About Us
TAKAFUL INSURANCE Co. was founded in the year 2007 according to decree (266) of the year 2007, with ten million dinars in capital, distributed over 100,000 shares at the value of 100 dinars per share. All shares were publically listed and we acquired in full by business people and investors.
Ever since its establishment, we at TAKAFUL have always had our sight on a vision based on providing leading insurance services that can be of a significant contribution and main attribution to the national economy. We at TAKAFUL believe in the vital importance of the insurance sector in reaffirming stability and trust in the economic environment. This belief has always allowed us to develop and update our insurance services in a way that matches global economic developments as well as being faithful to our Islamic identity. We offer a varied range of Sharia’a-compliant insurance services, for examples – but not confined to: car insurance, maritime insurance, travel and health insurance, family and individual life insurance as well as general and property insurance.
In order to deliver our services effectively and widely, we opened a number of branch offices of our company across different Libyan cities. Also, we accredited approved agents to deliver our insurance services at many vital locations such a in border crossings, seaports and airports in addition to authorized driving license outlets.
In 2012, in way of achieving our set goals as we moved into Islamic finance, we at TAKAFUL followed through this transformation and took the necessary steps to fully transform our business model into an Islamic Insurance Regime based upon the rules of the glorified Islamic Sharia’a. We acted as follows:
- We amended the company's founding charter and in-laws to clearly incorporate our commitment to Islamic Sharia'a in all operations, transactions and investments. This has also included the formation of Fatwa & Sharia'a-Compliance board and deciding its mandate, as well as defining Insurance Surplus and TAKAFUL Fund as well as Good Loans. Also, amendments we made to separate TAKAFUL Fund account from the shareholders account and how to distribute the insurance surplus and the returns from trading between TAKAFUL Fund and the company, in addition to the way fees paid to agency-arrangements will be decided.
- Based upon the amended company charter, the Fatwa & Sharia'a-Compliance board was formed of three members of Islamic Sharia'a scholars and technical and financial expertise. Decisions taken by the board are binding and they have the right to review all corporate operations to reaffirm their compliance with Islamic Sharia'a to ensure control over the company's activities and the validation of all insurance related policies and forms and all other forms of all insurance based operations.
- That all insurance based operations will be carried out on the principles of contribution and the promise of donation by subscribers.
- The separation of company accounts from TAKAFUL Fund account through the establishment of a special account for policy holders to contain paid installments and their returns, operations, expenses, compensation and surplus, known as TAKAFUL Fund account. The other account is the Shareholders Account to hold the paid capital and its investment returns as well as a portion of investment returns of the insurance surplus and management fee of TAKAFUL Fund funds in a paid agency-arrangements.
- Shareholders receive none of the insurance surplus, rather, it is distributed at the end of the financial year among all subscribers taking into consideration forming a necessary technical reserves for TAKAFUL in accordance with laws and regulations workable in Libya and the approval of the Fatwa & Sharia'a-Compliance board.
“In line with our commitments to improve our services and enhance our performance while maintaining the highest standards of trust and credibility, we began to launch our E-services that will ensure the highest levels of transparency in our transactions as well as facilitating the smooth running of our services and the speed of our delivery. We are also committed to our ongoing efforts to space out our electronic portal to incorporate insurance services on offer in TAKAFUL INSURANCE Co.”