TAKAFUL AND RETAKAFUL COMPANIES

In 1996 there were 30 institutions transacting takaful business – 6 countries in the

Middle East and Asian centres such as Malaysia, Indonesia and Brunei. There are
now about 80 Takaful companies, 200 conventional companies operating under
takaful windows and 10-12 Retakaful companies worldwide.

Most of these have limited capital and therefore require extensive reinsurance
support for capacity. In the absence of Islamic reinsurance they are forced to seek
conventional reinsurance cover.

Overall Gross Premium Written (GPW) for Islamic insurers are estimated at USD
500,000 million with average 10% annual growth.

The Retakaful Industry unlike the conventional reinsurers shows much diversity :

• State dominated markets – Egypt

• Markets with almost no local industry – Saudi Arabia
• “Frontier” markets - Iraq

Islam is the world’s fastest growing religion – estimated at around 235% growth in the
last 50 years reaching 1.5 billion people.
There are large minority Islamic populations in key Islamic countries and there are
large Islamic communities in the US and Europe.

The takaful market is expected to represent $6.7 billion by 2010.

As can be seen, there is significant growth in emerging markets and a growing need
for more reinsurers with adequate capacity.

GLOBAL OVERVIEW

Statistics from the Institute of Islamic Banking and Insurance show the geographical
spread of Takaful business in 2000 as below:

Malaysia $143m

Other Asia Pacific

$50m
Europe, USA $6m

Arab Countries $340m

World Bank statistics show that in 2002:

US, Japan and Europe constitute 90%

Others (Emerging Markets) 10%
However the Emerging Markets constitute 85% of the global population but only
represent 22% of global GDP and contribute to 10% of the global GPW or USD $263
Billion.

The Middle East and Central Asia, with a population of 286 million represents 4.4%
of world population

World Bank statistics show that in 2003 8.06% of the GDP was spent worldwide on
insurance products. This is broken down into:

EU 8.4%
North America 9.4%
Japan 10.9%

EMERGING MARKETS
Asia 3.8%
Middle East/Central Asia 1.65%

EU
North America
Japan
Asia
Middle East/Central Asia

On the basis of the evidence collated indications are that the higher per capita
income, the higher is the amount of money and the share of income spent on
insurance. In 2003 per capita expenditure (insurance density) in the Arab region
reached US $23.7 compared to $22.1 in 2002. (The world average is US $470)

EMERGING MARKETS

Where global growth is only 5.5%, the Emerging Markets are expanding by double
digit growth, and this is primarily in two countries -

• CHINA 62%
• INDIA 14.1%

The energy based economies in the Arab Region have recorded substantially higher
real GDP growth of 7% in 2003 vis-à-vis 4.6% in 2002.

The market size based on an analysis by Takaful Ta’awuni (Bank Aj Jazira- 2004)
indicated that the Takaful market size in1998 was $500m and in 1011 will be $10
billion in life and non life with the majority of business coming out of Europe.
TAKAFUL BUSINESS PROJECTIONS

The chart below illustrates the potential for Takaful business for the year 2015 as
prepared by the Institute of Islamic Finance and Insurance.

The global takaful market is expected to grow at between 15% and 20% annually.
Total world wide direct takaful premiums (non life and life) are expected to reach US
$7.4 billion and approximately 52 % of this will be attributed to non life products.
 GULF, MIDDLE EAST, NORTH AFRICA
AND ASIAN TAKAFUL/RETAKAFUL COMPANIES

Name of Company Contact Details Capitalisation General Info

And Rating
AL-AHLI Bahrain Paid up capital Set up by Saudi Arabia’s Commercial
TAKAFUL $2.65M Bank with a shareholding of 75% and
FWU AG of Germany who will hold 25%
The NCB has operated an offshore
banking unit, the Saudi National
Commercial Bank (SNCB), in Bahrain
since 1978. The establishment of Al-Ahli
Takaful follows the launch in 2002 of
NCB as a full commercial bank in
Bahrain. The NCB, has its headquaters
in Saudi Arabia and is one of the largest
financial institutions in the Middle East,
with assets in excess of US$28 billion.
FWU is a financial services firm
headquartered in Munich. Its operations
include life insurance, mutual funds and
asset management.

