Å"best† model that exists for takaful. Shariah scholars worldwide concur on fundamental components that characterize a takaful scheme, yet in their judicial opinions (fatwas), operational differences are tolerated as long as they do not contradict essential religious tenets.† Ms Shakun Ashoka Raj (2007). There has been a tremendous research done on the takaful models which includes work of prominent authors like Dr.Masum (2001), Hassan, Rahim and Wahab (May June 2007). According to Hassan, Rahim and Wahab (2007) for the Mudarabah contract to be allowed and carried in Islam requires a number of elements to be present: The capital provider (participant); The entrepreneur (takaful operator); Capital an appropriate activity; Profit and loss sharing and offer and acceptance. In the mudaraba contract, the two parties know as provider (rab ul maal) and the entrepreneur or takaful operator (mudarib) operates on a joint venture basis. †An investment on a Mudarabah basis of 100 should at the end of the period give more then 100 to be termed as profit and for the operators to share that.† The other takaful model is known as agency or wakala model. On the basis of this principal, a person delegates his right or business to the other people/person to act as his agent or wakil. The agent is responsible to contribute his knowledge, skills, and abilities in performing the tasks assigned to him in the best manner. According to Dr.Masum (2001) in the Wakala model the salary of the agent who rendered the services is subtracted against the fool of funds. The net funds will be used for the purpose of investment and profits will be distributed accordingly. Similarly author Rahim, Wahab and Hassan â€Å"Under a typical wakala model, the Tabarru (donation) remains the property of the participants unless consumed, as they have the right to receive the surplus back and therefore it becomes a conditional gift.† Tijari model (business) commonly uses both the pure Mudarabah and modified Mudarabah approaches. Dr.masum is of the opinion, that modified Mudarabah approach is used where deduction of expenses is taken into consideration and as result more expensive premium is charged from the participants in order to cover the operational expenses while on the other hand Pure mudarabah approach is used where there are no operational expenses charged. Waqf model-this model operates on non-profit basis that collects donation from individuals or firms who willingly want to contribute something positive to the society. Social organizations and enterprise are engaged in such type of activity. Shakun Ashoka Raj (2007). Concepts of beneficiaries in Takaful It is vital to test the beneficiary in the policy inorder to find that whether the beneficiary is the right person to be tranferred the benefits.In order to do so the following concepts are under taken : Al-Wasiyah (bequest) Al-Mirath (inheritance) Al-Milkiyah (ownership) In the Takaful Model if the policy holder outlives the policy duration then under such circumstances the policy holder is entitled for the benefits and he is the only owner but in Waqf model the sole owner is Allah (S.A.T) and no one can claim the property or benefits. Dr.Masum (2001). After death of the policy holder the following stages are inoccured before the distribution of benefits of the policy. Wealth heald by the policy holder is adding with total benefits If there are any debts left by the policy holder then from the total weath those debts are paid off . For the remaining the funeral expenses will be deducted. The remaining property or any thing left is disrtibuted under the principals of Al wasiyah and Al mirath. Al Wasiyah Under the islamic principal the policy holder can give away via will 1/3 of the property. This is to reduces injustice that may be caused by the policy holder by giving his benefits not to his legal heirs . Al Mirath After making payments of loan taken by Policy holder, excluding funeral expenses from the remaining property and cash left by the deceased and executing his will, the remaing benefits ,property and cash left is distributed among the legal heirs of the policy holder via Islamic methods. CONVENTIONAL LIFE INSURANCE INSURANCE: Insurance is a medium via which people transfer the burden of uncertainty (financial loss) to the insurer, for an agreed financial attention known as â€Å"Premium†. In return, the issuer promises to provide financial compensation to the insured for particular loss occurring. The clients of the policy are known as policyholders. Human life is exposed to risks of death and disability due to natural disasters and accidents. Property possessed by man is exposed to various man made and natural hazards. Simultaneously man himself is exposed to different diseases, deadly viruses, the cure for which involves huge expenses. A family might have to face serious financial and moral hazards as a human life is lost or a person is disabled temporarily or permanently. If an individuals property is damaged, it might result in decline in income of the individual. Life insurance gives protection to an individual during his/her lifetime and after his death too. So we can say that it is an agreement that guarantees the payment of agreed amount of monetary benefit to the insured. There are number of companies offering Life insurance policies. The more the time period of the policy the greater its benefit e.g. if a person purchases a policy for the period of 10 years, he will get its benefit after 10 years but if he dies during this time frame, his family will get its benefit. The insurance company reviews variables that are likely to affect the health and how long and individual lives after receiving an application by individual for life insurance policy. Actuarys Statistical Analysis is performed by a person know as â€Å"Actuary† who determines whether the individual is a good â€Å"risk† to insure. Insurance premium is calculated, the older an individual, the higher the life insurance premium to be paid. Insurance premium can also be higher if an individual has health issues like higher cholesterol. If the insurance company agrees to provide insurance the agent will deliver the life insurance contract. The contract will include: The amount of money to be paid when the policyholder dies. How long the contract lasts. The amount of premium that needs to be paid by the policyholder. The policyholder will need to name the beneficiary to whom the benefit of the policy will be transferred