Qatar Insurance Company Shariah Compliance
As of my last update in January 2022, Qatar Insurance Company (QIC) offers Shariah-compliant insurance products through its subsidiary, QIC Islamic Insurance Company (QIIC). QIIC operates in compliance with Islamic principles, ensuring that its insurance products and services adhere to Shariah law.
Shariah-compliant insurance, also known as Takaful, operates on the principles of mutual cooperation, risk-sharing, and prohibition of interest (riba) and uncertainty (gharar). In Takaful, policyholders contribute to a common fund, from which claims are paid out to those who experience covered losses. Profits and surpluses from the fund are distributed among policyholders according to Shariah-compliant mechanisms.
QIIC offers a range of Shariah-compliant insurance products, including general (property and casualty) insurance, health insurance, and motor insurance, among others. These products are designed to meet the insurance needs of individuals, businesses, and organizations in compliance with Islamic principles.
To ensure Shariah compliance, QIIC operates under the guidance of a Shariah Supervisory Board, which comprises Islamic scholars and experts in Islamic finance. The board oversees the company's operations, products, and transactions to ensure they comply with Shariah principles.
Overall, Qatar Insurance Company's subsidiary, QIC Islamic Insurance Company, provides Shariah-compliant insurance solutions tailored to the needs of individuals and businesses seeking insurance coverage in accordance with Islamic principles.