AL-AHLIA Po Box 5282, Manama,

INSURANCE Bahrain
COMPANY Tel: 97317225860
Web: www.alahlia.com

AL-BARAKA
UNITED
INSURANCE
(SUDAN) Sudan
AL-SALAM Previously known as Bahrain Islamic
ISLAMIC Insurance Company
TAKAFUL
Bahrain
COMPANY
(BAHRAIN)

B+ rating achieved. Arab Re was established on 11 March

ARAB P.O.Box: 9060 Beirut, 1972 in Lebanon and is now a major
REINSURANCE Lebanon player in the Arab region. Its main role is
COMPANY to provide reinsurance security to Arab
Tel: +961 989 931 insurance companies and to offer its
(LEBANON)
technical service to them by way of
Fax: +961 989 500 providing training opportunities and
assistance in areas such as designing of
Website: reinsurance programs for direct insurers,
www.arabre.com.lb working out of commutation agreements
and problem solving support in matters
related to claims and technical accounts.

Arab Re is currently upgrading its IT

facilities and it will soon be able to
offer assistance in this area to its
cedants and fellow regional
reinsurers. It will soon finish
developing software applications
that will be instrumental in enabling
it to offer assistance in a crucial
area that is to say fixing appropriate
retention levels for direct insurers
with reference to their financial
resources.
Shareholders: please see the
attached further info
Directors: please see the attached
further info
ARIG (ARAB Arab Insurance rab Insurance Group (B.S.C) – is one
INSURANCE Group (Arig) is to of the largest Arab-owned reinsurance
GROUP) organizations in the Middle East and
set up a specialist
(BAHRAIN) North Africa (MENA) region.
Islamic reinsurer,
Established in 1980 by the governments
$125m capital and of Kuwait, Libya and the United Arab
based in the Dubai Emirates, it has become one of the
International leading Arab reinsurers with a sound
Financial Centre in reputation as a dependable partner for
the insurance industry in the region.
the United Arab
Emirates. Arig will
The Company is ranked among the top
own 51% of the 100 global reinsurers and enjoys a “BBB
new firm. The rest long-term counterparty credit and insurer
will belong to financial strength” rating by Sta !
selected Islamic " #$
%!"&
institutional
investors. .
ARABIAN Incorporated in Manama in 2000,
MALAYSIAN PO Box 11641, transacting insurance compliant with
TAKAFUL Manama, Bahrain shari’ah principles and currently
(SAUDI) registering in Saudi.
Tel: 97317290510
Fax: 97317293538

www.amtc-takaful.com

ASEAN Level 14, Block 4, The group comprises takaful operators

RETAKAFUL Financial Park in Malaysia, Brunei, Indonesia, Turkey,
INTERNATIONAL Complex, Singapore and Sri Lanka, is testimony to
GROUP Jen Merdeta 8700, Labuan' s growing prominence in this
(MALAYSIA) Labuan, Malaysia area of business, together with retakaful
capacity. Malaysian takaful business
Tel: 6087451301 already constitutes 34% of the total
global market of USD550 million.
Web: LOFSA will be implementing more
www.aseanretakaful.com measures to facilitate the development
of takaful business, a sector that is
estimated to grow by 25-40% annually.

ARIL was incorporated in 1997 with a

paid up capital of USD 4 mn and is the
first Islamic reinsurance company in
Asia.
ASURANI Part of the Asean Takaful Group, which
TAKAFUL also includes
KELUARAGA
(INDONESIA) Indonesia

BANK AL-JAZIRA
TAKAFUL
TAWUNI
(SAUDI) Saudi Arabia
B.E.S.T. RE Rue du Lac de Côme, Founded in 1985 by Dallah Al Baraka
(TUNISIA) Zone Nord, Les Berges Group, a pioneer in the participatory
du Lac, B.P. 484 - 1080 financial services.
Tunis Cedex
For 17 years, BEST Re has been
Tel: (216) 71 86 03 55 developing throughout the emerging
markets, specific reinsurance and
Fax: (216) 71 86 10 11 insurance products that are tailored to
/ 71 86 20 14 the needs of Muslim customers and
which meet in their principles the mutual
Web: philosophy. For this reason, BEST Re is
firmly committed to the mutual concept
www.bestre.com.tu and to supporting the cooperative and
mutual movement in developing
countries through its collaboration with
ICMIF. As a member of ICMIF, BEST Re
intends to join its efforts to those of
ICMIF to continue promoting the
Mutuality philosophy in the Muslim world
and to set up cooperative based
insurance schemes.

