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.
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.
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.
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:
Comparison between Takaful Insurance and Conventional Insurance
Organizations Emerged After Takaful Insurance Companies
Aspirations of Takaful Insurance Industry
Progress of Insurance Industry requires collaboration between the public sector and the private sector
Create an Islamic shariah committees