Dawood Family Takaful Limited

Consultant Refresher Program

Prepare by

Shiraz S. Khoja

Tilawat-e-Quran-e-Pak&

Introduction of Consultants

Contents1. Career Planning

2. Introduction of Takaful Concept

3. Difference b/w Takaful and Insurance

4. Introduction of Dawood Family Takaful Limited

5. Who is a Consultant?

6. Sales Distribution Cycle

7. Paint the Picture or Fact Find of Customer

8. Solution Presentation

9. Closing Shots

10. Recording of Daily Activities

11. Daily Routine of a Successful Consultant

CareerPlanning

Career Planning

There are three Opportunities of jobs, available for Fresh Graduates in the market:1. Fixed Salary Job.2. Business Operations3. Effort Base Earnings

Career Planning - Continue

The Fixed Salary Jobs available for fresh graduates in the market are:1. Office Assistant Salary Rs. 8,000/-2. Assistant Accountant Salary Rs.12,000/-3. Assistant Admin Officer Salary Rs.10,000/-4. Sr. Receptionist Salary Rs.10,000/-5. Admin Assistant Salary Rs.12,000/-

Lets take an example, I join as Assistant Accountant and my Salary is Rs. 12,000

1. Fixed Salary Job

What is the future of this kind of Job?Initially, I am happy because I was Jobless.

There is Rs. 12,000/month earning produces.But after 6 months, my Approach become change because I am fed up with my fixed earning due to:1. My expense on daily transport Rs. 1,5002. My expense on daily food Rs. 1,0003. My household expense Rs.

8,0004. My personal expenditures Rs. 1,5005. Total Salary

Rs.12,000

What are demerits of Fixed Salary Job?The thinking of fixed salary job person is limited, as his monthly income. He or she never thinking that next month I am going to change my room

split AC or change TV with LED, Following are the demerits of fixed salary:

1. Thinking approach is very limited.2. Limited resources for resolving financial issues.3. Rare chances of Promotions.4. Very slow financial growth5. No challenges in the job as well as in the life

Career Planning - Continue

For Business, a person required 2 essential things:1. Required Capital for Business; and2. Business Expertise

Any one of the above missing, will not possible to start a new

business

2. Business Operation

Career Planning - Continue

If a person avail a Bank Loan for New Business, then what is essential:1. Right place and right market 2. Business Expertise is very important3. Right Customer targetingResearch Conducted by Financial Analyst,

about the success and failure of New Business Operation by availing Bank

Loans

2. Business Operation - Continue

Career Planning - Continue

As per research conducted by financial analyst and they declared:1. 70% of such Business are closed in 1st year.2. Out of remaining 30%, another 15% are

closed in the 2nd year.3. Only success percentage is 15%.

I am going to ask you, a question that do you attempt such type of Business,

where success % is 15%

2. Business Operation - Continue

Career Planning - Continue

If a person facing business loss and windup business, following are the demerits:1. Recovery department behind to clear loan.2. Relative and friends, hide themselves.3. No income to cover their monthly

expenses.4. No challenges in life, beside this life is

miserable due to loss in business.

2. Business Operation - Continue

Career Planning - Continue

This type of income has an element of more efforts more earnings. Common Organization are:1. Banks2. Leasing Companies3. Life and General Insurance Companies4. Family and General Takaful Companies

In this type of career, a person grow their income till Rs. 90,000/- within a span of 2

years

3. Effort Base Earnings

Merits Of Effort Base Earnings1. More Efforts more Income.2. This is a business for which, no capital required.3. Quick personal growth in form of Promotions.4. Quick financial growth of a Sales Consultant.5. Standard of living improving very quickly.6. A welfare feelings, while providing protection to the

families.7. A Concrete Career development opportunity.8. Consultant improving their communication skills9. Consultant finds Career path for him or herself10. Consultant become BM or SBM, within span of 2 to

3 years.

Why I joinDawood Family Takaful Limited?

Because, Dawood Family Takaful is a Shariah Compliant

Company & Working on Takaful (An Islamic

System)

Our Associated Companies Under F.D.G.

Pakistan’s Sixth Full-fledged Islamic bank with AA Rating for Shariah Compliance in 2009, spreading network of branches in all parts of Pakistan

BRR Guardian Modaraba

BRR Group Started Modaraba Operations in 1985, and since then became one of the best with Highest paid –up Capital in Pakistan of Rs. 780 Million!

