The Islamic Insurance Co. p.l.c.
Amman – Jordan

Establishment :
The Islamic Insurance Co. has been established as a public shareholder limited Company in Jordan on 10th , January, 1996, to transact all classes of insurance, at a total paid up capital of JD8,000,000.-  ( increased to JD 10 millions in 2008 ) It started working officially on 2nd , May 1996.

The reasons for establishing the Company:
1) To provide the Islamic community with a substitute for the conventional insurance to cover insurance needs for
    large sector of clients, who hesitate in dealing with conventional companies.
2) Complementing the Islamic economy, parallel to Islamic Banks and Financial Islamic Institutions .
3) Spreading co-operation and mercy between Policyholders and Shareholders , and create transparency
    and justice among them.

Mechanism of Islamic Insurance at a "Glance" :
To abide by the Islamic Concepts, the Shareholders pay the general expenses as salaries, rent, and other management expenses, in addition to capital expenses related to fixed assets. They also manage the insurance transactions on behalf of the Policyholders by a contract agreement on the basis of “Remuneration Agent”. The remaining Surplus in the policyholders account will be distributed among them in ratio of each Policyholder contribution in the annual Company Premiums.

Shari’ah Supervisory Committee
The Shari’ah Supervisory Committee consists of experienced scholars and Jurists in Islamic concepts. They have been chosen by the Board of Directors, and they are:
1) Dr. Abdul Staar Abu Ghuda
2) Dr. Mamoud Al-Sartawi
3) Dr. Ali al-Sawa
4) Dr. Ahmed S. Melhem

The Shari’ah Supervisory Committee studies and checks the Company’s records in various departments to ascertain its conformity with the Islamic concepts and to assure that the company complies with the recommendations of the committee during their periodic meetings, and they issue their official annual report accordingly.