in the event of death of policyholder. HISTORICAL DEVELOPMENT OF INSURANCE: Insurance is as old as the development of human society. In a society there are two types of economies Money economy Natural economy. Natural economy is more old then the money economy where people form community to help each other. For example if the house of a person gets burnt, the community members will pool in funds and reconstruct the house. Money economy practiced the transfer or distribution of risk by the Chinese and the Babylonian traders in the 2nd and 3rd millennium B.C. Achaemenian monarchs of Iran were the first to insure their people and that process was registered in the governmental notary offices. Life Insurance primarily established to provide protection against risk and catastrophes to people who were dieing very early, people who were aged and people who as a result of accident were disabled. This was practiced made possible by sharing and transferring risk with other individuals of the society. The idea of insuring oneself against risk is as old is mankind. Early times in England, societies were formed. Relief to the family of members of the societies would be given by making little sum of payments, if the grains of the farmers were damaged. The first life insurance company was established in England in 1705 and named the Amicable Society for Perpetual Assistance. Life insurance developed from these small beginnings into colossal industry, which gives people sense of security they require to maintain financial stability, moral and faith against inflation, deflation, wars, boom, panic and all sort of devastation. Life insurance gives individuals sound financial back up to move forward as it is based on scientific principles. Life Insurance companies were the only companies to pay their dues fully and survive the crisis of recession while the banks and other investment companies failed to do so. The purpose of selling life insurance is to make sure that it provides fresh air to people to start a life. In the larger view the life insurance policy becomes the reason for the beneficiary to begin a new life. Life insurance does active saving, utilization of funds and reserves for hazards and opportunities. It is a medium of savings, protection and growth and it has given people peace of mind and financial soundness. TYPES OF LIFE INSURANCE There are many different classification of life insurance each satisfying different need of individuals. Life insurance can be broadly divided into two main types: Term Assurance Whole Life Assurance Term Assurance: It is the least expensive Insurance and is available in various forms. This form of insurance is opted if the individual cannot afford other types of insurance or when temporary protection is needed. The premium from this type of insurance is free from element of investment. Term Assurance policy in case of death of policy holder during the specified years is bounded to provide lump sum amount of agreed money but if the individual outlives, then in such circumstances the contract is ceased and no money is to be provided to the policyholder. Term Life Insurance policy lengths for: One-year term policy- promises to pay the beneficiaries of the policyholder the agreed amount of money if the insurer dies within one-year tem policy. Five years promises to pay the beneficiaries of the policyholder the agreed amount of money if the insurer dies within five-year term policy. Ten years, fifteen and twenty year term policy is also known as long term policy. TYPES OF TERM ASSURANCE: Renewable term life policy –In this term life policy, the policyholder automatically qualifies to continue the policy when the specified time of the policy ends. Non-Renewable term life policy- this term life policy, the policy holder does not automatically qualifies to continue the policy when the specified time of the policy ends instead the individual has to re-qualify for the policy by undergoing physical examination in order to determine the health condition. Convertible term life policy-In this type of term policy the insured has the choice to covert this type of policy into permanent life insurance policy into variable insurance, whole or universal life insurance. Non-Convertible term life policy- simply means that policyholder cannot switch the policy to another type life insurance policy. WHOLE LIFE INSURANCE: This policy last the whole (entire) life of the insured. If the policyholder stops paying the premium he/she can get the benefit paid till date. Because of this reason it is an expensive life insurance policy. For example the funeral policy in which expenses are covered for the funeral of the person passed away. Full payment for the policy is taken at the time of purchases of policy. Whole life insurance policy can be divided into two types: Ordinary Life Insurance Limited Payment Life Insurance Ordinary life insurance: It is also know as straight life insurance. In this type of insurance policy the insurer is give lifetime security. For example if the insurer is alive at 100, then he is to be paid the benefit if the policy or the agreed amount of money. Under this policy of life insurance the policyholder is charged high premiums in the start of the policy and charged less premium during the last years of the policy. The life insurance company invests the premium of the policyholder to accumulate a cash surrender value. The policyholder can withdraw from the policy by taking the cash value or borrowing cash value at lower interest rates. The cash value is relatively small in the start of the year and increases with years. LIMITED PAYMENT LIFE INSURANCE: This life insurance policy is also known as â€Å"limited pay life insurance† in which individual pays for the specific time period and enjoys the policy for the rest of his/her life. The face amount of the policy is paid tax free to the beneficiaries the policyholder mentioned. This face amount can be paid on monthly basis or in lump sum amount. If the Policyholder mentioned to make payment to the beneficiary on monthly basis then the policyholder has four options to choose from: Life Income-In this policy the beneficiary of the policyholder is paid on the monthly basis as long as the beneficiary lives. Fixed Period Income-In this type of policy, the policyholder asks the insurance company to pay the beneficiary after his death the proceeds in equal amount over the period of ten years. The years determined are dependent