Capital Management Limited

Under FDG and its collaboration with Asian Development bank, It offers Asset management opportunities - assets risen over Rs. 5.12 Billion

First Dawood Investment Bank Ltd.

Incorporated in 1994, listed on KSE 100 Index, achieved a balance sheet sixe of Rs. 12.22 billion by 2007- with profits of Rs. 180 in same year!

Given as a gift by Registrar Modaraba to BRR Modaraba Management in 2006, upon its default, which has been recovering from losses rapidly – a proof of financial credibility and belief in expertise of FDG group!

Beside Shariah Compliant Company,

What are the Features of DFTL?

FEATURES OF DAWOOD FAMILY TAKAFUL

  v    SPONSORED BY FIRST DAWOOD GROUP.v    QUALITY LITERATURE.v    BEST PRODUCT IN THE MARKET.v    RE-TAKAFUL WITH MUNICH - Re.v    PARTICIPANT TAKAFUL FUND IN Billions.

v    750 MILLION PAID-UP CAPITAL OF DFTL .

v    MANAGEMENT EXPERTISE IN DFTL ARE MULTINATIONAL.

v    MERIT BASED ORGANIZATIONv    CLEARLY DESCRIBED CAREER PATH v    RECOGNITION AND REWARD SYSTEMv    HIGH STANDARDS OF INCOME & JOB SATISFACTIONv    AMONGST THE POINEER COMPANIES INTRODUCED TAKAFUL IN PAKISTAN.

Career Path inDawood Family Takaful Limited

Job Description

Career Path in DFTLConsultant

Career

Takaful Consultant

Takaful ExecutiveConsultant

DevelopmentManager

Sr DevelopmentManager

Takaful Manager

AssistantBranch Manager

BranchManager

SeniorBranch Manager

RegionalManager

NationalSales Director

Sales Career Management Career

How Consultant Average Monthly Income becomes

Rs. 90,000/month?

Quick Growth in Consultancy JobAn Average Consultant Progress• Consultant Produces Only 3 Cases/month in 1st 6 months = 3x6 = 18• And produce 5 Cases/month in next 6 months = 5x6 = 30• Total Cases produced in first year = 48• 48 Cases with the Case Average of Rs.25,000, (48x25000) =Rs. 1,200,000• Consultant earnings in the 1st year is = (1,200,000 x 50%) =Rs. 600,000

• Average Earning Per Month in 1st year (600,000/12) =Rs.50,000• In the 2nd year Consultant selling again 50 new policies with Case

Average of Rs. 35,000 (50 x 35,000) =Rs. 1,750,000• In 2nd year Commission on fresh policies (1,750,000x50%) =Rs. 875,000• In 2nd year Commission on Renewals (1,200,000x10%) =Rs. 120,000• Due to promotion at TEC, 5% Bonus avail by Consultant =Rs.

87,500• Total earnings in the 2nd year (875,000 + 120,000) =Rs. 1,082,500

• Average earning/month in the 2nd year (1,082,000/12) = Rs. 90,206

Current Employment

Situation in the Market

Current Employment Situation

Every sector is cutting the employment e.g. Why .................................. ?

1.Bad Economic Climate 2.Over Staffing 3.Increasing competition in employment

sector (More Qualified People) 4.Political Decision

Which Sector is Growing ......................... ?Family Takaful ........................................... ?

Business increase 300% every year.

I don’t know about Takaful?

How I start my Work?

We Start Work By Learning?TRAINING

1. Three days pre-course Training. 2. Three days Foundation Training. 3. Three Days in-house Marketing skills Training. 4. Field training. Training & Motivation

1. Advance training 2. Weekly Branch Meeting (Skills & motivation Training)

3. Non Producer Clinic to help individual to achieve their targets.

4. Work shops

Standard Day of a TakafulConsultant

Standard Day

Standard Day FOR Takaful Consultants

Minimum Daily Activity Objectives for Consultant

3 Appointments Pre-Qualified Approaches

1 Fact Find Appointment : Fact Find

3 : 1

1 Service Call

At Least 1 Service Call

6 Referrals (0r 20 Pre-qualified names)

Daily 6 Referral CardsReferral Cards

Financial Opportunities

andRewards

Financial Opportunities & Rewards

$

Above Average Income

There is no limit to your income. It depends directly on your efforts and commitment.

