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The Role of International Insurance CompaniesThe Role of International Insurance Companies
in the opening of frontiers: de...
2
ContentsContents
 FWU’s International Business Model
 International Bank Distribution and Strategic Product
Partners
...
3
FWU’s definition of BancassuranceFWU’s definition of Bancassurance
«Bancassurance is defined as
the delivery and distrib...
4
Bancassurance - Asset Management - FactoringBancassurance - Asset Management - Factoring
FWU-GROUP‘s Core Business Compe...
5
FWU Group’s International Business ModelFWU Group’s International Business Model
 Clone international
Bancassurance
suc...
6
Benefits of ‘White label’ Bancassurance SolutionBenefits of ‘White label’ Bancassurance Solution
 Bank defines own
comm...
7
ContentsContents
 FWU’s International Business Model
 International Bank Distribution and Strategic Product
Partners
...
8
FWU Group‘s international Bank distribution andFWU Group‘s international Bank distribution and
Strategic product partner...
9
ContentsContents
 FWU’s International Business Model
 International Bank Distribution and Strategic Product
Partners
...
10
Main product features and customer benefitsMain product features and customer benefits
FWU Group‘s "White Label" Saving...
11
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
USD('000)
Year 1 Year 2 Year 3 Year 4 Year 5
Bank Income Growth – 5 year pe...
12
Cumulative Bank Income over a 5 year period
0
5
10
15
20
US$inMillions
Conservative Average Best
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ContentsContents
 FWU’s International Business Model
 International Bank Distribution and Strategic Product
Partners
...
14
FWU’s fund
selection and
allocation
model
Structured Asset Management Approach
Overweights the winners &
underweights ...
15
Fund Selection Process
 Based on Funds’ returns, risk and
correlation amongst each other,
funds are ranked from best t...
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FWU‘s Dynamic Fund Selection
and Allocation Model
Allocation model (key value added)
 Overweighting of the outperforme...
17
Investment Proposal for Regular and Single Premium
Savings Plans
FWU‘s Dynamic Fund Select & Allocation Model
Investmen...
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Investment Advantages of Pooling
0-10080:2050:5025:75
Conservative
portfolio
Balanced
portfolio
Growth
portfolio
Dynami...
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ContentsContents
 FWU’s International Business Model
 International Bank Distribution and Strategic Product
Partners
...
20
The value added – why FWU GroupThe value added – why FWU Group
 Customised
product design
 Product training
and sales...
21
ContentsContents
 FWU’s International Business Model
 International Bank Distribution and Strategic Product
Partners
...
22
FWU-Group‘s Exclusive Retakaful Pooling ArrangementFWU-Group‘s Exclusive Retakaful Pooling Arrangement
FWUFWU –– GROUPG...
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ContentsContents
 FWU’s International Business Model
 International Bank Distribution and Strategic Product
Partners
...
24
Dr. Manfred J. Dirrheimer andDr. Manfred J. Dirrheimer and
PartnersPartners
Dr. Manfred J. Dirrheimer andDr. Manfred J....
25
FWU Group – ProfileFWU Group – Profile
 The FWU Group is an entrepreneurial financial services group with
headquarters...
26
ContactContact
The information in this presentation does not constitute a sales offer, investment advice or an offer fo...
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Alhuda CIBE - Islamic Finance & Investment Symposium by Sohail Jaffar

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Alhuda CIBE - Islamic Finance & Investment Symposium by Sohail Jaffar

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Alhuda CIBE - Islamic Finance & Investment Symposium by Sohail Jaffar

  1. 1. The Role of International Insurance CompaniesThe Role of International Insurance Companies in the opening of frontiers: development ofin the opening of frontiers: development of new productsnew products (Takaful)(Takaful) Sohail JafferSohail Jaffer Partner, FWU GroupPartner, FWU Group FWU group won the Euromoney Islamic Finance Award for being the "Best Islamic white label service provider“.
