Muslim Scholars are in consensus that cooperative insurance is legitimate and permissible.  In fact, it is regarded as advisable since it is a form of cooperation to do good to its members or policyholders.

To ensure that day to day transaction of the company is conducted according to the Sharia terms, all the operations are subject to review of the company's Sharia Supervisory Board.  This also ensures the continuing development of Islamic instrumentality and procedures in conformity with Glorious Sharia.

The concept of cooperative insurance is based on the principles of contribution from the policyholders in need of assistance in case of loss according to the regulations agreed upon.

The surplus means the company's net profit after deducting the operating expenses, claims & technical reserves from policy holders' contribution is allocated amongst the policyholders.

The premiums or "contributions" from policyholders is also invested according to the Islamic Sharia Laws and the resultant revenue is added to the surplus.


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