|Al Hilal Takaful|
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4:57 pm, Thursday 24 July 2014 (UAE time)
Al Hilal Bank Takaful Insurance subsidiary
Al Hilal Bank has set up a Takaful Insurance subsidiary - Al Hilal Takaful - with AED 100 million of share capital. Call the bank on tel 800 66 66 66 (toll-free in the UAE) to find out more (as of August 2008 the Al Hilal Bank website has no further information although the CEO did say the Takaful unit had been established).
Al Hilal Takaful CEO is Mr Jihad Abdul Rahman Vetroni (press release 16 September 2009).
What is Takaful insurance?
Takaful refers to insurance companies that are Sharia compliant, i.e. follow Islamic principles (may also be called Halal insurance). The basic idea is that both the insurers and the insured form a group and cover each other for possible losses due to unforseen events. Which is similar to the original principals that guided the establishment of conventional insurance companies. Any insurance company, whether Islamic or not, collects revenue from the insured, or policyholders, to be set aside as a supply of funds to be paid out as compensation when needed. In a Takaful Islamic insurance company, these funds are managed according to Sharia-compliant principles. This means that funds do not invest in
Takaful insurance companies have shareholders and policyholders (as do non-Islamic insurance companies). However, to be Sharia compliant, an insurance company is run for the benefit of policyholders rather than shareholders. Another way of looking at it is to view the shareholders in a Takaful insurance company as one of the expense items - they receive fees or a fixed proportion of profits for providing management services. Takaful insurance has two varieties.
Difference between Islamic and conventional insurance companies
This information last updated Saturday 19-Sep-2009
Contact details: Al Hilal Islamic Bank, PO Box 63111, Abu Dhabi, United Arab Emirates. Telephone +971-2-6356020, toll free (UAE) 800-666666.
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