About Packages Group & IGI Life

The IGI brand has been associated with the insurance services since 1953, making it one of the
earliest and most respected insurance providers in the Pakistani market. It falls under the IGI
Holdings umbrella which is owned by the Packages Group.

IGI Life Strength

• Packages Group reputation and strength
• Multinational heritage (ALICO & MetLife)
• Product Innovation through partnership with the Discovery Group of South Africa to
bring Vitality to Pakistan.
• Significant investment in state of the art IT infrastructure
• Financial Strength (IFS) Rating of “A+” (A Plus) with ‘Stable’ outlook by Pakistan Credit
Rating Agency Limited
• Readiness to deploy resources all over Pakistan
• Quick decision-making
• Superior value proposition to the customer
• Prudent yet dynamic investment management to optimize returns for membership
holders.
Packages Group Ventures
Consumer Product Companies (B
Manufacturing Companies (B to B) to C)
Net Revenue 2017: $480MM Net Revenue 2017: $1,793MM
CAGR (5 Yrs): 7% CAGR (5 Yrs): 17%

Flexible
Packages Packages Mall
Convertors (Pty)
Limited
NESTLE PAKISTAN
LIMITED
MITSUBISHI CORP
JAPAN
TRIPACK FILMS LIMITED
COCA COLA BEVERAGES
Chantler PAKISTAN LIMITED
Packages Inc.
SANOFI-AVENTIS
PAKISTAN LIMITED

PRINT CARE
GROUP SRI Financial Services
LANKA DIC PAKISTAN Net Revenue 2017: $66MM
LIMITED CAGR (5 Yrs): 12%

TETRAPAK
PAKISTAN LIMITED

OmyaPack
(Private) Limited

BULLEHSHAH PACKAGING
 Concept ‫تكافل‬
‫ تکافل‬- ‫کفالہ‬

Mutual Solidarity & Helping each other

‫باہمی یکجہتی‬
 ‫تكافل ‪Concept‬‬
‫‪Risk mitigation is not only permissible in Islam but is in fact encouraged‬‬

‫پہلے ا ونٹ با ندھو پھر هللا پر تو کل کرو‬

‫(‬ ‫)ترمذي شریف ‪٢٤٤١‬‬

‫اپنی ا والد کو مالدار چھوڑیے زیادہ بہتر ھے اس سے کے آپ انہیں فقر و فا قہ‬

‫کی حا لت میں چھو ڑیں اور وہ لوگوں سے مانگتے پھریں‬
‫)ال بخاري ‪(٣٨٣ /١‬‬

‫‪5‬‬
Takaful
 In Arabic Language, we find a verb “Ka-Fa-La” which means “To
Guarantee”(Individually), while its inflexion noun word “Takaful” means
“Mutual Guarantee”

 Just like the Arabic verb “Aa-wa-na” which means “To

Help”(Individually), while its inflexion noun word “Taa-wun” means
“Helping each other”!

 If we observe the nature of our operations and the kind of guarantee

involved in it, we can say that Takaful means the Mutual Guarantee
among the community of our Participants, for financial support in
times of defined losses!

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 TAKAFUL vs. INSURANCE

There are three major objections against

Conventional Insurance. Takaful is free from them ...

1. Riba (Interest)

2. Gharar
(Uncertainty)

3. Qimar
(Gambling)
Takaful

Riba – Interest
Interest is not allowed in Islam because currency or money is measuring tools not the
commodity itself as under Shariah only commodity can be traded therefore interest / rent
or what ever word you say earning or lending of money is prohibited.

Gharar – Uncertainty
Events which are covered under insurance are uncertain in nature so Gharar is there.
Element of Gharar is not allowed in Islam.

Qimar – Gambling

Is mean gambling either you loose or win in case of no claim or claim payment. In case
of insurance if definite event happen event of death, disability or disease does not
happen you loose the premium and gambling is not allowed.
 TAKAFUL INSURANCE
• Takaful is based on Tabarru Contract • Insurance is a \sale-\purchase Contract

• Participants have a share in the surplus • Surplus entirely belongs to the Insurance
Company
• Taburru'at paid to Waqf belongs to the Waqf, the
Operator is not owner of this amount • All premium income belong to the Insurance
Company
• Through Takaful the values of co-operation
spreads in society in matters of righteousness and • All investment profits belong to the Insurance
Taqwa Company

• In Takaful, the company (Operator) serves in the • The only objective is to do commercial business
capacity of Wakeel and trade

• Shari'ah Adviser is an essential part of any Takaful
setup that supervises all investment activities of
the company. Shari’ah Adviser comprising of at
least 3 scholars is compulsory as per the Takaful
Rules 2005.
• All investment are mandatory to be invested in
Shariah complaint industry
• Companies serve as the owners of the business
• No such kind of supervision takes place nor there
any law concerning it. Insurance company invests
their funds in any business they consider fit,
irrespective whether the business is Shari’ah-
compliant and Halal or not
How does Takaful Model Work

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