2021

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Browsing 2021 by Author "MUHAMMAD AMMAR ASHRAF"

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    A Viable Takaful Model for Live Stock Industry in Pakistan
    (UMT.Lahore, 2021-11-29) MUHAMMAD AMMAR ASHRAF
    Pakistan is an agricultural country where most of the country’s economy is based on agriculture. Due to the huge potential in the market farmers tend to minimize their risk by taking insurance policies for their livestock and Takaful industry does not have any Shariah alternative product for this sector. The purpose of the study is to suggest new product for Takaful industry that insures the safety and prosperity of livestock. This research has qualitative approach, utilizing unstructured interview technique with eleven participants. From interviews we gathered the views and opinions of participants about the best suitable and viable Takaful model for livestock in Pakistan. To have a comprehensive understanding of these issues, interviews were conducted with Shariah experts of Takaful industry including Shariah compliance Department, Shariah Advisors and Product Development Department. This study differs from prior studies on livestock. Findings of the interviews from these experts are that among all existing Takaful models, Waqf-Wakala model is the most suitable for livestock industry in Pakistan. Regulatory bodies needs to create a workable environment that motivates positive steps towards livestock Takaful. Currently livestock industry is providing most percentage of progression in the economy of Pakistan. And whenever something is this vital for a country, it must be kept safe. Hence ensuring the livestock is very important for its safety. Through Takaful we make sure that the livestock animals that we eliminate all risk factors such as catching an illness or virus or get injured etc. insurance will cover all such risks and additionally provide good nutrition and health to these animals as well. The livestock animal will be looked after and be kept in very good conditions in order to combat all the risk factors involved and the animal is safe and healthy.