Other financial rewards :First Year CommissionRenewal CommissionPension second year onwardsYear End BonusMonthly IncentivesAchiever’s AwardsCompany Maintained CarAnd many many more…….

Why I joinTakaful Industry?

Why not Insurance?

What Takaful Is?

The word Takaful is derived from the Arabic verb Kafala, which

means to guarantee; to help; to take care of one’s needs. This concept has been practiced in

various forms for over 1400 years.

What Takaful Is?

Takaful comes from an Arabic word “Kafala” or “Kafalat”, which means “guaranteeing each other” or joint guarantee. Takaful is a tool to mitigate a loss which is provided by a fund created by the participating members who contributed and agreed to assist each other.

How Old Takaful System

is?

How Old Takaful System Is?

Takaful is not a new invented System. This is a mandatory system of the period Prophet Muhammad (PBUH), used by the tribe of Al-Bani Ashr.

They used this system through Bait-ul-maal (Waqf Pool) and normally using while traders travelling long journeys b/w city to city or b/w country to country.

How Takaful System

Operates?

How Takaful Operates in the Ancient Time?

Due to long Journey of number of months, b/w cities, while travelling between countries, time costing more than a year, vice-versa. The traders died normally, due to long journey, the problem of Family Breading occurred.

To resolve this problem, they formed “Bait ul maal”, with this system, every trader of the troop will pay donations from their goods to the Bait ul maal before going to trade journey.

How Takaful Operates in the Ancient Time? (Continue)

The objective of this donation was that, from start of the journey till come back, if any body caught by any accidental or incidental mishap during the journey or took loss in this trading journey, will pay claim through “Bait ul maal” to their families and to them, respectively.

All traders were the participants of these Claims, such System are called TAKAFUL System.

History ofTakaful System

History Of Takaful

1. In 1961, first time Takaful Act passed in parliament of Damishk.

2. Within 3 to 4 years, Takaful System introduced in Malaysia, Indonesia and Sudan.

3. In 1970s, Takaful introduced in Arab Countries, firstly in Saudi Arabia and then in all Middle East Countries.

4. Onwards, this Islamic System followed by all Muslim Countries.

5. Unfortunately, in Pakistan Takaful Act passed in the parliament in 2005.

History Of Takaful (Continue)

6. In 2006, the first investment came in Pakistan from Qatar with the name of Pak Qatar Family Takaful Limited.

7. In 2007, Dawood Family Takaful Limited got the license from SECP for Takaful.

8. There are four more General Takaful Companies got their Family Takaful licenses in this Takaful System.

9. These Takaful Companies are working as a alternative to the Conventional Insurance, as a Shariah Compliant Businesses in Pakistan and the rest of the World.

What DFTL is?

What DFTL is?

1. Dawood Family Takaful Limited, a subsidiary part of First Dawood Group.

2. First Dawood Group already in the various businesses in Pakistan, with the name of First Dawood Investment Bank, Dawood Mudarbah Bank, Dawlance Pakistan, Burj Islami Bank, Dawood Group of Companies, Nagina Group of Companies, Sarena Group of Companies, Yamaha Motorcycle and many other sectors of Businesses in Pakistan.

What DFTL is?

3. Other than Takaful Company, First Dawood Group are mainly do business in the sectors, which includes Islamic Banking, Cotton Spinning, Textile, Garments, Electronics, Motor Vehicles, Chemicals and many other sectors.

4. The first Company of Dawood family started in the year 1917, with the name of Dawood Cotton Factory in Gujrat, India before partition.

5. An authentic group which are in businesses since last more than 9 decades in Sub Continents.

Wakala Waqf Fund Model

Wakala Waqf Fund Model

Shariah Board of DFTL

Shariah Board of DFTL

There are three members in the Shariah Board of DFTL:

1. Mufti Muneeb ur Rehman Chairman

2. Mufti Syed Sabir Hussain Member

3. Mufti Syed Zahid Siraj Member

Role of Shariah Board

in DFTL

Role of Shariah Board

Role of Shariah Board in Dawood Family Takaful Limited are:1. All decisions of Claims;2. All investments decisions;3. All Waqf Pool decisions;4. All Compliance decisions; and5. Following all Shariah

Regulations, owned by Shariah Board.

