Islamic Insurance Company: Your Partner in Takaful and Insurance

As a customer, you're probably looking for a company that truly understands your values and provides insurance solutions that align with your faith. Islamic Insurance Company is that partner, offering a range of Takaful and insurance products that are compliant with Islamic principles.

The company's Takaful offerings are designed to provide financial protection to its customers while also promoting solidarity and mutual support within the community. This is achieved through shared risk and mutual aid, where members contribute to a pool of funds to support one another in times of need.

One of the key benefits of Islamic Insurance Company's Takaful products is that they are free from elements of uncertainty and gambling, which are prohibited in Islam. This means that you can have peace of mind knowing that your premiums are being used for a noble purpose, rather than being invested in speculative activities.

By choosing Islamic Insurance Company, you're not only getting a reliable insurance partner but also contributing to the well-being of your community.

Takaful is a type of Islamic insurance that's based on the principles of sharia law, which emphasizes cooperation and mutual support among individuals.

In a takaful arrangement, all parties agree to guarantee each other and make contributions to a pool or mutual fund instead of paying premiums.

The takaful fund is managed and administered by a takaful operator, who charges a fee to cover costs such as sales and marketing, underwriting, and claims management.

Takaful policies cover health, life, and general insurance needs, and any claims made by participants are paid out of the takaful fund.

A takaful contract specifies the nature of the risk and the length of the coverage, similar to a conventional insurance policy.

Takaful insurance companies must operate according to Islamic cooperative principles, which means they must maintain two separate funds: a participant and policyholder fund, and a shareholder fund.

Here are some key principles that Islamic insurance companies operating a takaful fund must follow:

Takaful organizations are run collectively, with all members being informed of the workings of the takaful. This transparency is a key principle of Islamic insurance.

In a takaful arrangement, all parties agree to guarantee each other and make contributions to a pool or mutual fund instead of paying premiums. This pool of collected contributions creates the takaful fund.

Each participant's contribution is based on the type of coverage they require and their personal circumstances. A takaful contract specifies the nature of the risk and the length of the coverage, similar to that of a conventional insurance policy.

The takaful fund is managed and administered on behalf of the participants by a takaful operator. The operator charges an agreed-upon fee to cover costs, including sales and marketing, underwriting, and claims management.

Here are the key principles that an Islamic insurance company operating a takaful fund must adhere to:

Takaful companies operate based on Islamic cooperative principles, where all parties agree to guarantee each other and make contributions to a pool or mutual fund instead of paying premiums.

A takaful contract specifies the nature of the risk and the length of the coverage, similar to a conventional insurance policy. Each participant's contribution is based on the type of coverage they require and their personal circumstances.

The takaful fund is managed and administered by a takaful operator, who charges an agreed-upon fee to cover costs. This includes sales and marketing, underwriting, and claims management.

An Islamic insurance company operating a takaful fund must maintain two separate funds: a participant and policyholder fund, and a shareholder fund. A reinsurance commission may only be received from or paid out to Islamic insurance and reinsurance companies.

Some of the key principles guiding takaful companies include: Operating according to Islamic cooperative principles.Receiving or paying reinsurance commissions only to Islamic insurance and reinsurance companies.Maintaining two separate funds: a participant and policyholder fund, and a shareholder fund.

The Executive Committee of Al Manara Islamic Insurance Company consists of key individuals who oversee the company's operations.

Walid Al Qatati serves as the Chief Executive Officer (CEO) of Al Manara Islamic Insurance Company, a position he has held since December 14, 2019.

Jumana Sbaieh has been the General Counsel of Al Manara Islamic Insurance Company since April 5, 2005, making her a long-serving member of the Executive Committee.

Ahmad Saleh has been the Comptroller/Controller/Auditor of Al Manara Islamic Insurance Company since February 5, 2011, overseeing the company's financial management.

Here's a breakdown of the Executive Committee:

The Islamic Insurance Company P.L.C has a capital of JD 15 million, which is a significant increase from its initial capital of JD 2 million.

TIIC was established on the basis of cooperative insurance, which is an alternative to commercial insurance approved by Fiqh Councils.

It has a distinguished rating of ‘A’ (Single A) from the Islamic International Rating Agency (IIRA).

TIIC has a long history of providing leading professional standards, making it a benchmark for other Takaful operators.

The company has achieved advanced market positions in the Jordanian insurance sector since its inception, in terms of profitability and market share.

TIIC has maintained its market share in terms of underwritten premiums and is one of the best companies in generating return on investment to its shareholders.

It has a solid reputation of providing the most competitive Takaful services, dealing with all Islamic banks and Islamic finance companies in Jordan.

TIIC has received several awards, including The Best Takaful Insurance Company in Jordan for the years 2021, 2022 and 2023 according to The World Finance Magazine.

The company has also received Excellence and Innovation Award in Developing Takaful Services in 2017 and 2023.

TIIC is an active member in many Islamic financial institutions, representing the Takaful insurance and boosting its image.

Islamic Insurance Company offers a range of insurance products that cater to various needs of its customers.

Their insurance products are designed to provide financial protection and peace of mind to individuals and businesses in the region.

One of the key features of their insurance products is the use of Takaful principles, which ensure that the company's profits are not solely based on investment returns.

The company has a wide range of insurance products, including motor insurance, medical insurance, and home insurance.

In takaful, any surplus that is obtained must be either paid back to the policyholders after a certain amount of time or donated to charity.

The surplus can include profits made from the investments of the takaful, allowing policyholders to gain financially in a Shariah-compliant way.

This means that takaful is essentially a profit-sharing participatory mechanism between the pool and the individual policyholder.

In conventional commercial insurance, all profits from premiums and investments are retained solely by the insurance provider, assuming all the risks.

Any investment or savings offerings from a conventional insurance provider come in the form of expensive add-ons.

The Other Property & Casualty Insurance (P&C) companies have had a mixed performance over the past 5 days, with some experiencing a decline in value.

AL MANARA ISLAMIC INSURANCE COMPANY saw a significant drop of -5.00% in its value.

TOKIO MARINE HOLDINGS, INC. has been relatively stable, with a -0.99% change in its value over the past 5 days.

The average value of the Other P&C companies has actually increased by 0.15% over the same period.

Here's a breakdown of the top 10 companies in this category, ranked by their market capitalization (Cap.):

The weighted average by Cap. shows a more positive trend, with a 0.64% increase in value over the past 5 days.

Insurance companies have to invest contributions and premiums to ensure they have enough funds to pay out claims. This is a fundamental aspect of both conventional and Islamic insurance.

Conventional commercial insurance companies are not bound by the same restrictions as Islamic insurance companies when it comes to investments. They can invest in a wide range of assets.

Islamic insurance companies, also known as takaful organizations, must adhere to Shariah principles when making investments. This means they are prohibited from investing in activities that are considered haram, such as alcohol and gambling.