  2. 2. 2 ContentsContents  FWU’s International Business Model  International Bank Distribution and Strategic Product Partners  Product Highlights and customer benefits  Dynamic Fund Selection and Allocation Model  FWU’s Value Added  FWU’s Retakaful Pooling Arrangement  FWU Group
  3. 3. 3 FWU’s definition of BancassuranceFWU’s definition of Bancassurance «Bancassurance is defined as the delivery and distribution of a suitable range of tailored ‘bankable’ protection and long term savings and pension products designed to meet the lifecycle needs of the customer base of a bank or other financial institution.» CustomerDemand Driven
  4. 4. 4 Bancassurance - Asset Management - FactoringBancassurance - Asset Management - Factoring FWU-GROUP‘s Core Business CompetenciesFWU-GROUP‘s Core Business Competencies The group is wellThe group is well positioned to meet the lifepositioned to meet the life assurance, investmentassurance, investment and pension needs ofand pension needs of institutional and privateinstitutional and private clients in Europe, Middleclients in Europe, Middle East and Asia with state ofEast and Asia with state of the art bancassurance &the art bancassurance & Shari‘a compliant LifeShari‘a compliant Life products.products. GermanyGermany LuxembourgLuxembourg AustriaAustria ItalyItaly FranceFrance Saudi ArabiaSaudi Arabia United Arab EmiratesUnited Arab Emirates PakistanPakistan MalaysiaMalaysia KuwaitKuwait
  5. 5. 5 FWU Group’s International Business ModelFWU Group’s International Business Model  Clone international Bancassurance success  customer convenience  tailored ‘white label’ solutions  quality training and sales support FWU Shari’ah Board & Expertise  commission factoring solution  exclusive Retakaful solution  selection of service providers incl. custodian bank  Web-based POS & Admin System  Strategic Product Partners  Structured asset management approach  Product & process innovation
  6. 6. 6 Benefits of ‘White label’ Bancassurance SolutionBenefits of ‘White label’ Bancassurance Solution  Bank defines own commission level  Tailored customer solutions Bank offers choice of both conventional Bancassurance and Takaful products Bank has choice to participate in other modules of the service value chain (custodian, brokerage, transaction banking)  Structured asset mgt. approach linked to open inv. architecture  Seamless integration into Bank’s own brand
  7. 7. 7 ContentsContents  FWU’s International Business Model  International Bank Distribution and Strategic Product Partners  Product Highlights and customer benefits  Dynamic Fund Selection and Allocation Model  FWU’s Value Added  FWU’s Retakaful Pooling Arrangement  FWU Group
  8. 8. 8 FWU Group‘s international Bank distribution andFWU Group‘s international Bank distribution and Strategic product partnersStrategic product partners  Product administration, and claims management  Customer statements  Financial accounting  Filing with local regulatory authorities  New product development,  Product launch support  Product management, Marketing & Training support  Structured asset mgt. apporach  Systems support to Strategic Product Partner and Bank Distribution Partner  Product enhancements & Shari’ah compliance FWU Int. Network Dubai, KL & Luxembourg Aman Insurance UAE Al Ahli Takaful Company KSA EFU Life Insurance Pakistan Takaful Ikhlas Malaysia Bank is Custodian of all customer funds in the Savings Plan Bank Customers Al Safat Takaful Company Kuwait Bank Distribution Partners  FWU's existing distribution partners include: NCB in KSA and ADCB in UAE Local Life Insurance Product Partner
  9. 9. 9 ContentsContents  FWU’s International Business Model  International Bank Distribution and Strategic Product Partners  Product Highlights and customer benefits  Dynamic Fund Selection and Allocation Model  FWU’s Value Added  FWU’s Retakaful Pooling Arrangement  FWU Group
