INSURANS ISLAM TAIBBRUNEI DARUSSALAM

PREPARED BY:NUR FATINAH BT IBRAHIM 2011850046HUZAIMAH BT JAIMIN 2011256756SITI NAJWA BT ABDUL RAHIM 2011454486NURUL ATIQAH BT BORONCE 2011487256NURUL ‘ATIRAH BT AHMAD 2011289216

INSURANS ISLAM TAIB-company profile-

Establishment and Set Up

Wholly owned subsidiary company of Perbadanan Tabung Amanah Islam Brunei (TAIB).Incorporated on  3 March 1993, under Brunei’s Companies Act (Cap.39), under the name Takaful TAIB Sdn. Bhd.

11 June 1997, changed its corporate entity to Insurans Islam TAIB Sdn. Bhd.

Composite Takaful Company (General & Family Takaful)

INSURANS ISLAM TAIB-company profile-

About Parent Company

Perbadanan Tabung Amanah Islam Brunei (loosely translated in English as the Brunei Islamic Trust Fund) or more commonly known as TAIB, was established on 29th September 1991.The establishment of TAIB came by virtue of the Constitution of Brunei Darussalam (Order under section 83(3)) Emergency (Perbadanan Tabung Amanah Islam Brunei) Order 1991.

INSURANS ISLAM TAIB-company profile-

About Parent Company

TAIB is principally engaged in the provision of services related to the Islamic banking business and carrying out several economic development projects in Brunei Darussalam.

The launching of TAIB marked a new beginning for Brunei Darussalam as TAIB was the first Financial Institution that conducted all its activities in accordance with Islamic faith

INSURANS ISLAM TAIB

-company vision, mission and goal-

Mission

To provide competitive Takaful / Islamic insurance products and Services that

comply to the Syariah principles as well as to give

sound and Professional consultation services to customers through well

trained, highly courteous and efficient personnel supported by the use of

advanced and latest information technologies

(IT).

INSURANS ISLAM TAIB

-company vision, mission and goal-

VISIONTo develop Insurans Islam TAIB Sdn Bhd (IIT) as one of the five leading companies in the insurance industry by the year 2007 and to position IIT as the top three leading companies by year 2010.

Goal• To increase shareholders wealth

in the long term.To achieve excellence in customer care.

• To strive for continuous increase in market share.

• To maximize profits.• To increase efficiency.

INSURANS ISLAM TAIB

-board of directors-

1) FAMILY TAKAFUL

Eligibility - Participant/child must be below 18 years old.  Parent or guardian must be less than 55 years old during participation and not exceeding 65 year of age

when the certificate matures. Maturity Period - When Participant/child turns 18 years old

Scope of cover – 1) Participant/child Death , Total Permanent Disablement, Personal Accident

2) Beneficiaries / Parents or Guardian Death, Total Permanent Disablement, Additional Cover 

3) Additional Cover for Beneficiaries / Parents or Guardian (Optional) Personal Accident, Hospital Benefit, Family Rider

Siswa Takaful Planfacilitates parents or guardians who have plans to accumulate special future scholarship fun for their children

FAMILY TAKAFUL PLAN - EDUCATIONOffers Takaful coverage and saving if you plan to accumulate fun systematically for future needs, for instance as retirement fund or as a will to next of kin, should untimely death or permanent total disability occurs

Eligibility - Participation must be made by an individual on his/her own name. 18 years old and above and not exceeding 65 years old when policy matures. Healthy and not working or not involve in any dangerous activities.

Takaful Participation Period -

Takaful Instalments - Minimum takaful instalments at B$15.00 per month, Participant may choose to pay the takaful instalment either monthly ($15), Quarterly ($45), Half-Yearly($90), or Annually ($180)

Years

10

15 20 25 30 35 40

MORTGAGE TAKAFUL PLAN Takaful protection for any financial loan taken by individual(s) from Banks, financial institution or employer such as the Government in acquiring or purchasing fixed assets such as land, house, vehicle and other Eligibility - 18 years old and above and not

exceeding Scope of Cover - Basic coverage : Death and Permanent

Total Disability due to accident and illness.

Takaful Period - The participation or coverage period is according to the loan/ financing repayment period asset by the financier.

Mortgage Takaful Plan Products (PTG)1) MTP Personal Financing 5)MTP Electrical Goods

Financing2) MTP Home Renovation Financing 6)MTP Computer

Financing3) MTP Educational Financing 7)MTP Housing, Land

Financing4) MTP Car Ownership Financing

Domestic Servant Takaful

Participants under this Scheme shall receive AL-Mudharabah (profit return) from the fund’s profit on condition that the Participant has not incurred any claims and / or not received any benefit under the certificate whilst it is in force.

Purpose - Provides a comprehensive Takaful coverage if death or permanent total disablement occurs to the domestic servant due to any accident or illness. To reduce employer's financial burden due to death of the domestic servant in relation to administration and repatriation costs. To fulfil the Labour Act requirement

Scope of Cover - Death and Permanent Total Disablement (PTD), Repatriation, Medical Expenses, Due to accident or illness

Profit Returns

Credit Card Holder

Scope of Cover

Eligibility

Objectives

• Death and Permanent Total Disability due to accident and illness

• Participation must be made by an individual on his/ her own name.

