The conference sessions began

: 3/8/2015

The conference sessions began

 

 

Abu Dhabi on 8 March 2015:

 

Under the patronage of Mansour bin Zayed Al Nahyan, the deputy prime minister of the United Arab Emirates, minister of presidential affairs, events of Islamic Insurance Conference have been launched at Abu Dhabi on (Sunday). This conference is organized by Insurance Authority for two days (in St. Regis Hotel – Abu Dhabi Corniche) under the motto "Reality and Prospects for the Development of Islamic Insurance Regulations". Moreover, regulatory and supervisory bodies, companies, experts and specialists in the Arab world and the Muslim world, in addition to organizations and councils specialized in Islamic financial services around the world will participate in this conference.

 

 

Sharia (legitimate) Rules of Islamic Insurance:

 

The conference sessions began latter, whereas the first session focused on the legitimate rules and principles upon which the Islamic Insurance (Takaful) is established. The referred sessions are attended by Prof. Dr. Mohamed Abdul Rahim Sultan, Professor of Sharia and Islamic Studies at the UAE University, Mr. Saleh Abdul Ghaffar Al Hashemi, Managing Director of Takaful House, Dr. Mohiuddin Afifi Ahmed, Secretary General of the Islamic Research Academy at Al Azhar Al Sharif and Mr. Mohamed Hussein Aldshich, Chief Executive Officer of Re-Takaful Emirates Company.

Mr. Saleh Abdul Ghaffar Al Hashimi confirmed that Takaful is insurance concept complying with rules and regulations of Islamic Law (Sharia). Mr. Saleh Abdul Ghaffar reviewed features of Islamic Insurance representing in the fact that all contracts of Islamic Insurance must rely on sincerity of intention, in order to ease the burden on others, when confronting difficulties.

 

Developing legitimate (Sharia) Rules governing the relationship between Participants and Company:

 

The second session discussed how to develop Sharia (legitimate) rules and regulations governing the relationship between participants on one hand and Takaful Insurance Company on the other hand, regarding the security to be provided by such company to its participants. The second session was held with the participation of Dr. Musa Mustafa, Assistant Professor (teaching subjects of Islamic Financial Transactions) at the University of World Islamic Sciences, in the Hashemite Kingdom of Jordan. The session was also attended by Executive Member of Sharia’s Supervisory Board at Baraka Takaful Company, Mr. Jihad Fitrona, Director General of Dubai Islamic Insurance & Reinsurance Company (AMAN) as well as Dr. Ashraf Mohamed Hashim of International Academy for Research of Shariah in Malaysia.

In the paper/ report submitted on such axis (point), Dr. Abbas Schumann, Al Azhar’s undersecretary stated that Islamic economics has multiple and diverse applications. Islamic Insurance Companies shall represent such economy’s latest application, which has spread widely.

Dr. Abbas also emphasized that, when applying the company formula to Islamic Insurance Company, the participants shall in such case have the right to take part in choosing members of the board, choosing Sharia’a Supervisory Board, Controller as well as areas of investment allowing participants access to workflow in Islamic Insurance Company in terms of Shariah’s principles.

For his part, Jihad Fitrona emphasized that Takaful is interactive system to manage risks under Islamic Shariah. Such system relies on providing strangers with a helping hand in adversity. Mr. Jihad Fitrona called for developing the religious aspect in Takaful contracts through the creation of the Supreme Committee for Fatwa and Shari’a Supervision determined to be established in pursuance of Takaful Companies’ bill.

In turn, Dr. Ashraf Hashim called for the adoption of appropriate legal structure, enabling insurance’s participants to achieve purposes and objectives without allowing any party to resort to Courts to challenge the rights of beneficiaries.

 

The significance of codifying Takaful Sector:

 

The third session focused on the significance of codifying Takaful sector. The third session was attended by Dr. Jamal Sumaiti, Director General of Dubai Judicial Institute, Dr. Khalid Bin Abdul Aziz Al Janahi, General Council of Dubai Islamic Economy Development Centre), Dr. Salah Al Shalhoub, Faculty Member at Electronic Saudi University in Riyadh, adviser in Islamic finance for Insurance companies, investment funds and financial institutions as well as Mr. Mohamed Ajmal Bhatti, Chairman of Tokyo Marine Middle East Company.               

              

               

 

 

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