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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Islamic micro insurance scheme gives 30% rebate

In spite of a large allocation (54% of the net surplus) to reserves, the Board of Management gave a 30% rebate to the participants of the Funeral Benefit Scheme (FBS). Our FBS is a Shari’ah-compliant micro insurance (mutual aid) scheme.  It operates on the basis of a fixed set of approved rules guided by the Friendly Society Act of T&T and Islamic laws.  Rather than "buying insurance by paying a premium," participants contribute to a common pool from which they are entitled to benefit.  During the year, the collected contributions are invested in Islamically acceptable transactions. The profits accrued are added to the contributions.  At the end of the financial year, after paying all claims and fees and allocating reserves, the surplus funds are returned to the participants by way of a rebate. 

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