on the wish of the policyholder. Fixed Amount Income-In this type of policy the policy holder asks the insurance company that after his death the nominated beneficiary should be paid lets suppose Rs.1000 a month till the proceeds are exhausted Interest Options-In this the policy holder asks the insurance company that after his death the benefit of the policy should be reinvested by the insurance company and the interest from the investment made should be provided to the nominated beneficiary each year. OTHER FORMS OF LIFE INSURANCE: Endowment Life Insurance- This policy is for a specific time period. The face value is paid to the nominated beneficiary if the policyholder dies during the specific period but if he is alive then the policyholder is paid the benefit of the policy. Variable Life Insurance-This policy is for the whole life. The policyholder is given option to decide the amount he wants to invest in life insurance and the amount he wants to invest in other investment opportunities like buying stocks. It has a guaranteed death benefit, which is based on forecasted interest rates. Theses rates are not fixed indeed vary from company to company. Universal Life Insurance-This policy charges less premium in the start but does not provide death benefit or cash value as this policy is flexible in terms of premium payments and timing. Second To Die Life Insurance- This policy is designed for couples.(married).The benefit of the policy is provided to the heirs of the policyholders only when the surviving spouse dies. Juvenile Life Insurance-The purpose of this policy is to provide safeguard to the children. The guardian or the parent of the child purchases policy in order to secure the minor from mishaps. Modified Life Insurance Policy-In this life insurance policy higher premium are charged at the later years of the specified time. It is suitable for those individuals who believe that their salary/income will increase in the future. METHODS FOR PROVIDING LIFE INSURANCE PROTECTION: There are two methods that are actively used to provide life insurance to individuals. Annual Renewable Term Level Premium method Annual Renewable Term: This type of life insurance policy has overcome the challenge of insurability simply meaning that the policyholder can renew the policy without under going medical examination or providing sound health evidence. Because of poor health or other mishaps the insurer might not be allowed to renew the policy. So annual renewable policy (ART) ignores the insurability element, they simply pay the renewal premium. The policy period varies from 10 to 30 years and for the till the age of 95 mostly. In such policy the premium to be paid is much higher then other life insurance policies. The more the age the higher the premium to be paid and thus the greater the return on the policy. The premium is calculated by determining the death rate of each age group. For Example: A group of 1000 males (non-alcoholic) at the age of 40 wants to get a life insurance for $1000.The death rate of males at the age of 40 is .332% out of 1000.This means that the insurance company would have to pay $.3220 for the death claim. The insurance company would have to collect $.3.20 from each policyholder in order to cover the death claims. The yearly renewable insurance premium increases, as the individual gets older. Premium sharply rises during the later years, because as the age grows the death rate also grows. LEVEL PREMIUM METHOD: In this type of life insurance policy the premium remains the same for the agreed number of years. The time frame varies from 10, 15, 20 to 30 years. This life insurance policy provides insurance to age 100.If the insurer survives till the age of 100 then the face value of the policy is paid to the policyholder. The premium charger in the early age is higher in order to cover for the morality expenses. Level Premium method is also know as ‘Legal Reserve† because the money invested by the company is according to the state law. The state requires the company to maintain a minimum amount of liquid so that it is able to pay for the agreed claims. The legal reserve that the insurance company maintains is equal to the present value of the future death claims minus present value of future premiums. The main objective of the legal reserve is to provide lifetime security. The policyholder has an option to withdraw from the policy by just taking the cash value which is less then the legal reserve because of deductions of expenses like sales. UNISLAMIC ELEMENTS IN CONVENTIONAL LIFE INSURANCE Conventional insurance contains the elements that are unacceptable in Islam which include Riba Maisir Gharar Riba –also termed as interest, is present in conventional life insurance. Loans granted by companies are charged on interest. An insured upon his death receives greater then he has paid. This is not permissible in Islam. Insurance funds stocks/bonds contain the element of interest Those who eat riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say, Trading is only like riba or usury, whereas Allah has permitted trading and forbidden riba. So whosoever receives an admonition from his Lord and stops eating riba shall not be punished for the past; his case is for Allah (to judge): but whoever returns to riba, are dwellers of the Fire they will abide therein. â€Å"Al-Quran, Al-Baqarah (2). 275 Maisar- It refers to gambling or game of chance. Gambling of all forms/types is prohibited in Islam. The gambler tries to win mass wealth without making an effort. When the policyholder dies after only paying a small amount of premium his/her nominated beneficiary receives the benefit in term of monetary, which the policyholder has no idea where the amount has come from. Al-Maisir is referred to in the Quran as follows: O you who believe intoxicants (all kind of alcoholic drinks) and gambling, and Al-Ansab (ways for seeking luck) are an abomination of Shaitan (Satan). So avoid strictly all that (abomination) in order that you may be successful. Al-Quran, AI-Maidah (5): 90 Uncertainty -It is an element which is termed as gharar, is prohibited in Islam. In business terms gharar means undertaking business deals which are riskier and individuals do not posses sufficient knowledge about them. A contract which contains uncertainty due to: Occurring time is not known. The amount payable is not known. Whether the payment will be accepted as agreed. HARAM/HALAL-Islam does not allow individuals to invest money