Islamic Insurance: A Modern Approach to Islamic Banking

By Aly Khorshid | Go to book overview

Appendix 2

ARABIAN INSURANCE GUIDE

Islamic re-insurance operating principles
According to the rulings of the Religious (Shari'a) Supervisory Board, an Islamic re-insurance company must function in accordance with Islamic cooperative principles as detailed below.
I Premiums
1 An Islamic re-insurance company shall not receive any re-insurance commission from a commercial re-insurance or insurance company but may pay or receive such a 'fee' from Islamic insurance or re-insurance companies. However, in order to develop a distinctively Islamic re-insurance system, the Islamic re-insurance company should transact business on a net premium basis.
2 The Islamic re-insurance company may enter into profit-sharing arrangements with its participating (ceding) companies.
3 The Islamic re-insurance company may also enter into profit-sharing arrangements with its re-insuring companies (retrocessionaires) both Islamic and commercial.

II Retrocession protection (further re-insurance)
In order to protect the interests of its participating companies and shareholders, an Islamic re-insurance company may secure adequate retrocession protection from commercial re-insurance companies when necessary, subject to the provisions of paragraph I above and other conditions stipulated hereafter.
III Premium and loss reserves
1 An Islamic re-insurance company may retain a part of the premium payable to its re-insurers (retrocessionaires) as a premium deposit/reserve (and also a loss reserve where required under local laws or practices) and permit its participating companies to retain such reserves/deposits which shall be dealt by:

-180-

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Islamic Insurance: A Modern Approach to Islamic Banking
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Tables ix
  • Introduction xi
  • Acknowledgements xiv
  • 1 - The Meaning of Insurance in Islam 1
  • 2 - Riba (Usury) and Gharar (Risk) 31
  • 3 - Pre-Modern and Modern Jurists' Standing on Insurance 44
  • 4 - The Development of Mutual Insurance in the West 97
  • 5 - The Development of Islamic Banking and Insurance in Malaysia 113
  • 6 - The Development of Islamic Banking and Insurance in Saudi Arabia 132
  • 7 - Basic Principles for an Insurance Scheme Acceptable to the Islamic Faith 155
  • 8 - Conclusions 166
  • Appendix 1 173
  • Appendix 2 180
  • Appendix 3 183
  • Appendix 4 206
  • Notes 208
  • Bibliography 216
  • Index 223
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