BIMEH IRAN Fatemi Avenue No 107 The company was incorporated in 1935.
INSURANCE Postal Code 1455-6363 It has a strong presence in Iran. It owns
COMPANY Tehran BIMEH Insurance (UK) and has
(IRAN) IRAN approximately 13 foreign branches,
Tel 98 21 8954677 2466 branches and 1272 agencies in the
Fax 98 21 895 4678 Persian Gulf Region.
www.iraninsurance.com

PO Box 4586, Jakarta Bumiputera was set up with the aim of

BUMIPUTERA 12910, Indonesia mutual cooperation and a desire for
(INDONESIA) Tel: +62 21 251 economic security for all. Now, with over
2154/2157 5 million policyholders and participants,
Fax: +62 21 251 2125 the management' s philosophy is to be
www.bumiputera.com the biggest, the strongest, the most
profitable, and the most respected
insurance company.
CUMBERLAND Capitole Bdg, 6th Floor, Founded in 1994, the company is
INSURANCE & Riad El Solh Sq, Beirut, capitalised (paid up) to LBP
REINSURANCE Lebanon 3,000,000,000. The Company’s
COMPANY financial rating (BB) is based on the
(LEBANON) Tel: +9611 990 022 unfavourable level of underwriting
exposure, good liquidity, average level
Fax: +9611 992 323 of underwriting operations and relatively
unfavourable capitalisation.
Website:
http://www.cumberland.
com.lb/AboutUs/welco
me.shtml
DUBAI ISLAMIC
INSURANCE AND
REINSURANCE
COMPANY (UAE)
Dubai
THE EGYPTIAN B++ The Egyptian Reinsurance Company,
REINSURANCE the first reinsurance company in the
COMPANY e-mail: Middle East and Africa established in
(EGYPT) g.hamza@egyptre.com 1957, is authorized to underwrite all
classes of reinsurance business in Egypt
as well as direct and reinsurance
business in the international market.
Website: Egypt Re has been affirmed a rating of
BBBpi by Standard and Poor’s for the
www.egyptre.com.eg year 2001 and B++ by A.M.Best for the
year 2002. These ratings reflect the
company’s very good capitalization,
strong operating performance and
investment returns.

During the last five years, paid-up capital

has been increased four folds through
capitalization of reserves. In January
2002 paid-up capital was increased by
LE 100 million to LE 425 million, and last
of which in 1st January 2004, where
paid-up capital was increased by LE 75
million to LE 500 million to further
strengthen Egypt Re’s financial base.
EGYPTIAN SAUDI 54 El Battal Ahmad Chairman : Mr. Saleh Gamil Malaeka
HOME Abdel Aziz St. , El-
INSURANCE Mohandessin , Giza , Managing Director : Mr. Abdel Raaouf
(EGYPT) Egypt. Ahmed Kotb

www.eisa.com.eg/
FIRST TAKAFUL First Takaful Insurance Company was
INSURANCE established in July 2000 according to
COMPANY Law 24 of 1961 as the first company in
(KUWAIT) Kuwait Kuwait to offer Islamic Takaful
insurance services according to Islamic
http://www.firsttakaful.c Laws. The Company is considered a
om/ pillar in Islamic Sharia Insurance
services in Kuwait. It is also a major
contribution to the Islamic Economic
Concept and System in Kuwait.

FIRST TAKAFUL
INSURANCE
(PAKISTAN) Pakistan
GLOBAL ISLAMIC
INSURANCE
(SAUDI) Saudi Arabia
INTERNATIONAL The company based in Jeddah, provides
ISLAMIC .O. Box 11666, . only non-life products through direct
INSURANCE Jeddah 21463, Saudi distribution. It has seventy employees.
COMPANY Arabia The Net Premium Income for 2003 was
(JEDDEH) Tel: +96626444833 / approximately SR 45 million (USD 12
6433547 / 6440822 million).
Fax: +96626422434

www.iiic.com.sa The Board of Directors are appointed by

the shareholders, there are two seats
elected by policyholders. The Shariah
Council ensures that all actions of the
directors are in accordance with Islamic
Law and ensures that policyholder
welfare is protected.

Established in 1981 by the Faisal Islamic

Bank, IIIC is a sister company of ICMIF
member in Sudan, The Islamic
Insurance Company.

