WAQFY Cash Pan

WAQFY Cash Pan Number of pans disbursed: 3173
Number of pans returned: 1650
Amount Received: $200,000
As at: June 13th, 2017
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Friendly Society on Growth Path

Says TTTFS President at 7th AGM

Reporting to a very vocal audience on the morning of February 20th last, President of Takaaful T&T Friendly Society, Aman A. Hosein was fulsome in praise - and rightly so - of the Board’s achievements during the past year. Among the Board of Management’s (BOM) accomplishments during the past year, Hosein identified the development of a Three-year Strategic Plan for the Society.

Hosein also advised the 7th Annual General Meeting that membership in the Society at the end of 2004 had increased by 20% and participation in the Funeral Benefit Scheme (FBS) which offers assistance to families in times of bereavement had increased by 15%, with four families having accessed aid during the accounting period. The Society had completed the financial year with a 167% increase in investment income and a net surplus in the Fund of $229,155.00 had enabled them to declare a dividend of 15% to investors. The operations of the Funeral Benefit Scheme resulted in a 49% rebate to the participants of the Scheme.

Explanations were given to members of the purpose and constitution of both the Hajj and Co-operative Waqf Funds with the reminder that Muslims are expected to contribute to the development of the community as well as engage in other acts of charity so that those who are in less fortunate positions may be enabled. The Waqf Fund experienced an exponential growth of 2,874% during 2004.

The visit of Herman Bontrager, President of Goodwill Mutual during December 2004 had already begun to show the benefits of association with the International Co-operative and Mutual Insurance Federation (ICMIF) and the Americas Association of Co-operative and Mutual Insurance Societies (AACMIS) who will now provide the TTTFS with links to international bodies, and also consultancy services in the area of developing mutual aid products for the local Muslim community.

Special tribute was paid to the Society’s Management Consultant, Br.Imtiaz Ali who continues to make sterling contributions to its progress, based on his wide-ranging and distinctive knowledge of Islamic Finanacial Intermediation. The contributions of the other consultants, Dr. Shaffick Hosein (accounts) and Shaykh Mohamed Munaf Mohamed (Shari’a) were also acknowledged.

As a result of the elections, the Board now include Brothers Omar Gorib and Faiz Amin (Trustees), Brothers Sherif Faizool, Khamal Khan, Jamaludeen Hosein, Farouk Khan, Aziz Mohammed, Kameel Mohammed, Aman Hosein, Ibrahim Ghorib and Imam Manwar Ali. At its first meeting after the AGM, the Board will elect its officers for 2005.

The meeting, held at the TML Primary School St. Joseph, deliberated on the Financial Statements for 2004 and approved the Budget for 2005.

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Contact Information

PO Bag 1066, Valsayn,
Trinidad & Tobago
(868) 682-1141
(868) 663-4541