09.04.2013 - Kenya: Shariah insurance policyholders paid dividend
In line with the Sharia law on insurance of sharing profits and losses, Takaful Insurance of Africa company has shared Sh15.6 million surplus from its premium pool with clients. The company on Saturday issued 2,000 clients who contributed to the company's premium pool over the last one year with cheques for various amounts depending with the money they paid for various covers. The three highest paid customers took home Sh240,000, Sh150,000 and Sh100,000 respectively. Takaful insurance which follows the sharia law on business, operates on the principle of shared responsibility. Therefore the insurance company offering takaful services operates the insurance fund raised from premiums in return for a share of the surplus on underwriting and a share of profit from investment...............................................Full Article: Source
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