ISLAMIC ARAB An established Islamic insurance and

INSURANCE Al Makhawi Building,
COMPANY – Suite 101
SALAMA (DUBAI) P.O.Box 10214, Dubai
Tel: + 971 4 3355300
Fax: +971 4 3356223
http://islamicarab.ae/
reinsurance company, ' Salama' was
recently listed on the Dubai Financial
Market following an IPO. The authorised
capital is Dh1 billion. '
Salama'has six
Takaful companies and provides
services in 70 countries through Tunisia
headquartered BEST Re, the world' s
biggest Islamic '
Retakaful'company

ISLAMIC P.O.Box 2948, Part of the Al Baraka Investment &

INSURANCE AND Manama Bahrain Development Company which
RE-INSURANCE Tel: (973) 231 402 Fax:
COMPANY (973) 256 934
(BAHRAIN) Tlx: 9338 BESMEH BN

http://www.altawfeek.co
 m/corinf4b.htm
ISLAMIC
COMMERCIAL
INSURANCE
COMPANY
(BANGLADESH) Bangladesh
ISLAMIC
INSURANCE
COMPANY
(JORDAN) Jordan

ISLAMIC Po Box N4877,

TAKAFOL & Bahamas
RETAKAFOL
COMPANY Tel: +3228306
(BAHAMAS) LTD
Fax: +3265766

ISLAMIC Khalid Ben Al Waleed

TAKAFOL & Street Salim Centre 1st
RETAKAFOL Floor, Jeddah 21444
COMPANY Tel: 966 2 653 23 40
(SAUDI) Fax: 966 2 651 64 14
ISLAMIC Palestine Road Dallah Islamic insurance and reinsurance
INSURANCE & Tower Co.(IIRCO). 1985. S.Arabia/Bahrain.
REINSURANCE Jeddah 21411 Insurance Co. 1989. Member of the
COMPANY Tel: 966 2 671 00 00 Accounting and Auditing Organisation
(IIRCO) (SAUDI) Fax: 966 2 667 54 74 for Islamic Institutions.

JAPANESE Yahoo Australia surprised the editor with

MILLEA the message that the Japanese Millea
HOLDINGS IN Holdings Inc group targets USD 24.3 mn
RETAKAFUL in premium revenue in 5 years in its new
takaful insurance business. The
reinsurance subsidiary in Singapore with
a capital of 1.6 billion Yen (USD 15.5
mn) will initially underwrite insurance
risks in Saudi and Malaysia.
KUWAIT Munther Towe, Al- Incorporated in 1972 in Kuwait. It is the
REINSURANCE Sour Street, Kuwait, only reinsurance-focused Kuwaiti
COMPANY PO Box 21929 Safat Company with a license to conduct
(KUWAIT) 13080 reinsurance business. In parallel to the
growing activities and financial
necessities of the Company, Kuwait Re
Tel: +965 243 2011 has been increasing its capital since its
incorporation to undertake more
Fax: +965 242 7823 activities. At the end of September 2003,
the paid-up capital of the Company
stands at KD9,955,575 with share par
value of 100 Fils. The shareholders’
equity stands at KD26,995,719 or 271
Fils per share. The Company has a
strong and liquid asset base of KD 42.1
million with more than KD21.9 million in
cash and equivalents. Up to September
2003, the net profits were KD1.8 million.

The financial rating (A) of the company

is based on very good level of
underwriting exposure, good liquidity
 and capitalisation level.
LABUAN Suite 51, 5th Floor, BBB Labuan Re was incorporated in the
REINSURANCE BKIC House, International Offshore Financial Centre
(L) LIMITED Diplomatic Area, PO of Labuan (an island off the south-west
(MALAYSIA) Box 2201, Manama, coast of Sabah, a state in East
Bahrain Malaysia), on September 14th, 1992
with a paid-up capital of US$10 million.
Tel: 97317531232 The Company was established as an
Fax: 97317531242 international reinsurer and has over a
Web: short period of time become a major
www.labuanre.com.my player in the Afro-Asian
insurance/reinsurance industry. The
authorised capital of the Company is
US$500 million. The Company currently
has a paid-up capital of US$150 million.
An additional US$50 million has been
allotted but not called, as the current
paid-up capital is sufficient to support
the Company' s volume of business for
the present and the immediate future.