in unIslamic activities. Insurance companies may invest in bonds or tobacco companies or any unethical activity which is not permissible in Islam then taking insurance from such companies is considered haram. ISLAMIC LIFE INSURANCE The transaction of an Islamic life insurance system aims to protect the life of widows, orphans and the dependents of the deceased against future risks and hazards. It follows the principal of Al-Mudaraba financing. Under this principal the insured and insurer mutually agree to co-operate. The insured dependants are protected of future hazards as well as donations are made for the uplift of poor individual who face accidents in Islamic society. This concept was present and practiced during the times of Holy Prophet (P.B.U.H). In Islamic life Insurance policy the nominee is just acting as a trustee and is not considered the absolute beneficiary. The purpose/responsibility of the individual nomination (nominee) by the assured is to distribute the benefit to the heirs of the deceased under the principal pf Mirath and Wasiyah. In Islamic life insurance policies there are two situation in which the benefits of the policy are transferred i) the insurer can claim from the insurer the benefi ts if he outlives the time mentioned in the policy a) the paid premiums b) the profits made upon the paid premiums and c) the dividends/bonus made according to the company policy. In the other situation if the insured is not alive or passed away during the policy, the benefits are transferred to the nominee (selected by insured) and it is mandatory for the nominee to distribute the benefits of the policy among the heirs of the policyholder. The benefits include a) paid premium b) profits made on the paid premiums c) bonus/dividends make the company policy and d) donations from the companys charitable funds according to the policy selected by the assured. The benefits of the Islamic life insurance policy are not just claimed by individuals who face natural death/accidents but the benefit are also provided to people insured and passing in unlawful death example suicide/murders. The reason for that is life and death can only be det Prospects and Perception of Islamic Life Insurance Prospects and Perception of Islamic Life Insurance Chapter 1 Introduction Background to study: Insurance is a financial industry which has surfaced as a colossal industry for both in Muslim and Non Muslin world. In Conventional Insurance there are many elements, activities and procedures which are considered unethical, unlawful and unislamic by majority of Islamic scholars. Elements such as uncertainty, gambling and excessive interest are the main culprits. (Khair Bakhsh, 2009). For the satisfaction of Muslim concern, market experts and Islamic scholars introduced an insurance with the name of Takaful.The increase in demand of Takaful system and the presence of large markets for its products is compelling the entitled authorities to introduce it in Pakistan as soon as possible. Problem Statement: What are the prospects and perception of Islamic life insurance in Peshawar? Purpose of the study: To review why convention system is prohibited in Islam To compare Islamic Life Insurance (Takaful) with Contemporary Life Insurance. To find out justification of an Islamic Life Insurance (Takaful) Analysis of prospects of Takaful in Peshawar City. Methodology Applied Research: In this research I will be studying existing Islamic life insurance system and adding no new finds to body of knowledge. Scheme of study Type of investigation: This is a descriptive study: The format, which will be followed in this study, is to find out justification of an Islamic Life Insurance and what are its prospects in Peshawar. Cross-sectional Data: In this research I will observe and study secondary data regarding Islamic Life Insurance and Conventional life Insurance system. Unit of Study: My research unit of analysis will be organization Study Settings: Field Study: Study will be done in natural settings in which variables will not be controlled. Researchers interference: In this study researchers interference will be minimal and has no direct interference with the Islamic life insurance organizations because I am not allowed to interfere in the organizations. Methodology: The methods I will be using in the report are both Primary and Secondary data collection. Secondary Data: For this research I will use secondary data. Sources: Internet Leading newspaper articles Books related to Islamic life Insurance (Takaful) Research instruments: The instruments which will be used in my research to collect primary data are: Observations Questionnaires. Sample Size: I will be distributing questionnaires. Sampling Techniques: The sampling technique will be simple random sampling that will help in reducing the biasness factor in the research. Limitations: The scope of my research will be limited to students of universities in Peshawar because of time and other limited resources. Scheme of the report: The report will consist of the following parts. Introduction Literature Review Findings Analysis Conclusion and Recommendations Literature survey Meaning of Takaful: Takaful is a form of mutual assistance (Taawun) strengthened by aiding the ones who are in problems and deserve to be helped.(Dr.Masum) (2009). According to him, Islamic Scholars have begun to accept and conclude to the viewpoint that Takaful is according to Shariah principles. Numerous Islamic conferences are being held and Shariah Councils are emphasizing by creating awareness amongst the Muslims that Takaful operations are free from unIslamic elements thus the development of Takaful in the market is to cater to the needs of Muslim by providing them products and services in accordance to Islam. â€Å"Overtime, greater understanding on the concept of Islamic Insurance has emerged as the concept of Takaful, based on the contract of Tabarru (donation) and Mudarabah profit sharing.