Laying down insurance policies

A case study of Al Wifaq finance company

FEBRUARY 17, 2016

Table of Contents

1. Introduction...............................................................................................................................2

2. Pattern of Shareholding.............................................................................................................2

3. Types of Financing Services........................................................................................................3

4. Market Analysis of Dubai Financial Sector.................................................................................4

5. Overview of Islamic Financing....................................................................................................6

6. Insurance Requirement for Finance Company...........................................................................7

7. Al-Wifaq Financing Services.......................................................................................................8

7.1 Retail Financing....................................................................................................................8

7.2 Business Financing Services..................................................................................................9

8. Stages in Transactions and Risks Involved in each Stage.........................................................10

9. Suggested Insurance Policies...................................................................................................11

10. Selection of Insurer................................................................................................................11

11. Financial Statements..............................................................................................................12

12. List of Assets to be Insured with rates and premium.............................................................14

13. Total Annual Premium and Payment Method.......................................................................15

14. Reference List........................................................................................................................ 16

Contents of tables and figures

Table 1: Pattern of shareholding at Al-Wifaq Finance Company...................................................4

Table 2: Profit and loss account of Al-Wifaq Finance Company for the years 2014 and 15.........15

Table 3: Balance sheet of Al-Wifaq Finance Company for the years 2014 and 15.......................16

Table 4: Total annual premium calculation..................................................................................18

Figure 1: Service offered by Al-Wifaq Finance Company...............................................................5

Figure 2: Growth of insurance sector in UAE.................................................................................6

Figure 3: Al-Wifaq's Murabaha financing services.......................................................................10

Figure 4: Ijarah services...............................................................................................................11

Figure 5: List of insurance services provided by Oman insurance Company in the UAE..............14

1. Introduction

The objective of this paper is to assess whether the Al Wifaq Finance the type of insurance

policies that the Al Wifaq Finance Company can implement across the group. Al Wifaq is the

Dubai based financing company involved in the business of leasing of vehicles, machinery, and

other equipment. The nature of business is such that it involve high use of capital assets that

are subject to risk of accidents and theft. This makes it very important for the Al Wifaq to have

an effective insurance policies for its entire properties insured. The detailed study of the

company and its operations has been performed in order base the suggestion for formulating

the insurance and protection policy in the entire company.

The company was founded in 2006 and is operating as limited liability Company in the Dubai.

The services are extended to the Abu Dhabi and Sharjah. The company has financed a large

number of assets and has more than 5000 active customers. United National Bank is parent

company of Al-Wifaq having majority interest in the Al-Wifaq.

2. Pattern of Shareholding

IT is important to determine the pattern of shareholding of the company because it indicate the

significant influence of the owners. If the shareholders are in large number and hold minority

interests then it is difficult to convince all the shareholders about any major decision. If the

shareholder holds the majority of the interest then it is possible that consensus is reached

quickly among the shareholders. In case of Wifaq Finance Company the United National Bank is

the Major shareholder holding the 76.6% of the total interest as shown in the table 1 below. It

mean that the nominee director on behalf of the United National Bank will have the sole power

to implement the insurance policies.

Table 1: Pattern of shareholding at Al-Wifaq Finance Company

Al-Wifaq Finance Company

Major shareholders (5% and above)

Shareholders Percentage

Union National bank 76.60%

Dubai capital group 5%

Others 19.4%

Total 100%

Source: United National Bank Dubai, 2015

Dubai Capital Group has the 5% shareholding representing minority interest in the company

and therefore will have least influence in the formulation of the company’s policies. Other

shareholder are 19.4% representing the individual investors having small interests in the

company. Such shareholder will also have least influence in the company decisions.

3. Types of Financing Services

The Al Wifaq Finance Company has been providing the services of retail financing and business

financing. The retail financing services are typically offered to the household users to meet their

personal finance needs. The financing options available under the retail finance include

personal financing, auto financing, Ijarah, home mortgage, and Islamic credit cards. The retail

financing companies have been popular in Dubai and has large number individual customers in

the state.

Business finance is offered to business enterprises to finance their business projects. Al-Wifaq

business financing services involve the financing of goods through Murabaha scheme, financing

of plant and machinery, providing funds for working capital, and other commercial financing

services. The Goods Murabaha service is the flexible mode of financing that allows the

customers to purchase goods and services that are specific needs of the business. Figure 1

below presents detailed services offered by the company.

Figure 1: Service offered by Al-Wifaq Finance Company

Source: Alwifaq.ae, 2016

The Wakala Deposit fund is the saving scheme offered to the SME and corporate enterprises

that allow them to allow hold fixed deposits in the Sharia Compliant Investment schemes. The

clients are large investors who have surplus business funds and willing to invest in the saving

avenues. The Wakala deposit fund also allow the investors to agree profit rates in the deposit

agreement. In this way the investors get satisfaction by having predefined returns on their

investments.