Difference Between Takaful and

Insurance System

Difference Between Takaful and Conventional Insurance

1. Shariah Board : Takaful System never works without Shariah Board, while in Insurance, there is no Shariah Board exist.

2. Claim Payments : In Takaful, Claims paid through Waqf Pool and Waqf Pool owned by Allah Subhan’w Tallah. While in Insurance, Claims paid from Company’s own pocket.

3. Claim’s Decision : Shariah Board is only, who take decisions of Claim in Takaful System, vice-versa in Insurance, Company herself take decisions.

Difference Between Takaful and Conventional

Insurance (Continue) 4. Nature of Contract : In Takaful System

Contract called “Aqd-e-Tabbaru”, while in Insurance, Contract called Sales/Purchase Contract or “Aqd-e-Muawza”.

5. Distribution of Surplus : In Takaful, Surplus distributes among Takaful Members, vice-versa in Insurance Surplus owned by the Company.

6. Investment Portfolio : Shariah Board never allow to do Investments in the business, other then Shariah Compliant businesses, while in Insurance, its depends on Company’s discretion, either in stocks or in short term or long term bank deposits.

Merits of Takaful System

Merits Of Takaful System

1. Takaful is a pure Shariah Compliant Business.

2. Claims belongs to Waqf Pool & Waqf Pool owned by Allah Subhan’w Tallah.

3. Claims decision taking by Shariah Supervisory Board.

4. Either any Participant received claim amount or not, there is no discretion of Takaful Company.

5. Surplus distributes among Takaful Member.

6. Investments of Participants fund, only in Shariah Compliant Businesses.

Demerits ofInsurance

System

Demerits Of Conventional Insurance

1. Insurance is not a Shariah Compliant Business.

2. No Shariah Board exist in Insurance Companies.

3. Decision of Claims, taken by Company herself. When Claim paid, Company face losses and when claim disqualify, Company is in profits.

4. Surplus owned by the Company in Insurance System.

5. In Insurance, the Investments are depend upon the Company’s discretion.

Who is a Consultant?And

Who is a Takaful Consultant?

Who is a Consultant?When we use term ‘CONSULTANT’, normally we

understands, this Consultant is a medicalPractitioner. May be he or she is a Pediatrician, an

Ophthalmologist, a Cardiologist, an Otolaryngologist or Obstetric/Gaynecologist.

CONSULTANT means a person providing their best possible advice, relate to their own field. Either he or she is Physician, Advocate, Architecture, Dress Designer, Interior Decorator or Any specialist of

any other field.(All providing CONSULTANCY)

Who is a Takaful Consultant?

A person who is expert in the field of Takaful Advisories, Who

are capable to identify the needOf a takaful prospects and

Provide them, a best possiblesolution for the future losses, are

called TAKAFUL CONSULTANT.

Sales Distribution

Cycle

Sales Distribution Cycle

12

3

4

56

10

9

8

7

Closing

Preparation of Appointment

Sales Interview

Need Establishment

Need Assessment

Financial Commitment

Solution Designing

SolutionPresentati

on

SalesDistribution

Cycle

After Sales Meeting

Prospecting

12 Steps of Sales

Interview

12 Steps of Sales Interview

1. Entrance2. Self Introduction3. Rapport Building4. Clarify the Purpose5. Setting Arrangement6. Introduction of

Takaful

7. Company Introduction

8. Painting the Picture9. Financial

Commitment10.Solution Designing11.Solution Presentation12.Closing

Painting the Picture

Painting the PictureInformation required for Painting the Picture:1. Family Structure2. Human Life Expenses3. Need Establishment4. Need Assessment5. Closing Attempt

Family Structure

Name: ____________DOB:______________

Father

Mother

Wife

C1 C2 C3 C4 C5 C6

Prospect Data

Objective of Probing1. Resided in Joint Family or in Separate Family System2. Monthly Home and Business Expenses3. Any Life Insurance Policy

Human Life ExpensesHuman Life Expense

ShortTerm

Middle Life

LongTerm

Monthly Expenses1. Rent2. Utilities3. Food4. Education5. Transportation6. Medical7. Miscellaneous

Middle Life Expenses1. Higher Education2. Marriages 3. Purchase New

House4. Purchase Land5. New Business6. Purchase Gold

Long Run Expenses1. Retirement Fund2. Savings for

Children behind3. Land for Family4. Business for

Family

Need EstablishmentToday, Higher Education cost on BE = 600,000After 10 years fund required for the same= 1,200,000After 12 years fund required for the same= 1,400,000Total Higher Education fund required = 2,600,000