MALAYSIAN 12th Floor, Bangunan Malaysian Reinsurance Berhad

NATIONAL Malaysian Re, No 17, (Malaysian Re) was incorporated on 27
REINSURANCE Lorong Dungun, August 2004 as a wholly owned
BERHAD Damansara Heights, subsidiary of MNRB Holdings Berhad
(MALAYSIA) Locked Bag 11608, (MNRB). As part of the restructuring
50990, Kuala Lumpur exercise of the MNRB Group, the
reinsurance business, the reinsurance
Tel: 0320935000 licence and reinsurance assets were
Fax: 0320937000 transferred from MNRB to Malaysian Re
on 1 April 2005.
www.malaysian-
re.com.my
METROPOLITAN
INSURANCE
COMPANY
LIMITED (GHANA) Ghana

NATIONAL
REINSURANCE
COMPANY
(SUDAN) LIMITED
700 King Fahad Road, NCCI is half owned by the Public
NATIONAL PO Box 86959, Riyadh Investment Fund (PIF), with the General
COMPANY FOR 11632, Saudi Arabia Organization for Social Insurance and
COOPERATIVE Pension Fund each holding 25 percent.
INSURANCE Tel: 96612180100 The IPO included PIF’s five million
(NCCI) shares and one million from each of the
(SAUDI) www.ncci.com.sa two other shareholders.

PRIME LIFE
INSURANCE
LIMITED
(BANGLADESH) Bangladesh
QATAR ISLAMIC .
INSURANCE
COMPANY
(QATAR) Qatar
PT SYARIKAT
TAKAFUL
(INDONESIA) Indonesia

PO Box 1866, Jeddah Saudi General Insurance Company

SAUDI GENERAL 21441, Saudi Arabia E.C. is operating in the Kingdom of
INSURANCE Tel: 026516610 Saudi Arabia through its General Agent
COMPANY EC "Saudi General Investments Trading &
www.sgi-sa.com Services Co." (Member of Abdulaziz
Abdullah Al Sulaiman Group of
Companies), the Head Office is located
in Jeddah with a network of offices in
Riyadh and Dammam.

The Insurance Division of the Group has

been in operation in the Kingdom of
Saudi Arabia since 1969. The Company
has access and direct relation with all
leading Underwriters / Reinsurance
Companies in Europe and U.S.A.
markets and has the backup of the
Nasco Karaoglan Group and is an
approved Company by the Royal
Commission for Jubail & Yanbu since
1982.

SHEIKAN Shiekan Bdg, El-Souk Formed as a Takaful insurer to provide

INSURANCE & El-Arabi, PO Box marine insurance in 1983. Shiekan is
REINSURANCE 10037, Khartoum, owned by The National Economic
COMPANY SUDAN Corporation. Shiekan began selling
(SUDAN) Takaful life in 1993 and last year
Tel: 249 11 784816 launched a medical insurance product.

Fax: 249 11 776849 Shiekan Insurance classifies itself as a

cooperative although for legislative
Web: purposes it is a limited company with
www.sheikhanins.com shares owned by the National Economic
Corporation (NEC). As with other
Takaful organisations the shareholder,
NEC, is only allowed to share in the
returns on its investment ands not
allowed to touch the surplus from
insurance activities

SIYARIKAT
TAKAFUL AL-
ISLAMIYAH
(BAHRAIN) Bahrain
SIYARIKAT
TAKAFUL
MALAYSIA
BERHAD Malaysia
(MALAYSIA)
SOLIDARITY Solidarity is ncorporated under the laws
ISLAMIC PO Box 18668, and regulations of Bahrain. Its main
TAKAFUL AND Manama purpose is to focus on providing
RETAKAFUL Kingdom of Bahrain products that comply with Islamic
COMPANY Shariah across the GCC and selected
www.solidarity.cc Middle Eastern, European, and Asian
countries.

It has been set up in direct response to

the growing demand for Takaful
insurance products across the region.
Realising the scope of this unique and
ever-expanding Islamic system of
insurance and assurance, Solidarity is
poised to lead the way in providing the
utmost safety and protection against the
widest possible risks, along with a
diverse range of prudent saving
opportunities.

With US$ 100,000,000 paid in capital,

they are gearing up to be the largest
Takaful Company in Bahrain and the
largest Islamic Insurance Company in
the world.

