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Express Tribune
3 days ago
- Business
- Express Tribune
Understanding Takaful from the Islamic perspective
Photo: Renowned Shariah scholars from the Islamic finance industry discuss the principles and benefits of Takaful, an Islamic insurance model based on the principles of mutual cooperation, solidarity and brotherhood. Listen to article Shariah perspectives on Takaful Renowned Shariah scholars from the Islamic finance industry discuss the principles and benefits of Takaful, an Islamic insurance model based on the principles of mutual cooperation, solidarity and brotherhood. Karachi (Faisal Arshad) In the second episode of the Tribune Podcast on Takaful, host Adeel Azhar engaged in a comprehensive discussion with Mufti Irshad Ahmad Aijaz, Chairman, Shariah Advisory Committee, State Bank of Pakistan, and Mufti Muhammad Ibrahim Essa, Shariah Advisor, EFU Hemayah Takaful. The conversation centered around Shariah perspectives on Islamic insurance, identifying the fundamental differences between conventional insurance and Takaful. Takaful Versus Conventional Insurance Mufti Irshad said that people are often skeptical about the appropriateness of Takaful from a Shariah perspective, arguing that any form of insurance negates the concept of Tawakkul. However, he maintains that Takaful operates on the principle of mutual protection, which is encouraged as a principle in Islam. In the case of Takaful, he says, a collective pool of funds is established by the participants to provide protection against losses to individuals against unforeseen events. In contrast to conventional insurance, Takaful does not involve selling risk; the fund remains intact even if there are no claims. Conventional insurance follows a commercial model where the insurer keeps any unclaimed funds as profit, whereas Takaful operates on a cooperative model where participants share in any surplus. This approach ensures that the system is free from betting, where the service provider claims entitlement to the fund even if no loss is incurred. Surplus distribution in Takaful The key difference between conventional insurance and Takaful is about the treatment of the fund in the event that the pool of funds exceeds the payment made on account of compensation, as explained by Mufti Ibrahim. In Takaful: The contribution made by each participant in a Takaful plan is divided into three parts: Investment – allocated for savings or investment purposes. Wakala Fee – a fixed fee paid to the Takaful operator for managing the funds. Tabarru (Donation) – a portion voluntarily donated to the Participant Takaful Fund (PTF), used to provide financial support to participants in need. At the end of the financial period, if there is any surplus remaining in the PTF (after claims and expenses), it is handled in two ways: A portion may be distributed among eligible participants as a surplus sharing, based on predefined criteria. The remaining surplus is retained in the fund to ensure future stability and sustainability of the Takaful pool. This approach is based on a Hadith of the Holy Prophet Muhammad PBUH, which presents the concept of mutual protection and distribution of surplus among participants. Almost Rs. 800 million of surplus has been distributed amongst EFU Hemayah Takaful participants over the past years, in accordance with Shariah principles. How Takaful operators make money Mufti Ibrahim addressed the question of how Takaful operators make money when they distribute the leftover pool of premiums among contributors. He cited Mufti Irshad's explanation that Takaful operators are considered as managers of the fund. To perform the arduous task of management, they are entitled to a management fee, known as the Wakala fee. This fee is similar to the salary drawn by employees of Awqaf and is approved by the Shariah advisor. The Takaful operator's role is to manage the pool, collect funds, make investments, and process claims, all while ensuring Shariah compliance. The Wakala fee is a key component of the Takaful system, as it allows the operator to cover its costs and management expenditures. However, the fee must be reasonable and approved by the Shariah advisor to ensure that it is in line with Shariah principles. Islamic reference for Takaful Host Adeel Azhar asked about the Islamic reference for Takaful, and Mufti Irshad explained that while there may not be a direct reference to modern-day Takaful in Islamic history, the concept of mutual protection and harmony among a group of people facing similar challenges is encouraged in Islam. He referenced a historical example praised by Prophet Muhammad (PBUH), where a tribe (Asharijin) collectively pooled dates to survive a famine, highlighting Islam's encouragement of mutual support. By working together and pooling resources, individuals can protect each other against risks and challenges. Investment approaches in Takaful Mufti Ibrahim also noted the differences in investment approaches between Takaful and conventional insurance. In Takaful, investments must be Shariah-compliant, including the collection and parking of funds. Complying with the Shariah guidelines EFU Hemayah Takaful ensures that participants' contribution is invested in Islamic banks and other Islamic investment avenues, ensuring that the system remains true to its Islamic roots. Growth of the Takaful industry Mufti Irshad discussed the growth of the Takaful industry, noting that while it is regulated by SECP, the State Bank of Pakistan is also working to increase financial penetration among the general public. Ulemas are playing a crucial role in promoting Shariah-compliant options and convincing people to avoid fraudulent investment schemes. He urged the need for financial literacy so that people may benefit from legitimate and Shariah-compliant financial services. Mufti Ibrahim added that, like Islamic banking, Takaful services are also growing. The companies are now opting for conversion to Shariah-compliant business models rather than maintaining parallel windows of both Islamic and conventional banking or insurance. He acknowledged that all stakeholders and regulators, as well as Ulema, are playing a role in this regard, with Ulemas providing inputs in product development, investment rules, and Shariah audit. With the growing demand for Islamic financial services, Takaful is poised to play a significant role in the financial landscape of Pakistan, helping individuals and businesses protect themselves against risks while adhering to Islamic principles. With scholars, regulators, and companies working together, the industry is well-positioned to redefine financial protection in Pakistan.