† â€Å"Takaful is an alternative form of Conventional Insurance based on the concept of trusteeship and cooperation inspired by the beliefs of the followers of Islamic teachings. Murtaza Ali (2007). It can be concluded that takaful is an Islamic way of dealing with uncertainties via mutual assistance and it is social scheme developed on the principals of brotherhood, solidarity and mutual assistance. Takaful is rooted from an Arabic word Kafal, which means that ones needs should be taken care of. According to this scheme participants jointly agree to bind themselves against damages caused by hazards. â€Å"Takaful is a legally binding agreement between all the participants of the scheme to pay any of the members who suffers a loss as specified in the Takaful certificate†. (Dr.Masum)(2009). Muhaimin Iqbal (2005), Abdul Rahim, Wahab and Kabir Hassan explain Takaful as a scheme that is derived from the concept of Taawun and the concept of Takaful is similar to Conventional mutual risk sharing. Takaful has a fixed maturity period and is considered long term saving tool. Apart from giving benefits of return it also provides a mutual financial assistance among participants. â€Å"A Programme that pools efforts to help the needy in times of need due to immediate deaths or mishaps resulting in personal injury or disablement†. (Bank Negara Malaysia) Scholars like Dr.Yusof Qaradawi (July 2007) state â€Å"Our observation that the modern current practices are objectable Islamic ally does not mean that Islam is against Insurance: it only opposes the means and methods.† According to the author the Islamic insurance companies will use the contract of donations and provide compensation and the operation of the company shall not get engaged in any unislamic elements. HISTORICAL PERSPECTIVE; â€Å"Muslims were involved in Marine activities in the Mediterranean and Indian Ocean from the seventh century on†. Chaim-Vardit (2009).† â€Å"The rough model of Takaful was practiced by Arabian tribes, holding to the principal of pooled resources to help the needy on the voluntary basis† Masum Billah (2001). Tamim become the first insurance term in Arabic only in 20th century and it is believed that Ibn Abidin, a Hanafite Jurist who died in 1836,is the First Muslim to coin name Insurance Sukara (security) influenced by Italian term Siguare and Turkish Sigorta. Chaim-Vardit (2009). Merchants of Mecca used to form a group of Mutual funds with a purpose to help the victims or survivors of natural hazards during their commercial ventures into Syria, Iraq and other countries. Such a practice was supported and even contributions were made by Prophet Muhammad (P.B.U.H) while trading with the capital of Hazrat Khadija. Aziz-Abdul (2005) â€Å"The period lasting from the fall of Rome until the Dawn of Islam was the darkest, most corrupt and unsettled period in the known history to man. Hence the Dawn of Islam removed darkness from the face of life and brought the environment of security and stability to the areas which came under the influence of Islam.† According to Chaim-Vardit, Shariah recognizes several transactions and institutions which function in a way similar to certain type of Insurance. The typical ones are: Daman (guarantee) is synonymous to â€Å"Kafala† is used with risk or responsibility that one bears with regard to property of which one enjoys profit. Daman Khatar al Tariq (guarantee against travel hazards). In this type of transaction, the person himself wishes to be compensated for a future possible loss. Wala al Muwalat-This type of transaction was prohibited by Prophet Muhammad (P.B.U.H). The problem was this type of transaction established new ties, as strong as blood ties, outside the family was unbearable. Diya (blood money)-compensation to victim or victims family for unintentional killing or bodily injury. Mudaraba-is not mentioned in Quran and there is much doubt whether it is mentioned in Hadith Zakat-means growth and purity. It is often mentioned as equal to modern social Insurance and there have been modern attempts made in Islamic states as Saudi Arabia and Pakistan to apply Zakat. The institution of Waaf (endowment)-the property endowed as Waaf was intended to support the poor, staff of mosques, hospitals, to maintain city facilities and the two holy cities. Jizya-tax levied on non-Muslims residing in Islamic State and provides then with security for their lives and property. Holy Prophet (P.B.U.H) emphasised that a Muslim should protect itself from hazards and risks via transfering the risk through Takaful Model.The life of a muslim is Controlled and destiny by Allah (S.A.T) but it does not mean that a Muslim cannot protect itself but indeed a Muslim in Islam should gurad itself from misfortunes, hazards, risks and uncertanities.Dr.Masum (2001). Types of Takaful Structures: â€Å"There is no single â€Å"best† model that exists for takaful. Shariah scholars worldwide concur on fundamental components that characterize a takaful scheme, yet in their judicial opinions (fatwas), operational differences are tolerated as long as they do not contradict essential religious tenets.† Ms Shakun Ashoka Raj (2007). There has been a tremendous research done on the takaful models which includes work of prominent authors like Dr.Masum (2001), Hassan, Rahim and Wahab (May June 2007). According to Hassan, Rahim and Wahab (2007) for the Mudarabah contract to be allowed and carried in Islam requires a number of elements to be present: The capital provider (participant); The entrepreneur (takaful operator); Capital an appropriate activity; Profit and loss sharing and offer and acceptance. In the mudaraba contract, the two parties know as provider (rab ul maal) and the entrepreneur or takaful operator (mudarib) operates on a joint venture basis. †An investment on a Mudarabah basis of 100 should at the end of the period give more then 100 to be termed as profit and for the operators to share that.† The other takaful model is known as agency or wakala model. On the basis of this principal, a person delegates his right or business to the other people/person to act as his agent or wakil. The agent is responsible to contribute his knowledge, skills, and abilities in performing the tasks assigned to him in the best manner. According to Dr.Masum (2001) in the Wakala model the salary of the agent who rendered the services is subtracted against the fool of funds. The net funds will be used for the purpose of investment and profits will be distributed accordingly. Similarly author Rahim, Wahab and Hassan â€Å"Under a typical wakala model, the Tabarru (donation) remains the property of the participants unless consumed, as they have the right to receive the surplus back and therefore it becomes a conditional gift.