ICIEC Takaful Model
In conformity with Shariah principles governing Takaful insurance, the Articles of Agreement of the Corporation (Article 28) requires that the Corporation maintains two separate funds:
These requirements are reflected in the structure of the financial statements of the Corporation. In addition, the Articles of Agreement do not allow the distribution of surpluses either from Shareholders’ or Policyholders’ Funds until the accumulated reserves are five times the subscribed capital of the Corporation.
Shariah Principles All operations of ICIEC are in accordance with Islamic sharia. All regulations, rules, policies and all other insurance instruments are subject to close scrutiny, before their coming into force, by The Single Shariah committee of the Islamic Development Bank Group (IDB) which also acts as The Shariah committee of ICIEC . Thus, in carrying out its operations, the corporation observes the following principles.