Express Tribune
3 days ago
- Sport
- Express Tribune
Muzammil, Nadir enter quarter-finals
Guests of Honour and PTF officials along with competing players are seen at the opening of 12th Lab Ranking Tennis in Hyderabad. PHOTO: STA Muzammil Bhandh and Nadir Bachani beat their respective rivals to reach the semifinals on second day of the 12th Lab Ranking Tennis Championship here at Hyderabad Gymkhana courts. In the ladies singles first round, Naba Bhatti beat Zainab Fatima 8-2 while Sanam Baloch beat Hibah 8-2. In the Juniors under 17 Singles second round Junaid Meher beat Hanzala 8-5 while Majid Bachani beat Basit 4-0,4-1 and Syed Abdullah beat Ahmed Ali 4-0,4-0 in the under-13 matches. The prestigious Championship is being sponsored by Laboratory & Diagnostic Center and being organized by Hyderabad Tennis Association in collaboration with Hyderabad Gymkhana and under the auspices of Sindh Tennis Association. Earlier, the formal opening ceremony was held on Taj, President and Tariq Bajari, Secretary Hyderabad Gymkhana Adv. Arif Siddiqui of Dr. Essa Laboratory were the honorable guests on the occasion. Sabir Qaimkhanani MNA , Jawed Riar, President HTA, Parwez Ahmed Sheikh of SOA were also present. Secretary Hyderabad Gymkhana Bajari announced to hold a Sindh Ranking Tournament this winter. In the mens singles, Muneer Derbari beat 8-1 while Anas Khan beat Sheeraz Bhand 8-5. In the Juniors u 17 Singles 1st Round Junaid Meher beat Abdul Malik 8-3, Hanzala beat Essa jee 8-2, Ali Bachani beat Rayan Zubairi 8-1.
Express Tribune
19-05-2025
- Sport
- Express Tribune
Talha Stuns Abdullah in Federal Cup
The 37th OGDCL Federal Cup National Ranking Tennis Championships kicked off with an action-packed opening day at the S. Dilawar Abbas PTF Tennis Complex, Garden Avenue, Islamabad. While most seeded players cruised through their first-round matches in the men's singles category, a major upset marked the day as unseeded M. Talha Khan of Islamabad defeated 6th seed Abdullah Adnan in straight sets. Talha Khan dominated the much-anticipated encounter, showcasing maturity and skill beyond his years. He stormed through the first set 6-1 by breaking Abdullah in the 3rd and 5th games. In the second set, Talha maintained his momentum and form, not allowing his higher-ranked opponent a single game, sealing the match with a commanding 6-1, 6-0 victory. The second most exciting match of the day featured Muhammad Yahya against M. Hamza Aasim, also from Islamabad. After dropping the first set 3-6, Yahya bounced back to take the second 6-2. He was leading 4-1 in the third set when Hamza was forced to retire, giving Yahya the win in a match filled with intensity and grit. Matches were also played in the ladies singles, junior 18 & under, and boys 14 & under categories, where established players largely overpowered their less experienced opponents. Earlier in the day, a formal opening ceremony was held. Mr. Uzair Aslam Chaudhary, CEO of Air Blue, graced the occasion as the chief guest. Notable attendees included Mr. Tariq Mehmood Murtaza, Chairman, and Mr. Majid Bashir, President of the Islamabad Tennis Association, along with Col. Zia-ud-Din, Secretary of PTF, and Col. Gul Rehman, Director of Security, PTF. The tournament continues with more first-round matches scheduled for tomorrow, as players vie for ranking points and national glory. Results of other matches are as follows: Saqib Hayat beat M. Talha Khan(PES), 6-1 6-2, Khan beat Waqar Ahmad 6-0 6-0, Muzammil Murtaza beat Saifullah Khan 6-1 6-1, Muhammad Ali beat Gibran-ul-Haq 6-3 6-3, Ahmad Nael Qureshi beat Kamran Khan 6-0 6-1, Muhammad Salar beat Kashan Tariq 6-0 6-1, Aqeel Khan beat Javed 6-0 6-1. Ladies Singles (1st Round) Lalarukh Sajid beat Maria Rasheed 6-0, 6-1, Mehaq Khokhar beat Sofia Tariq 6-1 6-0, Zunaisha Noor beat Shandana Rabbi 6-0, 6 -1, Noor Malik W/O Maida Awais, Maryam Hussain W/O Ayma Rehman.