Its shareholders are:

40% Faisal Finance Luxembourg S.A

20% Pension Fund Bahrain
20% Qatar Islamic Bank
10% Mr. Khalid Bin Ahmad Al-
Sowaidi
10% Other Investors

SOSAR AL 67, Boulevard de la The Company is part of the

AMANE Republique SALAMA/BEST RE group, facilitating
(SENEGAL) BP: 21 022 Dakar - the takaful lines in Senegal.
Senegal
Tel: +221 8494802
Fax: +221 8229446

www.salama.ae

TAKAFUL
AUSTRALIA Australia
TAKAFUL IBB
BERHAD Unit 5, Block A, Kiarong
(BRUNEI) Complex
Lebuhraya Sultan Haji
Hassanal Bolkiah
Brunei Darussalam

www.takaful-ibb.com

TAKAFUL IKHLAS Part of the Asean Takaful Group

(MALAYSIA)
TAKAFUL
INTERNATIONAL Po Box 32308
(BAHRAIN) Bahrain
TAKAFUL
ISLAMIC PO Box 3005
INSURANCE Bahrain
COMPANY EC
(BAHRAIN)
TAKAFUL As a fully owned entity of the
ISLAMIC Negara, Government Of His Majesty The Sultan
DEVELOPMENT Brunei, Darrussalam and Yang Di Pertuan of Negara Brunei
BANK OF BRUNEI Darussalam, the Development Bank of
Tel: +673 223 7220 Brunei Berhad' s existence symbolizes
Fax: +673 223 7045 the absolute commitment of His
Majesty's Government through the
Ministry Of Finance to diversify the
www.idbb-bank.cim.bn
overall banking activities in Negara
and also
Brunei Darussalam.
www.takafulbpisb.com

TAKAFUL Pioneering takaful company started in

(MALAYSIA) Malaysia 1985. Set up takaful operations in
Brunei, Bahrain, Bangladesh, Qatar ,
www.takaful- Quwait, Indonesia, Sri Lanka and Saudi
malaysia.com.my Arabia.

TAKAFUL Year established: 1993

NASIONAL SDN 25th Floor, Bangunan Paid-up capital: USD 9.2m
BERHAD Dato' Zainal 23, Jalan Established in 1993, the company is
(MALAYSIA) Melaka 50100, Kuala registered under the 1984 Takaful Act of
Lumpur, Malaysia Malaysia, its structure is that of a
Fax: 603-2694 7028 Modified Takaful whereby the surplus
http://www.takafulnasio from its operations are divided 80%
nal.com.my policyholder and 20% shareholder for
life operations and 50% each for non-life
products. The board of directors is
elected by the shareholders (the
Malaysian National Insurance Company
and the Malaysia Islamic Economic
Development Foundation). The
company has 511 employees and
provides individual life, group life, fire,
motor, marine and aviation products
through banking cooperative, agents
and direct distribution. As at 31 March
2003 gross premiums as RM 523 million
(USD 137 million). The company made
charitable donations of RM 1.3 million
(USD 340,000) in 2003 as well as a
number of community based projects
including sponsoring school
newspapers, covering the costs of books
for poor students through the National
Book Development Foundation and
building mosques and hostels for
orphans.

TAKAFUL RE DIFC, PO Box 21181, Shariah compliant insurance company

LIMITED Dubai, UAE with authorised share capital of US $500
(UAE) million and a paid up capital of US $125
www.takaful-re.com million.
TAKAFUL Part of the Asean Takaful Group
UMUM
Indonesia
(INDONESIA)
128 5th Avenue Mayfair, Takafol South Africa (Pty) Ltd
TAKAFOL Johanesburg, South incorporated on 19 September 2003. It a
SOUTH AFRICA Africa majority Muslim owned company and is
(PTY) also majority 'Black'owned. One of the
Tel: 0860825236 major shareholders is Hannover
Fax: 0118379688 Reinsurance Group Africa, which is a
subsidiary of the Hannover Reinsurance
www.takafol.co.za Group based in Hannover, Germany.

TAKAFUL Takaaful T&T is a Friendly Society

TRINIDAD AND 20 Springvale Road, registered in 1999 under the Friendly
TOBAGO Valsayn, Trinidad & Societies’ Act in the Republic of Trinidad
Tobago & Tobago. Founded in 1999 by the
Tel: (868) 663-4541 Muslim Credit Union Cooperative
Fax: (868) 682-1141 Society (membership of 7,000) it
provides a funeral benefit scheme and
an Islamic investment fund. The
objective of the scheme is to provide
Islamic compliant financial products to
improve the economic well being of its
members and to promote their social,
economic and cultural welfare. Members
pay an annual Membership Fee of $20
($5 for those under 16) and elect the
board of management at the annual
general meeting.

