When a loved one dies, the grieving family faceshardship to meet expenses such as Sanda (burial cloth), food and transport costs. Where the deceased was the bread winner, sustainability of the family; e.g. daily upkeep, school fees for children and obligations to settle loans left by the deceased becomes a burden.
To mitigate the above hardship,the immediate community contributes money, food and other assorted items, during the funeral service. However, this support is often not adequate enough to solve the urgent and subsequent financial needs. The contributions made by the community are not sufficient because among others, the pool comes from a small catchment area and the contributions are not made continuously.
Hence the need for a sustainable and substantial resource pool built by consistent monthly contributions coming from a wide catchment area, to provide effective funeral assistance.
Takaful is an Islamic Cooperative model, an alternative to conventional funeral assistance, wherein all participants contribute the funds in a pool and share the risks according to rules of mutual understanding, cooperation and contribution. In this system, as per common rules of mutual understanding, cooperation and trust; all participants are safeguarded against financial risks.
“…And help one another in righteousness and piety and do not help one another in evil deeds and enmity” (Quran 5v2)” A believer is like a brick for another believer, the one supporting the other”. (Sahih Muslim)
“All Muslims should live together with love, peace and harmony and it should demonstrate like a human body. If there is a pain or trouble in one part of the body, then the whole body is affected with the pain and fever”. (Sahih Muslim)
• Participants make contributions to fund the pool and become its members;
• The pool releases the funds as per the rules and regulations;
• Surplus funds in whole or in part can be shared amongst participants.
• Provides financial protection and peace of mind for you and your loved ones, in case of death, when you maintain your contributions;
• Pays out a lump sum. This amount ensures that your loved ones’ future is secure, even in your absence;
• Improving socio-economic status of the community through creation of jobs and businesses to build a self-reliant and a financially inclusivesociety;
• Sadaqat Jariah (recurring charity). At the end of the year the community will decide the kind of sustainable infrastructures the society is in need of,such as schools and hospitals for future benefit;
• A tool for quick data collection and census. The mobile app used will enable the Muslim community to collect data that can be used during population census for better distribution of resources;
• Quick and easy sharing of vital information. The mobile app will enable the Muslim community to easily access and share vital information and messages of national and society interest;
• The pooling of resources brings trust, mutual love and cooperation to the society.
Takaaful Cooperative Society Ltd (TCSL)
Takaaful Cooperative Society Ltd (TCSL) is registered under the cooperative Laws of Malawi and is a corporate member of Muslim Association of Malawi. As a cooperative it does not contradict with Shariah principles. TCSL is currently inviting members of the Muslim community to register with the cooperative to pool resources for mutual benefit of the community.To safeguard its members against post funeral hardships,TCSL would provide funeral assistance to its members within the principles of mutual assistance, love, cooperation and solidarity. This will come after achieving the target of 1 million members.
The challenge is to reach a target of 1 million regular paying members in three months, to be able to negotiate terms of agreement in other investments. This requires a concerted effort by all stakeholders to mobilize and utilize the local strength of numbers to achieve this goal.
A member will make aregular monthly contribution of K1,000 and in turn receives a pay out of K375,000.00upon death. This amount will be paid to nominated trustees upon death.TCSL will start facilitating pay outsas soon as it achieves a target of 1 million regular paying members.
Takaaful Cooperative Society Ltd has taken the service to your doorstep. Currently you can access Takaaful services at your nearest Jumuah Masjid in the following 14 districts, and will soon roll out to all districts in the country. Additionally, TCSL has trained District Operations Coordinators on the ground for service support.
Blantyre,Lilongwe, Zomba, Mangochi, Machinga, Salima, Dedza, Nkhotakota, Balaka, Chiradzulu, Mulanje,Phalombe, Kasungu and Mzuzu.
Where can you register to become a member or a participant?
If you are in the listed districts, get registered at your nearest Jumuah Masjid in your area. The Sheikh, secretary or Takaaful Customer Developers, are well-trained personnel on the ground to help people throughout the process. You can also contact the District Coordinators in your area or contact the Project Office on+265 999 952 962 or +265 995 268 377.
What is the Process?
• Register at the Masjid – Make a pledge with your full personal details at your Jumuah Masjid.
• Make payment – Use Airtel Money to make your payment (other payment options coming soon)
o Enter “Takaaful” under bill payments.
o Use your mobile number as your reference.
o Minimum amount is K1,000. However, pay as much as you can afford on a monthly basis in multiples of K1,000.
• Capture contribution – Capture your payment reference at your point of registration.
When will it start?
Registration and contribution deposits will commence on 11th August 2017.
Take this opportunity. Register now at your nearest Jumuah Masjid to become one of the participants and be part of this brotherhood that requires all Muslims to trust and cooperate, and support each other when they are in hardships or in times of need!
TCSLis committed to provide you with the best service you can trust. It will be there for you when the need arises.
For further inquiries, please contact+265 999 952 962 or +265 995 268 377 between 7:30am and 5pm.