Ajman University discusses Islamic insurance and its role in the UAE financial markets

In his welcome speech, Dr. Mohamed Alshami, the Dean of the Faculty of Business Administration, emphasized the changing dynamics of Islamic insurance and its role in the financial markets.

Mr. Ghassan Taher, Head of Shari'a Compliance at Abu Dhabi National Islamic Company, discussed the main objective of Islamic Insurance, popularly known as 'Takaful', as a service to the community in the form of welfare scheme.

Mr. Mohammed Iqbal Mankani, Assistant General Manager at Dubai Islamic Insurance & Reinsurance Company, addressed certain important principles of Takaful such as Al Gharar (uncertainty), Al Maisir (gambling), Al Riba (interest) and clarified that losses are divided and liabilities spread according to the community pooling system. He also clarified that uncertainty is eliminated in respect of subscription and compensation. Dr. Rajesh Mohnot, Head of Department of Finance, concluded the seminar after a meaningful discussion session between the audience and the guest speakers.

It is worth mentioning that the seminar was attended by a large number of academics, representatives of insurance companies and students.