3 mechanism to help the ReTakaful industry
Friday, 10 14 2016, Category: Islamic Insurance, Country: World
Mr. Adam Ahmed Hassan General Manager of Baraka Insurance – Sudan said that ReTakaful companies need to adopt 3 mechanisms in order to expand. They need to unify ReTakaful terminology with clear legal terms in addition to unifying Sharia models to practice this business as well as assessing the economic benefits to the investor.
He confirmed during his speech at the 9th general conference of the International Federation of Takaful and Islamic Insurance companies that it is necessary to review the Fatwas, which were issued during the beginnings of ReTakaful companies in the eighties of last century especially the Fatwas that allow Takaful companies to obtain reinsurance from a traditional reinsurer noting that the number of ReTakaful companies increased during these years.
Source: Amwal Al Ghad