Fund reqd for daughter marriage, today = 800,000After 16 years fund required for the same= 2,400,000After 18 years fund required for the same= 3,000,000Total daughter marriage fund required = 5,400,000TOTAL FUND REQD FOR ALL EXPENSES = 8,000,000

=========

Need AssessmentMr. X set the fixed installment to save in Bank:- Required Fund is Rs. 8,000,000- 20 equal installments of Rs. 400,000Submission of Installments in Bank1st Installment Rs. 400,0002nd Installment Rs. 400,0003rd Installment Rs. 400,0004th Installment Rs. 400,000Before 5th Installment Mr. X died, how much family availed from Bank? Rs. 1,600,000

Result

Objective of Savingwill not be fulfill

What He Required?

He required that kind of saving, if he died in future before Marriages, the Objective

Of the saving will going to be fulfilled, Automatically

On Spot Plan Designing

How Can I Give Solution, On Spot?Total Need is Rs. 8,000,000 in 20 yearsFormula for Total Investment = Total Need/2.3

= 8,000,000/2.3 = 3,500,000 (aprox)

Formula for Annual Contribution = 3,500,000/20 Annual Contribution = 175,000

On Spot Plan Designing for Commitment

Annual Contribution = Rs. 175,000/-Accidental Death Cover = Rs. 3,500,000/-Family Income Benefit = Rs. 175,000/-Plan Continuation Benefit = Rs. 175,000/-

Amount at Maturity = Rs. 8,052,494/-plus Surplus

FinancialCommitment

Financial Commitment to Close

If I prepared a proposal, what weDiscussing today for your family and

If proposal accepted by you,YOU WILL GIVE ME CHEQUE THEN AND THERE?

Repeat this question again and again, untilMr.XYZ not replying that,

Ok, If proposal accepted by me,I WILL DELIVERED CHEQUE, THEN AND THERE

Closing Shots

Closing ShotsClosing shots are the techniques to get close your participant on spot. There are five major closing shots are using by expert Consultants:1. Draw a picture of disturb home.2. Make a family environment3. Family feelings After Death of Bread Earner4. Re Constructing Needs5. Do for others, Allah Subhan’w Tallah do for

you.

Closing Activities of a

Consultant

Closing Activity1. Once you get financial commitment, the first act

of Consultant is start filling proposal form.2. Secondly, demand for the Copy of CNIC.3. Thirdly, demand for the job visiting card or proof.4. Than start probing Addresses home and Office5. Start probing medical and family history.6. Get signature of the participant on proposal

form.7. Finally, put every thing in the form and demand

for the Cross Cheque in favor of ‘Dawood Family Takaful Limited”.

Daily Activity Recording

Recording of Daily Activitiesof a Consultant

1. Referrals record in Project 250.2. Transfer these records into Prospecting Cards.3. Do evaluation of Prospecting Cards with your

reporting manager.4. Your Manager is responsible to guide, which

Prospect is more valuable.5. Make Appointments and each Appointment

with the gap of 90 minutes.6. Conduct Sales Interview.

Standard Day

Standard Day FOR Takaful Consultants

Minimum Daily Activity Objectives for Consultant

3 Appointments Pre-Qualified Approaches

1 Fact Find Appointment : Fact Find

3 : 1

1 Service Call

At Least 1 Service Call

6 Referrals (0r 20 Pre-qualified names)

Daily 6 Referral CardsReferral Cards

Activity Formats for

Consultant &Manager

Activity Formats for Consultant1. Desire Income Report (DIR) Once a

month2. Daily Referral Sheet (DRS) Daily Report3. Daily Appointment Sheet Daily Report4. Monthly Activity Report Daily Report_______________________________________

Manager Maintaining Formats of Consultant5. All 1-4 plus Consultant Counseling Sheet6. Consultant Strength and Weaknesses Sheet7. Non Producers Clinic Activity Sheet

Life time Golden

Quotation

Bring a person, who is willing to meet Only 3 fresh faces daily and convey our

Company’s message to them. I will make them top

salesperson of the Company of 10 Consultants list.

Endorsement by Shakespeare

It is so simple to make things difficult, but it is

very very difficult to makes things easy.

(Shakespeare)

Thanks for the

Cooperation