اوتار ریپ لگنم دبھ رعمجات ہعمج ہتفہ

30 1 2 3 4 5 6

7 8 9 10 11 12 13

14 15 16 17 18 19 20

21 22 23 24 25 26 27

28 29 30 31

روزانہ ایک مضمون فلتخم وموضاعت رپ

مہف ارقلان●

زتریک ابدحلثی ●

ریست ●

اترخی ●

میلعت ●

ریمعت تیصخش ●

رغجاہیف ●

اسسنئ ●

ادب ●

ا الخایقت ●

اعترِف بتک ●

رتتیب اوالد ●

وقحق اابعلد ●

قبس آومز اکحایت ●

ملسو هيلع هللا ىلصبطِ وبنی ●

ہفسلف ●

ایسفنت ●

ااظتنایمت ●

اعمایشت ●

امسایجت ●

:دمری

اردش ادمح گیب

:سلجم اشمورت

اصبح اخن فیس●رتعف اہلل اخن ●رخم اخن ●

:سلجم ہمظتنم

بیط دصیقی ●انزش اقمس ●

تفہ روزہ

Weekly

Cooperation and Mutual Help-Key to

Strengthen Social Security in our Society

Takaful system as a business model and as an

alternative to insurance has developed considerably

over last two decades to attract even global financial

institutions, but it “still needs to address fundamental

questions” (IFSB-IRTI Mid-Term Review, May 14).

Rather, its compound annual growth rate of 22 %

between 2007 and 2011, decelerated to 16 % in 2012

(IFN, Feb. 14).

In the competitive business world, some „Corporations‟

are bigger than some economies even (e.g. Exxon is

bigger than Thailand, Conoco Phillips is worth more

than Pakistan, and Wal-Mart‟s revenues now put it

ahead of 157 of the world‟s 182 countries). When a

superstore moves into an area, small and medium

outlets in the neighborhood suffer and many lose their

bread earning source.

Human beings need to have smaller level institutions

with relatively focus on mutual and cooperation based

entities. The governments, regulators, think tanks and

scholars must support localized, small-scale,

community-level institutions. At the outset, the focus

needs to be on social security and mutual help

institutions.

By Muhammad Ayub,

Director Research, RCIB

ء 2014دربمس

ر َ

ف

ھ 1436َص

We need any sort of organizations whose structure and values reflect the

mutual/ cooperative form. While for informal sector, only smaller / local level

entities could work properly, at medium and large scale, only formal

institutions regulated by the relevant State organs would be needed to avoid

fraudulent practices on the part of unscrupulous elements in the society.

Such institutions might include limited companies owned by people-based

organizations, fraternity based committees, friendly societies, takafuls, non-

profit micro finance and SME ventures, jointly established awqaf for benefit of

lower and the middle class, community organizations and foundations. This

mutual system could also be used as savings / investments and house

construction / motor vehicle /marriage plan, etc. vehicle.

According to a well-known Hadith, “The attitude of the believer and feeling of

brotherhood to one another is like that of the single body. When one part of

the body is hurt, it shall have an effect on the whole body."Quran and Sunnah

have encouraged the providing of security for the widows, orphans and the

poor. The holy Prophet (PBUH) is reported to have said: “Tie your camel and

then have tawakkul in Allah”; “To leave your hairs wealthy is better than to

leave them helpless asking people for their needs”; “Love your brothers as

you love yourself”, and that “Believers support one-another”

The system of mutual help in Islamic culture can be traced back to some pre-Islam historical systems including, inter alia, al-nahd هد )

ف

لن

(ا (partnership in the

provisions on mutual cooperation basis), al-`aqilah (العاقلة) (kinsmen paying

blood money to the heirs of the murdered), etc [fordetails, see JIBM, Vol.4,

No. 1). Islam accepted such arrangements of mutual help and mitigating the

impact of harms and losses to human being or the assets as is evident fromhadith of al-'ash`ariyyin (

دحي

ف

األرعشي ) according to which the Holy Prophet

(PBUH) paid tribute to his 'ash`ari companions who put forward a mutual helpconcept and practiced it in their life as explained by Imam Nawavi ( ىلع اونلوي رشح

ملسم حص 16/62 :).

For the purpose of maximum inclusion, the security, risk mitigation and future

needs related plans, both in formal and informal structures, may be for one to

20 years and may start as low as Rs.1,000/ month with payment options.

ولعمامت و بیقعت ۓربا

رافہ ارٹنلنشین ویوینریٹس

ازیملان سکیلپمک

اشپور روڈ، راوڈنپلی، اپاتسکن 274

HR Department

tameer.emag@riphah.edu.pk

Tel: 92 51 5125162-7, Ext-231

UAN: 92 51 111 510 510

For Information & Feedback