4. Market Analysis of Dubai Financial Sector

The Islamic finance is the prevailing trend in the UAE and the highly competitive exist in the

state. The Islamic Bank in the UAE consist about 7% of world’s Islamic banking assets and have

captured a market share of more than 25% in the UAE. The takaful services has also grown at

AL-Wifaq Finance Services

Retail Financing

Goods Murabaha

Service Ijarah

Home Mortgage

Islamic Credit Card

Business Financing

Commercial Plant and

Machinary

Commercial Vehicle

Working Capital

Business Financ

Investments & Deposits

Wakala Deposits

steady rate since 2010 and takaful growing trend seems set to increase; During the year 2015

aggregate takaful contributions to the UAE’s economy touched $1.16 billion the contributions

are expected to increase at rate 8.3% per year. In many aspects of the economy. Year 2015 has

been marked as the transition from a robust recovery to favorable growth for UAE. With large

number of high cost investment ventures in the pipeline constructions, and the hosting of Expo

2020 event, the UAE is persistent to establish on its status as a vibrant and worldwide center

for business and tourism.

There are large number of finance companies in operating in Dubai. The diversified services are

provided by a large number competitors that is enduring the business and trade in the emirate.

Major competitors include the following Abu Dhabi Commercial Islamic Finance, Abu Dhabi

Finance, Abu Dhabi National Islamic Finance, Aseel Finance, and Dunia Finance.

The statistic presented in the figure 2 below presents the total amount of premiums written by

MAT insurance companies from 2009 to 2014 serving in the UAE. The forecast shown below

represents the potential growth in the insurance sector until year 2025. The analysis below

shows that the value of MAT insurance segment in the UAE is worth around USD 0.47 billion in

2013 and it has been expected to grow to about USD 1.02 billion by the end of year 2025.

Figure 2: Growth of insurance sector in UAE

Source: Statisa.com, 2016

The analysis above imply that the more and more business enterprises are transferring their

risks to the insurance companies.

5. Overview of Islamic Financing

The formation of the Islamic Development Bank was a major milestone in the history Islamic

banking. It was established in 1975 coming into just subsequent to the foundation of the first

main Islamic commercial bank in the UAE. The breakthrough of the Dubai Islamic Bank steered

to the formation of a number of similar financial institutions. The primary institution is the

Faisal Islamic Bank based in Sudan and the other is Kuwait Finance House operating in Kuwait.

These banks were incorporated in 1977. In the late 1970s initiatives were taken by the

Pakistan’s government for establishing the Shariah Compliant financial system. The legal

framework of was then changed in 1980 to enable for the consistent operations of Sharia

compliant profit and loss sharing financing institutions, and to start financing through Sharia

complaint Islamic instruments. Subsequent to the reforms in Pakistan, Iran enforced a system

of interest free banking in early 1980s and allowing the existing banks to switch to interest free

banking within a period of three years. In 1984 took tangible steps in reforming the banking

system passed regulations to establish the Islamic banking infrastructure in the country (Ariss,

2010).

Islamic financing has been appreciated by Muslim countries particularly Middle East, Pakistan,

and Malaysia. The Islamic financing has developed different products for each aspect of finance

and trade and focus to meet the needs of the borrower by eliminating the cost of money. The

objective of Islamic products – Mudaraba, Musharika and Ijarah – is to share the burden and

risk of business activities and share the profit and loss from operations. The investments based

products sale and lease contracts are allowed for just real assets and no imaginary assets are

allowed under the Islamic financing laws (Ariss, 2010).

Apart from the only interest free financing the Islamic financial infrastructure got attention in

1990s and Muslim countries focused on the establishment of regulatory bodies and Islamic

standards. This lead to the establishment of the International standard setting organizations to

lead the operations of the Islamic finance industry globally (Cihak & Hesse, 2008). But still the

standardization of Islamic financing products vary across Islamic states due to difference in

interpretations and understandings of the Islamic teachings. Since the early 1990s, the AAOIFI,

based in Bahrain, has been the pioneer in setting sharia compliant accounting and auditing

standard setting for the financial institutions. Whereas in Malaysia the Islamic Financial Services

Board (IFSB) founded in 2002, is leading the standard setting of Islamic financing in the country

(Chapra, 2008).

