Nile Insurance Company S.C has been authorized by the National Bank of Ethiopia to operate Takaful business at a window level. Our company, with great pleasure, would like to announce the launching of this service to address the ever increasing needs of the society in general and our esteemed Muslim clients in particular and achieve service excellence.
Nile Insurance Company S.C has launched the Takaful Insurance service with a brand name of “Aman Takaful” with Sharia’h based principles. The product and services provided by Takaful Window of Nile Insurance Company fulfill the need of our esteemed customers who have been neglected in conventional insurance due to religious issues. Therefore, the inauguration of this Takaful/Islamic Insurance will support the development of the Interest-Free Banking services by providing financial services which are fully in compliance with the Shari’ah principles.
Our Company has established a council of Shari’ah advisors who have ample experience in commercial jurisprudence, fiqhal-muamalat, and are well known to the public at large, and who ascertain every activity of the Takaful Window is performed in conformity with pertinent Shari’ah laws.
What Is Takaful?
“Takaful” is the Shari’ahcompliant brand name for the Islamic alternative to conventional insurance, which explains how individuals are responsible to cooperate and protect one another. It is based on the principle of Ta’awan or mutual assistance, where participants contribute money into a pool system to guarantee each other against accidental and unforeseenloss or damage.
Takaful was introduced as an alternative to those in the commercial insurance industry, which are believed to go against Islamic restrictions on interest (الربا) (riba), gambling (الميسر) (al-maisir), and uncertainty (الغرر) (al-gharar) principles—all of which are forbidden in shari’ah.
Therefore, the objective of introducing Takaful to the market is to meet the needs of our society, which has been unable to use conventional insurance due to religious prohibitions.