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Takaaful T&T Friendly Society 18th AGM Brochure 19

8.10 General Fund Deficit
Alhamdulillah, the General Fund showed a surplus of $24,214. After the statutory
allocation of 10% of the surplus to General Fund Reserves and 5% to the Education
Fund, the remaining balance made a small dent on the accumulated deficit. The deficit
figure has now decreased from $189,334 to $168,752.

9. Partnerships/Memberships/Alliances

Trinidad Muslim League (T.M.L)
Relations remain very cordial with Takaaful having continued access to the facilities at
the T.M.L grounds at St. Joseph for Eid-ul-Adha.

International Cooperative of Mutual Insurance Federation (I.C.M.I.F)
Our Society continues to be a financial member and maintains communication and
dialogue.

Association of Real Estate Agents (AREA)
The Society continues to be a member of this Association and participates in its annual
and monthly activities.

10. Research, Policy Development and Planning

During 2014, the preparation of the Three-year Strategic Plan for the period 2015-17 was
embarked upon. Members of the Board of Management, Committee members, staff and
former directors participated in the exercise which was facilitated by GBest Consulting
Company. The final document was approved by the BOM in January 2015.

11. Waqf

11.1 Cash (Target – increase by $500,000)

Five hundred and twelve

thousand, four hundred and

eighty three dollars

($512,483.00) was received,

taking our total cash received to

one million six hundred and

seventeen thousand five

hundred and sixty six dollars

($1,617,566.00). This represents

a 102.5% achievement of the

target and an increase of 46% in

the Cash Waqf. It was the

largest annual growth since the

launch of our Waqf

Management Services in 2004.