Slide from the womb of the Mutual Insurance Our Takaful Insurance Has been derived after pruning it from Usary Slide in housing and commercial compounds In Jordan we witnessed construction development

Mr.Ahmed M. Sabbagh

Ahmed M. Sabbagh is an Islamic Takaful Insurance expert. He has enjoyed a long career in the ‎Insurance Industry for more than 45 years. He established the Islamic ‎Insurance concept in Jordan. and participated in establishing the Islamic ‎Insurance Company in 1996, as he served as a General Manager from ‎inception till his retirement lately 2019, worked for several years in a real money online casino with no deposit bonus.‎

Mr. Sabbagh also has extensive experience in the insurance industry for more ‎than 50 years in Saudi Arabia. He is holding the position of Board of ‎Directors Member. In addition, he is currently a member of the Technical and ‎NRC (Nomination & Remuneration) Committees at Saudi-Re – Riyadh.‎

The vagina goes to the gym alpha pro labs decathlon push-ups 🥇 quality and price to buy

Development of Takaful Insurance

Long ago, Mutual Insurance was first created in the western World and ‎restricted to small groups such as groups of people of one profession i.e.; ‎goldsmiths, merchants, sailors etc.; later on, the rising need of a great ‎number of people to ensure their business proved the necessity of the Takaful ‎Insurance.‎

Our Takaful Insurance has been derived from the womb of the Mutual ‎Insurance after pruning it from Usury, Gambling and Gharar.‎

The Takaful Islamic Insurance Market has enhanced in the world that the ‎subscriptions stand at 15 Billion Dollars and it is expected to reach 17 Billion ‎by year 2017.‎

The International Islamic Fiqh Academy issued Fatwa concerned in the permissibility of Cooperative Insurance as well as Takaful Insurance as a legitimate substitute of the Conventional Insurance. Then the first Islamic Insurance Company was established in Sudan in the same year.

Since then many Insurance Companies were established and flourished in the Islamic Countries.

Knowing that Islamic banks had the effective and distinguished role in funding and supporting Islamic Insurance Companies.

when the Global Financial Crisis has aroused and affected many Banks and International Financial Institutions. The Islamic Financial Institutions and Islamic Banks have succeeded in overcoming these Crisis and proved their efficiency in preserving the savings and manage it in a proper way.

Through the past years, The Islamic Insurance has grown and improved rapidly and nowadays there are more than 210 Takaful Companies in the World comparing to 195 companies in 2011, where 77 companies of them are in the GCC area, 40 companies in the far east, 36 companies in Africa.

The Takaful Islamic Insurance Market has enhanced in the world that now the subscriptions stands at 15 Billion Dollars, and it is expected to reach the 17 Billion by year 2017.

Rooting the principles and mechanism of the Takaful Insurance Industry developed the ‎business of Islamic Reinsurance companies and Islamic Financial Institutions.‎

  • 1979

    International Islamic Fiqh Academy

  • 2008

    Global Financial Crisis

  • 2011

    The Islamic Insurance has grown

  • 2017

    Takaful Islamic Insurance Market has enhanced

  • 2020

    Rooting the principles and mechanism of the Takaful Insurance Industry developed the ‎business of Islamic Reinsurance companies and Islamic Financial Institutions.‎

Challenges Facing Takaful Companies


In order to keep any economy strong and healthy, it depends entirely on the strength of ‎cooperation between Insurance and Banks.‎


Our Arab world has witnessed economic and financial developments during the last two centuries


In Jordan we witnessed a construction development in housing and commercial compounds (Malls) and big factories.


One of the most significant features of the developed Economy of any country is the existing harmony and the interrelation between Insurance sector and Banking sector.


The significance of Insurance role appears clear in savings accumulation and investment which maintain economic units by compensating losses whenever they occurred.


The Integration should be achieved as much as possible through the creation of an ‎internal common mechanism whereby the Insurance companies collaborate with Islamic ‎Banks by creating marketing facility, which is now called “BANCASSURANCE”‎

Newly Emerged Retakaful Companies:

Saudi Reinsurance Company -Riyadh
Solidarity Reinsurance Company – Dubai
Al-Fajer Reinsurance Company – Kuwait
Qatar Reinsurance Company - Qatar
Munich Takaful Reinsurance Company – Malaysia
Hannover Takaful Reinsurance Company – Bahrain
Swiss Retakaful Company – Singapore
Allianz Takaful Reinsurance Company – Bahrain
Labuan Takaful Reinsurance Company – Malaysia

Comparison between Takaful Insurance and Conventional Insurance

Conventional Insurance
Takaful Insurance
Conventional Insurance is a compensation contract as it contains usury, ambiguity and other Islamic prohibitions.
Takaful Insurance is based on donation contracts which is free from usury and other religious prohibitions.
The company has a technical committee only to supervise the activity of the company.
It has a Shariah Supervisory Committee to control company's records, contracts, reinsurance agreements, and the investment policy to make sure that all are Shariah compliance.
The Relationship between the Company and the insured is based on a commercial basis governed by supply and demand.
The Insurer and the Insured are partners in the Takaful Cooperative Fund and in the Surplus resulting from the Insurance activities in that Fund.
The Original, or any part of the premium paid is owned totally by the company and won’t return in any way to the policyholder.
The Origin of the premium paid is placed in the Takaful Fund and after deducting the compensation and expenses the remaining Surplus will be distributed to Policyholders.
Returns of investing premiums revert to the Company (shareholders) only.
Returns of investing the excessive premiums is property of the Policyholders after deducting the company's share as a “Mudhareb”.
The Company aims to achieve the highest possible profit for their shareholders.
The Company aims to provide cooperation and solidarity among the Policyholders as the subscriptions owner.
Company profits resulting from Insurance operations, investment returns and banking usary profits on deposits.
Company profits resulting from the activity of the Cooperative Insurance Fund and their share from the returns of investing the subscriptions (Mudhareb).
Has one capital only for the shareholders.
Has two separate capitals; one for the Shareholders and one for the Policyholders

Organizations Emerged After Takaful Insurance Companies

Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI)
Shariah Supervisory Boards
Islamic Financial Services Board (IFSB) - Malaysia
Islamic Financial International Centre for Reconciliation and Arbitration - Dubai
The General Council for Islamic Banks and Financial Institutions (CIBAFI) – Bahrain
Islamic International Rating Agency (IIRA)
Islamic Dow Johns Index to serve Investment Movement

Aspirations of Takaful Insurance Industry


Progress of Insurance Industry requires collaboration between the public sector and the private sector


Create an Islamic shariah committees