TRUST Trust International Trust International Insurance Company

INTERNATIONAL Insurance Company E.C. - Bahrain-based insurance and
INSURANCE (E.C.) reinsurance company. Trust
COMPANY Bahrain-Manama International Insurance Co (TIIC) offers
Tel : (+973) 17 532 425 sizeable underwriting capacities in all
(BAHRAIN)
Fax : (+973) 17 531 Non-Life classes of business (energy,
586 marine hull and cargo, construction,
E-mail us: property and liability).
mail@bahrain.trustgrou
p.net

TUNIS Avenue Mohammed V, Founded in 1981 the company has a

REINSURANCE 1073 Tunis, Tunisia paid up capital of TND 24,400,000.
COMPANY
(TUNISIA) Tel: +216 7184 The company’s financial strength rating
4 011 (BBB-) is based on a relatively
unfavourable level of underwriting
Fax: +216 7178 7573 exposure and operations, average
liquidity and lower than average
capitalisation level.
TAKAFUL
AUSTRALIA

WATANIA CO- Altadamon tower, Sixth Founded: December 1989

OPERATIVE floor, Baladia Street, Founded by: Cooperative societies and
(SUDAN) Khartoum, Sudan other financial institutions, together with
Tel: (249) 11 782 431 the Farmers’ Investment Bank, the
Fax: (249) 11 782 438 Sudan Commercial Bank, Messrs Sudan
Cotton Company, the Islamic Co-
operative Development Bank and other
 notable corporations.
Philosophy/Background: The
company was established to transact
insurance business on a cooperative
basis, thereby achieving a target to
complete the ring of financial institutions
of co-operative activity in Sudan, and to
comply with the concept of Islamic
insurance as required by the Holy
Islamic Shari’ah rules.
Joint ventures: Attendance at local,
regional and international forums that
are held to enhance development and
promotion of insurance. Participation
with insurance associations to plan and
implement policies to promote and
upgrade insurance services in Sudan.

WETHAQ . Wethaq Takaful Insurance Company

TAKAFUL was established in July of 2000. The
(KUWAIT) Kuwait principal activities of the company
include takaful insurance and
reinsurance. All of the activities are
carried out in accordance with Islamic
Shariah.

The company was listed on the Kuwait

Stock Exchange in December 2004.
 TAKAFUL/RETAKAFUL COMPANIES - EUROPE

Company Name Contacts Products General Info

TAKAFOL UK Cornwall Bldgs, 45 Capitalisation:
Newhall St, Modaraba Al Takafol 350,000 shares of £1.00 each
Birmingham, B3 Savings Plan
3QR A “halal” method of Company is currently carrying over a
saving for the future. loss of £16.400 for the 2003 financial
Tel: 0121 233 3474 Can be done annually, year
monthly for medium to
Fax: 0121 233 long term savings Shareholders: Mohammed Aslam -
3529 needs (i.e., car, house, 100% shareholding (350,000 called up
holiday purchases or shares held)
Web: for retirement)
www.takafol.net Investors:
Modaraba Al Takafol There are no investments mentioned
Education and nor planned.
Marriage Plan
A “halal” method of Basic Info:
medium to long term Takafol (UK) Ltd was established in
savings for family 1983 to cater for the need of Muslims
educational needs and residing in the UK offering them Islamic
wedding costing. investment opportunities provided by
Takafol S.A in Luxembourg.
Modaraba Al Takafol
Hajj/Umrah Plan
A “halal” savings plan
for performing the
pilgrimage.

Modaraba Al
Tadamon Plan
Short term savings plan
with more flexibility and
accessibility for any
purpose.

Modaraba Al Takafol
Lump Sum
Investment Plan
Savings and
Investment in a “halal”
method with or without
takaful benefits.
Individual Savings
Accounts
Mortgages
Pensions
Income and Growth
Bonds
Mortgage
Protection
Family Income
Benefit
Life Protection
Health Protection
 Long Term Care
Medical Expenses
Cover
IFA Services

TAKAFOL SA 3 Rue Alexandre, The Company offers Investors:

(LUXEMBOURG) Flemming, L-1525 savings contracts with Financial links are with the trust/group
Luxembourg life cover mainly (but Dar Al-Maal Al-Islami
not only) to Muslim
Tel: 00352441067 minorities living in Basic Info:
Europe. It issues life Incorporated in December 1982 in the
Fax: 00352441206 insurance policies Grand-Duchy of Luxembourg as a life
(Saaks), collects insurance company and is today a
Web: www.takafol- premiums wholly owned subsidiary of Faisal
luxembourg.com (instalments), provides Finance (Luxembourg) S.A., a member
management services, of the Dar Al-Maal Al-Islami Group
invests the (DMI). Previously known as the Islamic
policyholder funds in Takafol Company (Luxembourg).
Modarabas, distributes
profits according to the
unit-linked system, and
pays Takafol benefits
(death benefits) to the
heirs of the
Saakholder in the
event of his/her death.
Takafol benefits are
paid from the Takafol
Fund which is made
up of small portions
donated by the
Saakholders from their
instalments.

