What Distinguishes Us

What distinguishes us?

  • Providing insurance services to the Palestinian community away from the suspicions of   Al-Gharar (uncertainty) ,Al-Maisir (gambling) ,and Riba (usury), dealing with polciyholders interest through a complete commitment and compliance  with Shariah supervisory committee  directions.
  • Achieve the highest degree of transparency and justice in underwriting and compensation without injustice or unfairness.
  • Striving to achieve the highest rates of  returns for shareholders
  • The company and its employees in all workplaces are real partners in growth and prosperity and they  are considered the true guarantee to empower  insurance industry in the Palestinian market.
  • Rational and Scientific management, based on effective planning, risk-based monitoring represent a safe way to achieve Takaful Co. goals.
  • The company maintains two types of accounts:

  • First account: an account of shareholders presented  by capital.
  • Second account: Policyholder account and consists of the insurance contribution premiums.

The company keeps insurance premiums policyholders (donations/contributions) in one account, to the idea of solidarity among themselves, and the reparations to each of them in case of loss in insured item.

In addition Takaful Co.  Working to assure  the principle of Justice and fairness between shareholders and policyholders by distributing profits for both as the following :

First: Shareholders returns consist of:

  • Agreed premiums proportion are advertised before the beginning of each financial year  in return of management function. – Dealership Relation -  
  • Return on  insurance premiums  surplus investments ( speculation relation )

Second: Policyholders returns consists of the following:

  • Insurance surplus resulting from various insurance operations. And in case of deficit Zero interest finance will be provided by shareholders in order to cover the policyholders account.
  • Returns from   investment operations.

Dividends (Return)  will be distributed after approval being submitted  by Shariah supervisory committee .

How does Takaful Insurance work?

Takaful is based on donation commitment, the participants or the policy holders donates his / her /their contribution and the return on it to the insurance account for payment of indemnity and may undertake to bear any deficit that may occur as per regulations.

Takaful insurance is based on principles and rules of Sharia’a which is explicitly mentioned in the articles of association and the rules of the company in Takaful, the policy holders are actually participants who share the risk.

The company should adhere to the principles and rules of Islamic Sharia’a in all its activities and investments.

It must also appoint a Sharia’a monitoring and auditing. The company arranges the insurance deal and maintains two separate set of accounts