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Home > Life Events for Citizens > Planning your insurance in Dubai > Obtaining Islamic insurance in Dubai
Obtaining Islamic insurance in Dubai

Islamic insurance is also known as Takaful (Arabic for ‘guaranteeing each other’). Takaful insurance is sharia’a compliant insurance which means that it operates on Islamic principles guided by a sharia’a board of Islamic scholars who ensure that the company operates on Islamic principles of cooperation, protection and mutual responsibility while avoiding investment in companies involved with alcohol, tobacco or pornography.

All policyholders in Takaful insurance each pay a Takaful contribution (premium) to create a Takaful fund. This fund is invested in sharia’a compliant investments like sukuk (Islamic bonds) with all fund surplus shared among policyholders. All surpluses are to be distributed carefully so that the policyholders and the operator do not make excessive profits at each other’s expense. Also all policyholders guarantee each other against loss or damage in solidarity and brotherhood with one another.
 

 

Published Date : 05/07/2015Back


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