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About Us
History
- Methaq Takaful Insurance Company is a registered and licensed General Takaful Company in the United Arab Emirates. It takes the form of a UAE public shareholders company.
- Its capital is 150,000,000 AED.
- The objective of the Company is to offer Individuals and Corporations a complete range of high quality, flexible, integrated, Shariah-compliant insurance products & services, in association with selected Distribution Partners.
- Methaq means “Agreement”. Our philosophy is therefore based on the common understanding that an Agreement is the basis of all progress and business.
- Methaq insurance and investment activities are conducted in accordance with Shariah guidelines, under the supervision of the Fatwa and Shariah Supervisory Board whose members are specialists in Islamic economics and Shariah transactions.
| Company Name |
Methaq Takaful Insurance Company |
| Date of Listing |
11/05/2008 |
| Date of Incorporation |
11/03/2008 |
| Symbol |
Methaq |
- Methaq Takaful Insurance Company is now operational effective 1st February 2009. The operational launch marks the first important milestone on achieving Methaq’s vision to offer general insurance services to Corporate and Individual Customers delivered through multiple distribution.
Shareholders’ Statement
- Islamic Insurance based on the Shariah is now one of the fastest growing financial services industries worldwide. Arab Countries in general and United Arab Emirates in particular, are well poised for the growth & expansion of Islamic Insurance, given the fast growing economies and the desire of population to go for Shari’ah compliant insurance products.
- Insurance is now one of the major sectors in the achievement of socio-economic stability. The 43 member Emirates Insurance Association sees the growth of the sector to double by 2010. Whereas the market is dominated by conventional insurance companies, we see that there is a strong un-satiated demand for Shariah-compliant products & services. Methaq Takaful Insurance Company was thus set up to cater to this un-satiated demand and contribute to the private sector’s efforts in the development of the Islamic insurance industry in the UAE & Arab countries.
Takaful
- Our Takaful activities are different from a conventional Insurance Company, as they are based on a clear segregation between the Takaful Fund (which belongs to Policyholders) and the Takaful Operation, Methaq (which belongs to the Shareholders).
- The premium collected by the Takaful Operation, Methaq, from the Policyholder is considered as a donation, which will constitute the Takaful Fund from which all claims are reimbursed.
- At the end of each financial year, after expenses are deducted, profits on investments (made from the capital available over the retained reserves) and provisions are added, any remaining cash surplus will be returned to the Policyholders.
- Contrary to a Conventional Insurance Operation, the Takaful Operation (Methaq) does not and cannot retain any of the surplus, save if it granted an interest free credit (Qard Al Hassana) to the Takaful Fund in case of a previous loss.
To know more about TAKAFUL
Vision & Mission
Vision
To develop a Regional Takaful Insurance Group of Companies, offering both General and Life services,
trusted by Corporate and Individual Customers for its high value added services,
delivered through multiple distribution channels, to suit our Partners’ and Customers’ needs.
Mission
To secure the future and peace of mind of our Corporate and Individual Customers, Nationals and Expatriates alike, in the UAE - the GCC and beyond, by meeting their ever changing protection needs, while delivering the expectations of our Shareholders, Business Partners and Employees, in the most ethical way as governed by Shariah principles.
Board of Directors
| Khalifa Khouri |
Chairman |
| Sultan Bin Thaaloub |
Vice Chairman |
| Abdullah Al Maamari |
Managing Director |
| Abdullah Al Houti |
Member |
| Bilal Tayyara |
Member |
| Mohamed Bin Hazzam Al Dhaheri |
Member |
| Yasir Al Jarullah |
Member |
| Nasser Al Shawwaf |
Member |
| Hamid Al Kerbi |
Member |
Shariah Board
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Dr. Hussein Hamed Hassan |
Chairman |
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- Has spent more than half century in the service of Shari’ah and Islamic Finance.
- Has established Islamic Universities and Islamic faculties from Libya to Kazakhisthan.
- Was Advisor to and prepared Civil Codes and Islamic Shari’ah Law framework for the President of the Republic of Kazakhstan, President of the Islamic Republic of Pakistan, Prime Minister of the Republic of Kyrgyzstan, President of the Islamic Conference of the Muslim World and General Secretary of the Muslim World League, Saudi Arabia etc.
- Is Chairman, Shari’ah Supervision Board of Dubai Financial Market and numerous Islamic Financial Institutions such as Dubai Islamic Bank, Emirates Islamic Bank, Aman Takaful Company etc.
- Is member of Shari’ah Supervision Board of Islamic Development Bank.
- Is author of several books on Islamic Law, Islamic Finance, Islamic Economics, Arts, Social Studies etc., and headed and supervised the grand plan of translating 200 Islamic books into different languages.
- Has P.hD. in the Faculty of Shari’ah from Al Azhar University, Egypt, Master of Comparative Jurisprudence from University of New York, and LLB Shari’ah from University of Cairo, Egypt.
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Dr. Mohamed Abdulahakim Zuair |
Member |
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- Is member of Fatwa & Supervision Board, Dubai Islamic Bank.
- Is member of Fatwa Board of Dubai Islamic Insurance Co., Dubai, Amlak Finance Co., Dubai & Saba Islamic Bank, Yemen.
- Is Editor of Al Iqtisad Al Islami Magazine.
- Is author of Research Publications on Islamic Banking.
- Was trainer & teacher on Islamic Banking.
- Holds Doctorate & Masters Degree in Islamic Shari’ah from Al Azhar University, Cairo, Egypt.
- Also holds Diploma in Islamic Studies & Bachelor’s Degree in Management Science.
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Dr. Abdulazeem Abozaid |
Member |
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- Is Assistant Professor at Faculty of Islamic Law, Damascus University, Syria.
- Was Assistant Professor at Faculty of Economics, International Islamic University, Malaysia during 2005-2007.
- Is Shari’ah Consultant & Trainer at Emirates Islamic Bank, UAE.
- Is Shari’ah Board Member, RHB Islamic Bank, Malaysia.
- Is Shari’ah Scholar (Consultancy & Training), Five Pillars Associates, Singapore.
- Is author of several books & articles on Islamic Banking, Islamic Laws & Ethics, etc.
- Is a prominent speaker in Islamic Conferences & Forums.
- Holds P.hD. in Islamic Law & Masters Degree in Islamic Laws & Principles from Damascus University.
- Holds Bachelor’s Degree in Arabic Language & Literature from Al Azhar University, Cairo, Egypt.
- Holds Post Graduate Diploma in Human Sciences, Kuliyyah of Shari’ah Revealed Knowledge & Human Sciences, International Islamic University, Malaysia.
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