Port-Louis, Mauritius - The British American Insurance (BAI), one of the largest insurance groups in Mauritius, has launched the first insurance policy based on the islamic law, called "BAI Takaful", PANA learnt Wednesday from the man a gement of the firm.
"Our approach is to offer to the Mauritians, in particular the Muslims among them, a product which offers them peace of mind and the benefits of a conventional insurance policy, without impairing their faith," BAI director, Sansjiv Nuckchady, disclosed.
Nuckchady indicated that islamic law (Sharia) involved very strict regulations which do not authorise investment in products with fixed-income and forbids certain types of investment.
He pointed out that BAI Takaful was different from a conventional insurance policy where the risks were transferred from the holder of the policy to the insurance company.
"BAI Takaful is an organisaion where the organizationhared between all parties concerned," he explained.
The Mauritians who wish to take the insurance policy will buy units, each worth 50,000 rupees (about US$ 1.725) which will be paid into a fund. |