† Tijari model (business) commonly uses both the pure Mudarabah and modified Mudarabah approaches. Dr.masum is of the opinion, that modified Mudarabah approach is used where deduction of expenses is taken into consideration and as result more expensive premium is charged from the participants in order to cover the operational expenses while on the other hand Pure mudarabah approach is used where there are no operational expenses charged. Waqf model-this model operates on non-profit basis that collects donation from individuals or firms who willingly want to contribute something positive to the society. Social organizations and enterprise are engaged in such type of activity. Shakun Ashoka Raj (2007). Concepts of beneficiaries in Takaful It is vital to test the beneficiary in the policy inorder to find that whether the beneficiary is the right person to be tranferred the benefits.In order to do so the following concepts are under taken : Al-Wasiyah (bequest) Al-Mirath (inheritance) Al-Milkiyah (ownership) In the Takaful Model if the policy holder outlives the policy duration then under such circumstances the policy holder is entitled for the benefits and he is the only owner but in Waqf model the sole owner is Allah (S.A.T) and no one can claim the property or benefits. Dr.Masum (2001). After death of the policy holder the following stages are inoccured before the distribution of benefits of the policy. Wealth heald by the policy holder is adding with total benefits If there are any debts left by the policy holder then from the total weath those debts are paid off . For the remaining the funeral expenses will be deducted. The remaining property or any thing left is disrtibuted under the principals of Al wasiyah and Al mirath. Al Wasiyah Under the islamic principal the policy holder can give away via will 1/3 of the property. This is to reduces injustice that may be caused by the policy holder by giving his benefits not to his legal heirs . Al Mirath After making payments of loan taken by Policy holder, excluding funeral expenses from the remaining property and cash left by the deceased and executing his will, the remaing benefits ,property and cash left is distributed among the legal heirs of the policy holder via Islamic methods. CONVENTIONAL LIFE INSURANCE INSURANCE: Insurance is a medium via which people transfer the burden of uncertainty (financial loss) to the insurer, for an agreed financial attention known as â€Å"Premium†. In return, the issuer promises to provide financial compensation to the insured for particular loss occurring. The clients of the policy are known as policyholders. Human life is exposed to risks of death and disability due to natural disasters and accidents. Property possessed by man is exposed to various man made and natural hazards. Simultaneously man himself is exposed to different diseases, deadly viruses, the cure for which involves huge expenses. A family might have to face serious financial and moral hazards as a human life is lost or a person is disabled temporarily or permanently. If an individuals property is damaged, it might result in decline in income of the individual. Life insurance gives protection to an individual during his/her lifetime and after his death too. So we can say that it is an agreement that guarantees the payment of agreed amount of monetary benefit to the insured. There are number of companies offering Life insurance policies. The more the time period of the policy the greater its benefit e.g. if a person purchases a policy for the period of 10 years, he will get its benefit after 10 years but if he dies during this time frame, his family will get its benefit. The insurance company reviews variables that are likely to affect the health and how long and individual lives after receiving an application by individual for life insurance policy. Actuarys Statistical Analysis is performed by a person know as â€Å"Actuary† who determines whether the individual is a good â€Å"risk† to insure. Insurance premium is calculated, the older an individual, the higher the life insurance premium to be paid. Insurance premium can also be higher if an individual has health issues like higher cholesterol. If the insurance company agrees to provide insurance the agent will deliver the life insurance contract. The contract will include: The amount of money to be paid when the policyholder dies. How long the contract lasts. The amount of premium that needs to be paid by the policyholder. The policyholder will need to name the beneficiary to whom the benefit of the policy will be transferred in the event of death of policyholder. HISTORICAL DEVELOPMENT OF INSURANCE: Insurance is as old as the development of human society. In a society there are two types of economies Money economy Natural economy. Natural economy is more old then the money economy where people form community to help each other. For example if the house of a person gets burnt, the community members will pool in funds and reconstruct the house. Money economy practiced the transfer or distribution of risk by the Chinese and the Babylonian traders in the 2nd and 3rd millennium B.C. Achaemenian monarchs of Iran were the first to insure their people and that process was registered in the governmental notary offices. Life Insurance primarily established to provide protection against risk and catastrophes to people who were dieing very early, people who were aged and people who as a result of accident were disabled. This was practiced made possible by sharing and transferring risk with other individuals of the society. The idea of insuring oneself against risk is as old is mankind. Early times in England, societies were formed. Relief to the family of members of the societies would be given by making little sum of payments, if the grains of the farmers were damaged. The first life insurance company was established in England in 1705 and named the Amicable Society for Perpetual Assistance. Life insurance developed from these small beginnings into colossal industry, which gives people sense of security they require to maintain financial stability, moral and faith against inflation, deflation, wars, boom, panic and all sort of devastation. Life insurance gives individuals sound financial back up to move forward as it is based on scientific principles. Life Insurance companies were the only companies to pay their dues fully and survive the crisis of recession while the banks and other investment companies failed to do so. The purpose of selling life insurance is to make sure that it provides fresh air to people to start a life. In the larger view the life insurance policy becomes the reason for the beneficiary to begin a new life. Life insurance does active