There are a few companies here that provide islamic car insurance based on the concept of Takaful.
You can find out about these here:
Dubai Islamic Insurance & Reinsurance Co.
Islamic Arab Insurance Company
Noor Takaful
Abu Dhabi National Takaful Company
Takaful - Islamic insurance - is founded on the cooperative principle and on the principle of separation between the funds and operations of shareholders, thus passing the ownership of the Takaful (Insurance) fund and operations to the policyholders.
The premiums collected from the policyholders are considered as donations and they constitute the Takaful fund from which all claims are reimbursed.
At the end of each financial year, after deduction of expenses, any remaining cash surplus will not be retained by the company or its shareholders, but returned to the policyholders in the form of cash dividends or distributions.
You can find out about these here:
Dubai Islamic Insurance & Reinsurance Co.
Islamic Arab Insurance Company
Noor Takaful
Abu Dhabi National Takaful Company
Takaful - Islamic insurance - is founded on the cooperative principle and on the principle of separation between the funds and operations of shareholders, thus passing the ownership of the Takaful (Insurance) fund and operations to the policyholders.
The premiums collected from the policyholders are considered as donations and they constitute the Takaful fund from which all claims are reimbursed.
At the end of each financial year, after deduction of expenses, any remaining cash surplus will not be retained by the company or its shareholders, but returned to the policyholders in the form of cash dividends or distributions.
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