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
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