I
slamic Insurance by African
Islamic Finance Consulting, AIFC, will soon add to
the numerous insurance
companies in Cameroon and
the CEMAC sub-region, proposing different insurance
services to would-be clients.
The company that seeks to
contribute to the emergence of
a new revolutionary economic
dynamics that will positively
modify the socio-economic
environment of the country
has obtained the agreement
of the Minister of Finance
to operate.
The Islamic insurance (Takaful), which is a compartment
of Islamic Finance, has its
particularities which are
quite different from classical insurance. To begin with,
it draws its principles from
the Sharia (Islamic Law) and
the five major principles that
makes it unique from classical insurance includes the
sharing of losses and profit,
prohibition of speculation,
non-investment in games of
chance and activities deemed
unlawful by Sharia like alcohol, armament, hard drugs
and pornography.
Given that the insurance
company will operate in a
mutual system, promoters
and customers are co-owners
of the entity. In addition,
the funds collected in the
purchase of insurance services are processed at two
levels; one par...
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