The product range

offered by Takafol
(UK) Limited are all
Takafol S.A. products.

The company has an

agreement in place with
a company called JE
Frank Warner for its
reinsurance
requirements. They do
not provide retakaful,
but have created a
specialised contract to
ensure that the needs
of Takafol SA are met
as closely as they can
be by a conventional
reinsurer.
IHLAS SIGORTA Ihlas Holding The company does
AS (TURKEY) Merkez, Binasi not now deal with
29, Ekim Takaful insurance
Caddesi, Finans products, only
Blok, 5.Kat conventional insurance,
No.23, 34530 since Islamic insurance
Yenibosna, products are neither
Istanbul promoted nor sold in
Turkey.
Tel: 0090 212 454
1000

Fax: 0090 212 454

1198

Web:
http://www.ihlassig
orta.com.tr

TRYG Klausdalsbrovej Basic Info:

(DENMARK) 601, DK-2750 TrygVesta was established in 2002 as a
Ballerup, Denmark Involvement with result of the acquisition by Tryg i
Takaful: With an A.M. Danmark smba of Nordea' s general
Tel: 0045 70 11 BEST rating of A- insurance activities. TrygVesta is the
2020 (Excellent) in April 2003 second largest supplier on the Nordic
TBI provides market for general insurance and is
Fax: 0045 44 20 67 reinsurance coverage to named after the two largest
00 Takaful operators in companies in the Group: Tryg in
Sudan, Saudi Arabia, Denmark and Vesta in Norway.
Web: United Arab Emirates,
www.trygvesta.com Bahrain, and Yemen as TrygVesta consists of Tryg,
well as conventional Denmark' s largest general
insurers in most middle- insurance company, Vesta, the
east countries. third largest in Norway, Dansk
Kaution (Denmark) and Enter
Strategic issues: The (Norway). The Group also has a
functional organization rapidly growing branch office in
of the Tryg Group is Finland. TrygVesta has around 2
business and customer- million personal customers and
orientated, which employs a total of 3,800 people.
supports the group' s Tryg is the Company together with
business concept and Best Re that has been involved in
objectives with regard takaful.
to customer-orientation,
profitability, and
consolidation. The
group' s size establishes
the financial basis for
realizing its aim of
achieving profits as well
as bringing about
effective and multi-
pronged distribution
channels tuned to the
demands and
requirements of the
individual customer
segments.
FOLKSAM Folksam Building, Involvement with The company was founded in 1908
GENERAL S-106 60 takaful was with a (Folksam General Mutual Insurance
MUTUAL Stockholm, collaboration with Society), 1914 (Folksam Life Mutual
INSURANCE Sweden Swedish Muslim Insurance Society) by Consumer
Council. Folksams cooperatives and trade unions.
SOCIETY
Tel: (46) 8 772 product innovations
(SWEDEN) 60 00 include: The Folksam Group' s two mutual
societies—for life and for general
automobile: providing insurance—are closely linked to the
Fax: (46) 8 702 brand insurance; cooperative and trade union
96 21 householders' : movements in Sweden. These
development of group movements in fact act as electoral
Web: cover concept for trade bodies for the selection of policyholder
http://www.folk unions; life: representatives at Folksam' s Annual
sam.se/ development of the General Meeting. Folksam' s primary
member pension to mission is therefore quite naturally to
offer protection to serve the interests of these
members of organizations and their members by
cooperative societies designing and marketing insurance
as well as trade unions. products adapted to their real needs
regularly published and at the lowest possible cost.
report on interior safety Folksam believes strongly in using its
level of cars; various data and insights to, as far as possible,
research on injuries, prevent or minimize accidents and other
environments and other insurance "events" and when accidents,
insurance related etc., do occur, to emphasize
matters rehabilitation measures.