saving, utilization of funds and reserves for hazards and opportunities. It is a medium of savings, protection and growth and it has given people peace of mind and financial soundness. TYPES OF LIFE INSURANCE There are many different classification of life insurance each satisfying different need of individuals. Life insurance can be broadly divided into two main types: Term Assurance Whole Life Assurance Term Assurance: It is the least expensive Insurance and is available in various forms. This form of insurance is opted if the individual cannot afford other types of insurance or when temporary protection is needed. The premium from this type of insurance is free from element of investment. Term Assurance policy in case of death of policy holder during the specified years is bounded to provide lump sum amount of agreed money but if the individual outlives, then in such circumstances the contract is ceased and no money is to be provided to the policyholder. Term Life Insurance policy lengths for: One-year term policy- promises to pay the beneficiaries of the policyholder the agreed amount of money if the insurer dies within one-year tem policy. Five years promises to pay the beneficiaries of the policyholder the agreed amount of money if the insurer dies within five-year term policy. Ten years, fifteen and twenty year term policy is also known as long term policy. TYPES OF TERM ASSURANCE: Renewable term life policy –In this term life policy, the policyholder automatically qualifies to continue the policy when the specified time of the policy ends. Non-Renewable term life policy- this term life policy, the policy holder does not automatically qualifies to continue the policy when the specified time of the policy ends instead the individual has to re-qualify for the policy by undergoing physical examination in order to determine the health condition. Convertible term life policy-In this type of term policy the insured has the choice to covert this type of policy into permanent life insurance policy into variable insurance, whole or universal life insurance. Non-Convertible term life policy- simply means that policyholder cannot switch the policy to another type life insurance policy. WHOLE LIFE INSURANCE: This policy last the whole (entire) life of the insured. If the policyholder stops paying the premium he/she can get the benefit paid till date. Because of this reason it is an expensive life insurance policy. For example the funeral policy in which expenses are covered for the funeral of the person passed away. Full payment for the policy is taken at the time of purchases of policy. Whole life insurance policy can be divided into two types: Ordinary Life Insurance Limited Payment Life Insurance Ordinary life insurance: It is also know as straight life insurance. In this type of insurance policy the insurer is give lifetime security. For example if the insurer is alive at 100, then he is to be paid the benefit if the policy or the agreed amount of money. Under this policy of life insurance the policyholder is charged high premiums in the start of the policy and charged less premium during the last years of the policy. The life insurance company invests the premium of the policyholder to accumulate a cash surrender value. The policyholder can withdraw from the policy by taking the cash value or borrowing cash value at lower interest rates. The cash value is relatively small in the start of the year and increases with years. LIMITED PAYMENT LIFE INSURANCE: This life insurance policy is also known as â€Å"limited pay life insurance† in which individual pays for the specific time period and enjoys the policy for the rest of his/her life. The face amount of the policy is paid tax free to the beneficiaries the policyholder mentioned. This face amount can be paid on monthly basis or in lump sum amount. If the Policyholder mentioned to make payment to the beneficiary on monthly basis then the policyholder has four options to choose from: Life Income-In this policy the beneficiary of the policyholder is paid on the monthly basis as long as the beneficiary lives. Fixed Period Income-In this type of policy, the policyholder asks the insurance company to pay the beneficiary after his death the proceeds in equal amount over the period of ten years. The years determined are dependent on the wish of the policyholder. Fixed Amount Income-In this type of policy the policy holder asks the insurance company that after his death the nominated beneficiary should be paid lets suppose Rs.1000 a month till the proceeds are exhausted Interest Options-In this the policy holder asks the insurance company that after his death the benefit of the policy should be reinvested by the insurance company and the interest from the investment made should be provided to the nominated beneficiary each year. OTHER FORMS OF LIFE INSURANCE: Endowment Life Insurance- This policy is for a specific time period. The face value is paid to the nominated beneficiary if the policyholder dies during the specific period but if he is alive then the policyholder is paid the benefit of the policy. Variable Life Insurance-This policy is for the whole life. The policyholder is given option to decide the amount he wants to invest in life insurance and the amount he wants to invest in other investment opportunities like buying stocks. It has a guaranteed death benefit, which is based on forecasted interest rates. Theses rates are not fixed indeed vary from company to company. Universal Life Insurance-This policy charges less premium in the start but does not provide death benefit or cash value as this policy is flexible in terms of premium payments and timing. Second To Die Life Insurance- This policy is designed for couples.