  10. 10. 10 Main product features and customer benefitsMain product features and customer benefits FWU Group‘s "White Label" Savings, Education and Retirement Plans –FWU Group‘s "White Label" Savings, Education and Retirement Plans – Product HighlightsProduct Highlights  Plan benefits are available to all bank customers  No medical examination of bank customer required (up to a defined limit)  Transparent and cost efficient structure  Accelerated sales process using FWU’s Point of Sale and Administration technology  Plan benefits are available immediately to all bank customers  All bank customers are insurable  Eliminates important psychological barrier  Greater customer comfort  Immediate risk cover for bank customer Product features Customer Benefits  Bank customer convenience
  11. 11. 11 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 USD('000) Year 1 Year 2 Year 3 Year 4 Year 5 Bank Income Growth – 5 year period Conservative Average Best Bank Annuity Income: Attractive Dynamics Conservative Average Best Base Assumptions: Number of Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000 40,000 50,000 Average duration 15 years Average monthly contribution $ 200 Lapsation rate 2 to 10 % p.a Fund growth rate 7 % p.a
  12. 12. 12 Cumulative Bank Income over a 5 year period 0 5 10 15 20 US$inMillions Conservative Average Best
  13. 13. 13 ContentsContents  FWU’s International Business Model  International Bank Distribution and Strategic Product Partners  Product Highlights and customer benefits  Dynamic Fund Selection and Allocation Model  FWU’s Value Added  FWU’s Retakaful Pooling Arrangement  FWU Group
  14. 14. 14 FWU’s fund selection and allocation model Structured Asset Management Approach Overweights the winners & underweights the losers Objective Investment process Agreed funds target universe Enhance return by 15% to 25% p.a
  15. 15. 15 Fund Selection Process  Based on Funds’ returns, risk and correlation amongst each other, funds are ranked from best to worst => Each fund is given a score, based on its ranking.  Using the above rankings => Top eight funds are selected. FWU‘s Dynamic Fund Selection and Allocation Model
  16. 16. 16 FWU‘s Dynamic Fund Selection and Allocation Model Allocation model (key value added)  Overweighting of the outperformer  Underweighting of the underperformer
  17. 17. 17 Investment Proposal for Regular and Single Premium Savings Plans FWU‘s Dynamic Fund Select & Allocation Model Investment in External Islamic Mutual Funds Strategy 1Strategy 1 Conservative Portfolio Strategy 2Strategy 2 Balanced Portfolio Strategy 3Strategy 3 Growth Portfolio Launched as internal funds of FWU‘s local Takaful Product Partner Strategy 4Strategy 4 Dynamic Portfolio
  18. 18. 18 Investment Advantages of Pooling 0-10080:2050:5025:75 Conservative portfolio Balanced portfolio Growth portfolio Dynamic portfolio Equity Pool Cash Equivalent Pool Direct Investment in:  Sukuk  Murabaha  Trade-Finance Custodian Bank
  19. 19. 19 ContentsContents  FWU’s International Business Model  International Bank Distribution and Strategic Product Partners  Product Highlights and customer benefits  Dynamic Fund Selection and Allocation Model  FWU’s Value Added  FWU’s Retakaful Pooling Arrangement  FWU Group
  20. 20. 20 The value added – why FWU GroupThe value added – why FWU Group  Customised product design  Product training and sales support  Business simulation model  Regional service hubs  Sophisticated Point of Sale and Administration System  Dynamic funds select and allocation model  Cost efficient Agency structure  Unique Retakaful arrangement ENTREPRENEURIALENTREPRENEURIAL PARTNERPARTNER INNOVATIONINNOVATION
