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Friendly Society Welcomes 1600th Member

President of Takaaful T & T Friendly Society (TTTFS) Manwar Ali welcomed Imam Aazam Piprawala of Debe who recently became the 1600th member of the Society and presented him with a gift certificate in the amount of $550 and a Takaaful T-shirt. Imam Aazam and family, were also invited to have dinner with the President of the Society on June 16, 2015 at the Society’s offices in Valsayn.

“One hundred and nineteen (119) new members have already joined this year. This year, the Society aims at achieving the largest annual increase since the inception of the Society in 1999,” said Manwar Ali at the brief function. There are, however, 1287 active members as a result of deaths (52), resignations (47) and non-payment of fees by members (247).

 Members pay an annual membership fee of $20 and an annual contribution of $30 for participation in the Funeral Benefit Scheme. In return, members are invited to the Annual General Meeting where they receive a complimentary lunch and may also receive gift hampers ranging in value between $100 and $500. Members also receive the Society’s Annual Report via the post and email. Where Newsletters are not mailed to members, they are published in a daily newspaper.

At the time of death, the nominee of the member receives a grant of $4,500. This Islamic micro-insurance plan requires no medical tests and has no age limit. It offers the satisfaction to members that they have contributed to a family that has suffered a loss.

Since 2004, members as well as non-members have been pooling their charity in the Society’s charitable trust fund (Waqf Fund) which has already grown to 2.4 million dollars in assets. Beneficiaries of this pool to date have included the needy, orphans, senior citizens, mosques and Islamic organisations in T&T.

Members may also participate in any of the Society’s Islamically-acceptable savings cum investment services and benefit from dividend income or capital appreciation and growth.

Members as well as non-members may participate in or benefit from any of the Society’s events including the Open-Air Eids, Ramadan Hampers, Scholars’ Visits, Dinners or Luncheons, Family Days and Football Competitions.

Registered in 1999, the Society is now in its seventeenth year and already ranked as the second largest Friendly Society in the country. Like co-operatives, Friendly Societies are owned and managed by their members for the achievement of their organisational objectives.

According to the Bye-Laws of Takaaful T&T, the Society operates in accordance with the Act and Regulations governing Friendly Societies in T&T and Islamic traditions. The Society, therefore, steers clear of interest-related transactions and any type of dealings that are at variance with the beliefs and practices of Islam.

Photo Caption:
From left Imam Aazam Piprawala and Manwar Ali, President, TTTFS.
Photo courtesy Jinnah Ali

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