About us – Takaful Insurance Co

Takaful Insurance Co

Takaful Insurance Company was founded in 2007 under Resolution No. 266 with a paid-in capital of ten million Libyan dinars, divided into 100,000 shares, each valued at 100 LYD, all fully subscribed by businesspeople and investors.

Since its inception, we have pursued a clear vision: to deliver leading insurance services that act as a key pillar supporting Libya’s national economy. We believe that a robust insurance sector underpins economic stability and reliability, so we continually upgrade and modernize our offerings to align with global developments while remaining true to our Islamic identity. Our portfolio spans motor, marine, travel, health, family Takaful, personal, general, and property insurance—each structured to comply fully with Sharia.

To make our services widely accessible, we have opened branches in several Libyan cities and appointed agents in high-traffic locations—land, sea, and air border points, as well as licensing offices.

Our Vision

To lead and excel in providing Takaful insurance services, fully compliant with the noble principles of Islamic Sharia, so that we remain our customers’ first choice at all times.

Our Mission

Providing comprehensive Takaful insurance services to institutions and individuals through an institutional framework that keeps pace with modern concepts and remains fully compliant with Islamic Sharia.

To achieve our goals, and with Libya’s transition to Islamic finance in 2012, Takaful Insurance kept pace and took the necessary measures for a full shift to an Islamic insurance system grounded in the noble principles of Sharia. Accordingly, Takaful undertook the following steps:

Amending the company’s Articles of Association and Memorandum of Incorporation to stipulate explicitly the commitment to the provisions of Islamic Sharia in all its operations, transactions, and investments; the amendment also included establishing the Sharia Fatwa and Supervisory Board and defining its duties, defining the insurance surplus, the Takaful Fund, and the Qard Hasan, separating the Takaful Fund account from the shareholders’ account and specifying how the insurance surplus is distributed and how the mudaraba return is determined between the Takaful Fund and the company, in addition to the mechanism for determining the wakala (agency) fee.

Pursuant to the company’s amended Articles of Association, a Sharia Supervisory Board has been established, composed of three members who are scholars of Islamic Sharia with financial and technical expertise. The board’s decisions are binding on the company, and it has the right to review all company operations to ensure their conformity with the provisions of Islamic Sharia, thereby controlling the company’s activities and approving all insurance policy forms and other documents related to every insurance operation.

Separating the company’s accounts from the Takaful Fund account by creating a dedicated account for policyholders that records paid premiums, their returns, transactions, expenses, claims, and surpluses—this is called the Takaful Fund account.
The other account is the shareholders’ account, into which the paid-up capital and its investment returns are placed, along with a share of the investment returns of the insurance surplus and the agency fee earned for managing the Takaful Fund’s assets under a wakala (agency-for-fee) arrangement.

The shareholders receive nothing from the insurance surplus; instead, it is distributed at the end of the fiscal year among all participants, while setting aside the necessary Takaful technical reserves in accordance with the laws, regulations, and legislation in force in Libya and with the approval of the Sharia Fatwa and Supervisory Board.