Qatar Insurance Company (QIC) prioritizes Shariah compliance across its operations, ensuring that its products and services adhere to Islamic principles. Shariah compliance is integral to QIC's business practices, and it is overseen by a dedicated Shariah Board comprising renowned Islamic scholars who ensure that all Takaful operations and products comply with Shariah standards.
Key aspects of QIC's Shariah compliance include:
Shariah Board Oversight: QIC's Shariah compliance is monitored by a dedicated Shariah Board consisting of Islamic scholars with expertise in Islamic finance and jurisprudence. The Shariah Board reviews and approves all Takaful operations and products to ensure they comply with Shariah principles.
Takaful Operations: QIC operates its Takaful business in accordance with Islamic principles, including the principles of mutual cooperation (Tabarru'), joint risk-sharing (Mudarabah), and prohibition of interest (Riba). These principles guide QIC's Takaful operations and ensure that they are conducted in a Shariah-compliant manner.
Regulatory Compliance: QIC operates within the regulatory purview of the Qatar Central Bank (QCB), which sets directives for insurance companies operating in Qatar. These directives include requirements related to Shariah compliance, profit allocation, risk management, and product design, which QIC adheres to in its operations.
Transparency and Disclosure: QIC prioritizes transparency and disclosure in its Takaful operations, providing participants with regular updates on the financial performance of the Takaful pool and the allocation of their contributions. This transparency allows participants to understand the financial status of the Takaful pool and ensures compliance with Shariah principles.
Ethical Investments: QIC invests participant funds in Shariah-compliant ventures, avoiding sectors that are prohibited under Islamic law, such as conventional banking, alcohol, and gambling. This ensures that investments are aligned with participant beliefs and ethical standards and comply with Shariah principles.
Overall, Qatar Insurance Company demonstrates a strong commitment to Shariah compliance in its Takaful operations, guided by a dedicated Shariah Board and aligned with Islamic principles. By adhering to Shariah standards, QIC ensures that its products and services meet the ethical and religious requirements of its participants while providing them with financial protection and peace of mind.