(married).The benefit of the policy is provided to the heirs of the policyholders only when the surviving spouse dies. Juvenile Life Insurance-The purpose of this policy is to provide safeguard to the children. The guardian or the parent of the child purchases policy in order to secure the minor from mishaps. Modified Life Insurance Policy-In this life insurance policy higher premium are charged at the later years of the specified time. It is suitable for those individuals who believe that their salary/income will increase in the future. METHODS FOR PROVIDING LIFE INSURANCE PROTECTION: There are two methods that are actively used to provide life insurance to individuals. Annual Renewable Term Level Premium method Annual Renewable Term: This type of life insurance policy has overcome the challenge of insurability simply meaning that the policyholder can renew the policy without under going medical examination or providing sound health evidence. Because of poor health or other mishaps the insurer might not be allowed to renew the policy. So annual renewable policy (ART) ignores the insurability element, they simply pay the renewal premium. The policy period varies from 10 to 30 years and for the till the age of 95 mostly. In such policy the premium to be paid is much higher then other life insurance policies. The more the age the higher the premium to be paid and thus the greater the return on the policy. The premium is calculated by determining the death rate of each age group. For Example: A group of 1000 males (non-alcoholic) at the age of 40 wants to get a life insurance for $1000.The death rate of males at the age of 40 is .332% out of 1000.This means that the insurance company would have to pay $.3220 for the death claim. The insurance company would have to collect $.3.20 from each policyholder in order to cover the death claims. The yearly renewable insurance premium increases, as the individual gets older. Premium sharply rises during the later years, because as the age grows the death rate also grows. LEVEL PREMIUM METHOD: In this type of life insurance policy the premium remains the same for the agreed number of years. The time frame varies from 10, 15, 20 to 30 years. This life insurance policy provides insurance to age 100.If the insurer survives till the age of 100 then the face value of the policy is paid to the policyholder. The premium charger in the early age is higher in order to cover for the morality expenses. Level Premium method is also know as ‘Legal Reserve† because the money invested by the company is according to the state law. The state requires the company to maintain a minimum amount of liquid so that it is able to pay for the agreed claims. The legal reserve that the insurance company maintains is equal to the present value of the future death claims minus present value of future premiums. The main objective of the legal reserve is to provide lifetime security. The policyholder has an option to withdraw from the policy by just taking the cash value which is less then the legal reserve because of deductions of expenses like sales. UNISLAMIC ELEMENTS IN CONVENTIONAL LIFE INSURANCE Conventional insurance contains the elements that are unacceptable in Islam which include Riba Maisir Gharar Riba –also termed as interest, is present in conventional life insurance. Loans granted by companies are charged on interest. An insured upon his death receives greater then he has paid. This is not permissible in Islam. Insurance funds stocks/bonds contain the element of interest Those who eat riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say, Trading is only like riba or usury, whereas Allah has permitted trading and forbidden riba. So whosoever receives an admonition from his Lord and stops eating riba shall not be punished for the past; his case is for Allah (to judge): but whoever returns to riba, are dwellers of the Fire they will abide therein. â€Å"Al-Quran, Al-Baqarah (2). 275 Maisar- It refers to gambling or game of chance. Gambling of all forms/types is prohibited in Islam. The gambler tries to win mass wealth without making an effort. When the policyholder dies after only paying a small amount of premium his/her nominated beneficiary receives the benefit in term of monetary, which the policyholder has no idea where the amount has come from. Al-Maisir is referred to in the Quran as follows: O you who believe intoxicants (all kind of alcoholic drinks) and gambling, and Al-Ansab (ways for seeking luck) are an abomination of Shaitan (Satan). So avoid strictly all that (abomination) in order that you may be successful. Al-Quran, AI-Maidah (5): 90 Uncertainty -It is an element which is termed as gharar, is prohibited in Islam. In business terms gharar means undertaking business deals which are riskier and individuals do not posses sufficient knowledge about them. A contract which contains uncertainty due to: Occurring time is not known. The amount payable is not known. Whether the payment will be accepted as agreed. HARAM/HALAL-Islam does not allow individuals to invest money in unIslamic activities. Insurance companies may invest in bonds or tobacco companies or any unethical activity which is not permissible in Islam then taking insurance from such companies is considered haram. ISLAMIC LIFE INSURANCE The transaction of an Islamic life insurance system aims to protect the life of widows, orphans and the dependents of the deceased against future risks and hazards. It follows the principal of Al-Mudaraba financing. Under this principal the insured and insurer mutually agree to co-operate. The insured dependants are protected of future hazards as well as donations are made for the uplift of poor individual who face accidents in Islamic society. This concept was present and practiced during the times of Holy Prophet (P.B.U.H). In Islamic life Insurance policy the nominee is just acting as a trustee and is not considered the absolute beneficiary. The purpose/responsibility of the individual nomination (nominee) by the assured is to distribute the benefit to the heirs of the deceased under the principal pf Mirath and Wasiyah. In Islamic life insurance policies there are two situation in which the benefits of the policy are transferred i) the insurer can claim from the insurer the benefi ts if he outlives the time mentioned in the policy a) the paid premiums b) the profits made upon the paid premiums and c) the dividends/bonus made according to the company policy. In the other situation if the insured is not alive or passed away during the policy, the benefits are transferred to the nominee (selected by insured) and it is mandatory for the nominee to distribute the benefits of the policy among the heirs of the policyholder. The benefits include a) paid premium b) profits made on the paid premiums c) bonus/dividends make the company policy and d) donations from the companys charitable funds according to the policy selected by the assured. The benefits of the Islamic life insurance policy are not just claimed by individuals who face natural death/accidents but the benefit are also provided to people insured and passing in unlawful death example suicide/murders. The reason for that is life and death can only be det