  21. 21. 21 ContentsContents  FWU’s International Business Model  International Bank Distribution and Strategic Product Partners  Product Highlights and customer benefits  Dynamic Fund Selection and Allocation Model  FWU’s Value Added  FWU’s Retakaful Pooling Arrangement  FWU Group
  22. 22. 22 FWU-Group‘s Exclusive Retakaful Pooling ArrangementFWU-Group‘s Exclusive Retakaful Pooling Arrangement FWUFWU –– GROUPGROUP Administrator -Data processing and administration Asset Management Hannover Re („AAA rated“, 3rd largest life Reinsurance) Wakeel/Trustee - Fee Basis - 100% profit redistribution - Quard Hasna - Shari‘ah compliant Investments PoolingPooling ArrangementArrangement The National Commercial Bank Jeddah Abu Dhabi Commercial Bank Major Bank Distribution- Partners Major Bank KSA UAE Pakistan Malaysia Bank distribution partners in the following markets Insurance Partners Al Ahli Takaful Company NCB/FWU / IFC Dubai Islamic Insurance & Reinsurance AMAN Eastern Federal Union Life EFU Takaful Ikhlas SDN BHD Establishment of insurance provider through joint venture or strategic cooperation agreement Major Bank Kuwait Al Safat Takaful Company
  23. 23. 23 ContentsContents  FWU’s International Business Model  International Bank Distribution and Strategic Product Partners  Retakaful Pooling Arrangement  Structured Asset Management Approach  FWU’s Value Added  FWU’s Retakaful Pooling Arrangement  FWU Group
  24. 24. 24 Dr. Manfred J. Dirrheimer andDr. Manfred J. Dirrheimer and PartnersPartners Dr. Manfred J. Dirrheimer andDr. Manfred J. Dirrheimer and PartnersPartners VHV Versicherungen, Hanover VHV Versicherungen, Hanover 95% FWU AGFWU AG Munich, Luxembourg, Dubai, Kuala LumpurMunich, Luxembourg, Dubai, Kuala Lumpur 80%74,9% 100% 10% 25,1% 25,1% 5% 100% PREMIUM SELECT LUX S.A. Luxembourg ATLANTICLUX Life Insurances S.A. Luxembourg FWU Payment Services GmbH Munich FWU Commission Factoring GmbH Munich Al Ahli Takaful Company Jeddah, KSA Swiss Re Frankona Rückvers. AG, Munich Swiss Re Frankona Rückvers. AG, Munich 13,25% 30% An entrepreneurial and institutional partnership 90% National Commercial Bank, Jeddah, KSA National Commercial Bank, Jeddah, KSA VHV Versicherungen, Hanover VHV Versicherungen, Hanover IFC International Finance Cooperation Washington IFC International Finance Cooperation Washington Wave Asset Management AG Hamburg 13,25% FWU-GRUPPE Branch Bolzano Branch Bolzano Branch Luxemburg International HQ Branch Dubai Regional HQ ME Branch Dubai Regional HQ ME Branch Kuala Lumpur Regional HQ FE Branch Kuala Lumpur Regional HQ FE 7,5%
  25. 25. 25 FWU Group – ProfileFWU Group – Profile  The FWU Group is an entrepreneurial financial services group with headquarters in Munich, Germany.  Further offices are located in Luxembourg and Dubai Internet City (DIC).  Group shareholders include GE Frankona Re AG, an international re- insurer, and European banks and insurance companies.  Core activities are Bancassurance, Savings & Pension Plans and Asset Management.  Group subsidiaries include: – an Asset Management Company (PREMIUM SELECT LUX S.A.) – a Life Insurance Company (ATLANTICLUX S.A.) Both are based and regulated in Luxembourg.
  26. 26. 26 ContactContact The information in this presentation does not constitute a sales offer, investment advice or an offer for the acquisition of financial products or instruments, and shall not in this regard imply legal obligations for the FWU Group or anybody else towards the readers of this presentation. This presentation is solely intended to provide information on matters of interest for the readers and such information is not meant to replace the knowledge and the judgment of the readers who should make all appropriate inquiries. Mr. Sohail JafferMr. Sohail Jaffer Partner, FWU Group 2, Rue Sainte Zithe L-2763 Luxembourg Email: s.jaffer@fwugroup.com Tel: +352 – 2 61 97 700 Fax: +352 – 2 61 97 800 Internet: www.fwugroup.com

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