Mid East Info
06-05-2025
- Business
- Mid East Info
Regional Leaders Unite to Shape the Future of Construction and Property Tech at the Construction & Property Technology ConFEX
ConFex highlights the convergence of ConTech and PropTech, spotlighting sustainability, productivity, and next-gen digital solutions 06 May 2025, Dubai – The eighth edition of the Construction Technology ConFex (CTF) and Property Technology ConFex (PTF) successfully concluded on 1 May 2025, driving smarter, greener, and faster digital transformation across the built environment. Supported by the Dubai Land Department and Dubai Municipality, the event welcomed over 1000 attendees, including top developers, contractors, consultants, technology providers and government representatives. Major decision-makers from across the region and beyond gathered to explore cutting-edge innovations reshaping construction and property technology. Organised by Ventures Connect, this year's ConFEX hosted more than 160 speakers, 40 exhibitors and facilitated over 550 B2B meetings, sparking impactful discussions and strategic partnerships. Aisha Ali, COO, Premier Construction Software, headline sponsor of the event, said: 'As a leader in the AI-powered construction ERP space, Premier Construction Software was thrilled to connect with fellow industry thought leaders at the 8th Annual Construction Technology Confex UAE 2025. This event allowed us to showcase how accounting software is transforming the way general contractors and developers operate. CTF is an ideal stage to champion innovation and advance the digital transformation conversation.' The conference agenda focused on four key pillars: Tech for Climate, Tech for the Social Agenda, Tech for Competitive Edge, and Tech for Productivity and Performance, each reflecting the urgent need to accelerate digital adoption and meet national decarbonisation goals. A central theme was the growing convergence of Contech and Proptech, highlighting how the traditionally separate domains are evolving into a unified, tech-driven ecosystem. Speakers emphasised that bridging these areas unlocks new efficiencies, drives sustainability, and enables adaptable spaces that respond to changing occupancy needs and user experiences. Technology focus areas included AI and IoT, modern construction methods, robotics, Common Data Environments, digital twins, and cybersecurity. The conference also explored innovations in data centre infrastructure, super apps, and tech-enabled urban living, reinforcing the depth of the program. 'This was our biggest CTF and PTF to date, and the positive feedback from speakers, sponsors, and attendees underlines the growing importance of understanding how digitalisation and technology are transforming the built environment,' said Katie Briggs, Director, CTF. 'Contech and Proptech are evolving into a seamless ecosystem bound by technology, driving smarter, more efficient, and sustainable construction and real estate practices.' Industry leaders from companies such as Aldar Properties, NEOM, Red Sea Global, ROSHN Group, Emaar, Masdar City, Alec, Damac Properties, and Sobha Realty shared insights, case studies, and collaborative visions for the future. Attendees benefited from high-value networking opportunities and actionable knowledge designed to improve both capital expenditure (CapEx) and operational efficiency (OpEx) across the asset lifecycle. The Construction Technology Awards 2025, held on 1 May, celebrated standout individuals, organisations, and projects demonstrating leadership in digital transformation, innovation, and sustainability. With over 300 submissions across 24 categories, the awards drew regional attention and elevated industry benchmarks. Project Awards Sustainable Project of the Year: Warsan Waste Management Centre – Dubai Municipality BIM Project of the Year: Amaala Staff Village – Zone 5 – Group AMANA Offsite Project of the Year: Sindalah Island – BEC Arabia Digital Project of the Year: Adassa – NEOM Tech for Safety & Wellbeing Award: Operational Excellence Through Technology For Safety & Wellbeing – Emaar The Economic City (KAEC) Organisation Awards BIM Organisation of the Year: Dubai Municipality Consultant of the Year: PNC Architects | Sobha Realty Contractor of the Year: Trojan Construction Group Startup of the Year: MyCrane Digital Design Organisation of the Year: AtkinsRéalis Sustainable Organisation of the Year: Majid Al Futtaim Digital Transformation of the Year – Client: Dubai Holding Real Estate Digital Transformation of the Year – Contractor: Innovo Digital Transformation of the Year – Consultant: Khatib & Alami PropTech Digital Transformation Award: A.R.M. Holding PropTech Digital Transformation Award – Highly Commended: ROSHN Group Individual Awards ConTech Rising Star of the Year: Ammar Al Jamal – Trojan General Contracting ConTech Star of the Year: Amarnath Patnam – PNC Architects Bim Champion of the Year – Client: Abuzar Aftab Shaikh – Red Sea Global Bim Champion of the Year – Contractor: Youssry Salman – Saudi Binladin Group – Contracting BIM Champion of the Year – Consultant: Huzaifa Electricwala – Parsons Sustainability Leader of the Year: Nazly Asadollahpour – Majid Al Futtaim Editor's Choice Award – Digital Project: Aldar Properties Editor's Choice Award – Workforce Digital Upskilling: Rua Al Madinah Holding ConTech Leader of the Year: Ismail Azam – NEOM The success of CTF and PTF 2025 was made possible through the support of sponsors and exhibitors, including Procore, Coburns-Pulse Air Testing, Premier Construction Software, Dassault Systèmes, Khatib & Alami, EllisDon, First Bit, Danaos Management, Egnyte, Trojan Construction Group, Lupa Technology, Milwaukee, Tendered, Bentley, Masin Al, Parsons, ALEC, ALEMCO, LINQ, Vortex, ePROMIS, ImageGrafix Software, Cupix, PropVR, CMIC, KEO International Consultants, Optima, Angelswing, ARISTON Group, Group AMANA, Dupod, Dubox, Facilio, AtkinsRéalis, 5th Street, Innovo, CIVE, CEB – Mohamed Elkhateeb Holding Company, ZWSOFT, WhiteHelmet, Gamma AR, Netsmartz, Xpedeon, 36 Zero, nCircle, Al Suwaidi Computer, Siraj Finance, Propwise, Shape, Deed, Urban Surveys, Al Waab Building Contracting, Mygate, Zoho, Cube and Digital Solution. About Ventures Connect: Ventures Connect is a partnership between b2b Connect and Ventures Middle East, two businesses committed to empowering companies across the Middle East and Africa Region while enabling critical connections with key stakeholders and decision makers across various industries. b2b Connect provides content development across a range of business-to-business formats. It owns, designs, manages and produces events for a range of industry-leading clients in the Middle East, North Africa and Turkey (MENAT). Run by senior media professionals, b2b Connect has a track record of creating innovative and market-driven business-to-business solutions. It also delivers sponsorship and exhibition revenues, conducts industry research and trend analysis, delivers market scoping and commercial validation, and organises trade missions and b2b meetings. Established in 2002, Ventures Middle East (VME) is an international management consulting company providing strategic business advisory services across the GCC and the wider MENA region. Since inception, its multinational executive leadership team has empowered clients with access to an established business network, market insights and the competitive edge necessary for success. VME covers all sectors and industries and provides unparalleled customized analysis and superior strategic insights.
Express Tribune
23-04-2025
- Sport
- Express Tribune
Shayan represents Pak at ITF Asia 14
Pakistan's promising junior tennis player, Muhammad Shayan Afridi, has been selected to represent the International Tennis Federation (ITF) Team in the Asia 14 & Under Development Championships Finals 2025. The prestigious event is scheduled to take place from April 22 to May 3, 2025, at the DLTA Stadium, New Delhi, India. Shayan earned this opportunity based on his outstanding performance at the regional qualifying event - ITF Asia 14 & Under Development Championships held in Sri Lanka, where he won the Leg-1 final and was runner-up in Leg-2. Shayan arrived in India on April 20, 2025, ahead of the championships, which brings together top emerging tennis talents from across Asia. The participating players are from the following nations: Iraq, Syria, Singapore, Vietnam, Uzbekistan, Thailand, Myanmar, Maldives, Malaysia, Korea, Kazakhstan, Iran, Indonesia, India, Hong Kong, Chinese Taipei, China, and Turkmenistan. Shayan expressed his gratitude to the BARD Foundation Pakistan and ACE TENNIS Academy Pakistan for sending him to a one-month training camp in Thailand. He also thanked the Pakistan Tennis Federation for organising a one-month training camp for the Pakistan 12 & Under team in Kazakhstan in collaboration with the Kazakhstan Tennis Federation. Additionally, Shayan praised the Pakistan Tennis Federation for conducting a one-month training camp in Islamabad with foreign coaches Robert Davis and Lalovic, saying, The training camps played a major role in my selection in the ITF team. Mr. Aisam-ul-Haq Qureshi, President of the Pakistan Tennis Federation (PTF), expressed his delight at Shayan's selection, saying, "I am extremely happy for Shayan to be selected for the ITF team. This achievement is a testament to his exceptional talent and hard work. To be selected in the ITF team is not an easy job, but Shayan has done it through his amazing talent. I wish him all the best and hope he will bring more laurels to Pakistan." Col. Zia-ud-Din Tufail, Secretary General of the PTF, also congratulated Shayan and his family on this remarkable achievement, stating, "Shayan's selection is evidence that Pakistan is full of talent. I wish him a successful performance in the event."
