Salaam Takaful doing its best to woo customers.

• Author: Ahmed, Khalil

Byline: KHALIL AHMED

Interview with Muhammad Nasir Ali Syed - Executive Director Health and Emerging Lines, Salaam Takaful Limited

PAGE: Tell me something about yourself, please:

Muhammad Nasir Ali Syed: I did my master's and gained my professional experience in Insurance and Takaful Industry. I chose that field because of my nature, and I've always been interested in helping people in a time of need. There is no bigger satisfaction in the world than to help a fellow human being and get his honest blessings in return. I firmly believe in developing a vision in life and planning accordingly. Without vision and purpose, one cannot manage life. My father has been a source of continuous inspiration and I try my level best to follow his professional approach and positive traits in my daily routine. Due to my busy routine, I hardly get time to read but I mostly enjoy reading management and science books.

PAGE: How would you comment on risk management in the form of Takaful contracts?

Muhammad Nasir Ali Syed: There are numerous references to Ta'awun in the Quran in the context of cooperation and solidarity for the good of society. One widely quoted reference is from Sura al-Maidah, as follows:

"And help one another in righteousness and piety and do not help one another in evil deeds and enmity" (Al Quran: Al Maidah 2). Financial Risk management in the form of Takaful is a noble and Shariah-compliant mechanism. Risk management is of vital importance in Islam and Takaful provides a way to manage risks in business according to Shariah principles. Financial Risk is the chance of happening of something that will have an impact on our objectives. It is measured in terms of likelihood and consequences. Traditionally, the concept of risk has been associated with the uncertainty of the events in the future. The higher the uncertainty of events, the higher the risk. In insurance/Takaful, the risk is the amount of loss associated with property or life.

Risk to property can be a loss or damage to the car, building, house, etc. Risk to life can be described as poor health, premature death, bodily injuries as a result of an accident, etc. Risk management is a process that identifies loss exposures faced by an organization and/or any individual. Risk management is the process of identifying and analyzing potential loss exposures in order to select the best way to protect assets and reduce loss possibilities. Risk is all around us and claims will always occur...