• Provides financial guarantee to credit card issuer and to reduce financial burden that may befall to the participant’s beneficiaries as the card credit outstanding balance will be settled

2) General Takaful

• Fire Takaful Plan• Motor Takaful• Householder Takaful Plan• Takaful Kembara• Motorcycle Takaful Plan• Fire Takaful• Personal Accident Takaful Scheme• Personal Accident

Fire Takaful PlanS

cop

e o

f cover

To cover your house against damage or loss by :1) Fire or Lightning2) Domestic Explosion3) Aircraft and other aerial devices and/or articles dropped there from4) Rainstorm, Cyclone, Typhoon, Windstorm, Earthquake, Volcanic Eruption,5) Housemaid personal property except money, bank notes and stamps (as listed)

Pro

fit

Retu

rns

Participants under this scheme shall receive Al-Mudharabah (Profit Returns) from the surplus fund on condition that the participant have not incurred any claims and/or not received any benefit under their certificates whilst it is in force.

Ad

dit

ion

al C

overa

ge

1) House contents such as furniture & fittings, electrical  goods.2) Theft by forcible and violent entry.

Motor Takaful

• Comprehensive• Third party

Scope of Cover

• Comprehensive coverage for vehicles and the owner

Objectives

• Windscreen cover.• Legal liability to passengers.• Flood

Additional Coverage

Householder Takaful Plan/ House owner

Purpose

Scope of Coverag

e

Additional Coverage

Purpose1) To provide coverage in the event

of damage or loss (House)

2) To minimize the burden faced as a result of disaster or calamity

Scope of coverageFire, lightning, explosions Bursting or overflowing of

domestic water tank Theft (forcible & violent

breaking, threat) Earthquake, flood, Typhoon,

Windstorm

Additional coverageLandslideBush fire and riot

Takaful Kembara

Coverage

Objective

Eligibility

Objective

Conditions to participants are that the

travel must not be against the advice

of any medical practitioners and the

travel must not be for the purpose of

obtaining medical treatment abroad

Coverage1) Scope of coverage

Personal AccidentAccidental injury to another personFuneral CompensationThird Party LiabilitiesMedical ExpensesEmergency And Repatriation CostsTravel Inconvenience Coverage

2) Coverage period-1 day (min) to 60 days (max)

3) Commencement of coverage- All trips must start and end in Negara Brunei Darussalam.-Cover must be incepted before

commencement of trip from Negara Brunei Darussalam.4) Geographical coverage

- Worldwide, subject to area coverage

Eligibility

Adult

Must be 18 to 65 years of age Family Members & Infant

minimum age of 6 weeks up to maximum age of 65 years. Children under 18 years of age must be accompanied by a parent or a guardian.

Motorcycle Takaful plan

Objective

Scope of coverage

Additional benefit

Profit returns

Objectives

Comprehensive coverage for the

Motorcycle and participant.

To fulfill the requirement of the Land

Transport Act.

Scope of coverageLegal liability to the passenger

of the MotorcyclePersonal Accident Coverage

Additional benefitCompensation of B$5,000 in the event of death due to accident for the participant

Profit returnThis scheme is based on the principles

of Al-Tabarru (Donation) and Al-Mudarabah (Profit Sharing).

Particpants under this scheme shall receive Al-Mudarabah from the surplus fund on condition that the participants have not incurred any claims and/or received any benefits under the certificate whilst it is in force.

FIRE TAKAFUL

Eg:-  'Rancangan Perumahan Negara and Skim Tanah Kurnia Rakyat Jati' Fire Takaful Scheme.

Purpose:-

To provide takaful coverage in the event of damage or loss and, will reinstate or repair the home as it was before.

To minimize the burden faced by participants as result of disaster or calamity.

Scope of Cover:-• Fire or Lightning• Domestic Explosion• Aircraft and other aerial devices and/or articles dropped there

from• Rainstorm, Cyclone, Typhoon, Windstorm, Earthquake,

Volcanic Eruption• Third party liability• Housemaid personal property

House contents such as furniture & fittings, electrical  goods

Theft by forcible and violent entry

Bursting or overflowing of domestic water tank, apparatus or pipes

Additional Coverage:-

PERSONAL ACCIDENT TAKAFUL SCHEME FOR STUDENT

Purpose:-To insure all day coverage to students. Benefits to students or parents as a result of accident.

Scope of Cover:- Any school activities. In any form of transportation whether as driver or

passenger. Drowning, lethal gas, food poisoning and

poisonous stings. Civil unrest and riots .

 

Period:-• 24 hours a day. One year coverage. • For students being transferred to

another school, the coverage would still be valid provided it is being informed.

• Coverage will be ceased once the student is expelled.

PERSONAL ACCIDENT

Purpose:-• Provide takaful coverage for individuals. • Provide financial assistance to individual and

family if any misfortune or accident happened.

Eligibility:-• 18 years old and above and not exceeding 65

years old.• Citizens and Permanent Residents of Negara

Brunei Darussalam.

Scope of cover:-Provide 24 hours coverage for

individuals due to accident involve:• In any form of transportation whether

as a driver or passenger.• Drowning, lethal gas, food poisoning

and poisonous stings.

Takaful Contract Model Used

Al-Mudharabah and Al-Tabarru’

• Motorcycle Takaful PlanThis scheme is based on the principles of Al-Tabarru (Donation) and Al-Mudharabah (Profit Sharing).

• Personal Accident Takaful Scheme For StudentParticipants receive it from the fund’s profit on condition that the participants has not incurred any claims or not received any benefit under the certificate whilst it is in force.