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Islamic Insurance Underway

The new company seeks to contribute to the emergence of a more dynamic economy

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 part for risk coverage and the other part  for investments in projects  eligible to Sharia. More importantly, since clients of  the insurance company  will be joint owners of the  structure, they are entitled  to dividends at the end of  the financial year.  Though not yet operational in Cameroon, there are  more than 280 Islamic  insurance and 15 Islamic  reinsurance companies in  more than 60 countries. It  offers both life and nonlife  policies including asset, crop,  flood, funeral, group personal  accident, health, livestock,  rural insurance scheme and  unemployment amongst  others.

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