6. Insurance Requirement for Finance Company

The financial definition of insurance is about an agreement that remedies the cost of

unexpected loss. Business of insurance is run through the collection of small premium

payments from all exposed and distributed losses (Gupta, 2008). In contrast, legal definition of

insurance are based on the contract law whereby one party agrees to compensate another

party for losses. In basic financial sense insurance is a social device by which a group of

individuals transfer risk to another party (insurer). Insurers tend to provide remedy for the

losses on the basis of statistical prediction of losses and provides for payment of losses from

funds collected in the shape of premiums (Beasly et al., 2008).

Insurance is a process typically considered as a risk-sharing phenomena which enables

indemnification for possible losses for the owner of the asset. It is also termed as a process of

transmitting the financial factor of risk from risk-averse agents to bigger, risk-neutral agents.

Some researchers consider it as a risk transfer social tool of securing justice, providing an

alternate to the retaliatory model (which stresses on the suitability of the sanctions forced on

those people who are adjudged to be blamed) in which perception of cause and blame are

changed by the concept of a distributive allocation of a combined risk (Beasly et al., 2008). By

defining ex ante the person who will be responsible for providing the indemnification if any loss

incurring event happens, insurance commits reduced costs of transactions for all the parties

involved and seek the most benefit for the aggrieved parties. Mortgage Impairment is a risk of

loss that arise when the mortgaged property is not insured by the lender or borrower. The risk

of mortgage also arise when the borrower cancel the insurance with its insurer and that could

be damaged by the lighting, floods and other natural disasters. According to Beasley and

Hancock (2009) the mortgage impairment also occur when the borrower is unable to pay the

due payments to the lender. A property is foreclosed in case of failure of nonpayment of

installments from the mortgager. The finance company should implement insurance policy that

takes into account the unpaid mortgage installments, and additional expenses and charges

related to mortgage contract (Grace et al., 2013).

7. Al-Wifaq Financing Services

7.1 Retail Financing

The company offers Goods Murabaha services under mode of Islamic Finance. The Company

purchase the products from the market and sell it to the customers on deferred payment basis.

Under this agreement the entire commercial risk is owned by the Al-Wifaq. The true owner is

Al-Wifaq until the goods are safely sold to the end consumers. The risk for Al Wifaq cannot

deliver the goods to the customer safely or it may be broken or stolen during in transit.

Therefore, it call for proper insurance of risk of damage, loss and theft during transit to the

customer of the company (Meulbroek, 2002).

Home Mortgage Financing services Al-Wifaq offers residential property financing services to its

customers by Mushrika and Ijarah contract with the customers. The Company purchase a

property and finance the hundred percent price, or offers the customer partnership in financing

the total cost of the property. In this case the Al-Wifaq remain the bearer of risks and rewards

of all the related to the ownership of the property. The risks that may cause financial loss to Al-

Wifaq include the earthquakes, floods, and natural catastrophes. This require the Al-Wifaq to

transfer the risk of possible losses due to damages from natural disasters to suitable insurers. In

this way the Al-Wifaq’s Property mortgage services would be safely offered to the customers.

Figure 3 below explains how the Murabaha services offer wasy financing solutions to the

customers.

Figure 3: Al-Wifaq's Murabaha financing services

Source: AlWifaq.ae, 2016

Al Wifaq’s Liabilities Settlement services are offered by paying the Liabilities of the customers

on their behalf at the agreed payment in the future. The customer need to pay the liability

amount plus the Al-Wifaq’s agreed profits at the later date thereby the settling the immediate

liabilities on time. The risk involved in the liability settlement services is that the customer may

not pay the agreed installments to the company. To this end, the risks can be minimized by

insuring the sum financed to the reliable insurer, and by checking the overall liquidity of the

customer prior to financing the obligations on their behalf. In this stage the risk arise after the

payment has been made to the customer’s creditors (Liebenberg & Hoyt, 2008).

Al Wifaq Ijarah financing options is another mode of financing services offered to retail as well

as business clients. The main items financed under the Ijarah scheme include the office

equipment, household appliances, and automobiles. In this service the Al Wifaq purchase

product from the market and lease it to the customer at an agreed rental per month (Lee,

2003). For security purpose the Company hold the certain percentage of the cost price of the

asset leased. In this way the lessee got the asset and enjoy all the user related benefits of the

leased asset for the agreed period of time. The Al Wifaq has set minimum term of the Ijarah

contact and after the end of that period the customer may cancel the contract and call the

payment of security deposit on return of the asset to the company. In this case the risk of loss

arise at the date of purchase of assets and prevail throughout the life of asset until it is

disposed of or transferred to the lessee at the time of end of maturity of the Ijarah contact. The

Al Wifaq has to deal with all risks of asset being its true owner and need suitable insurance

policy for its risk cover. The detailed Ijarah services for the personal customer has been

explained in the figure 4 below.

Figure 4: Ijarah services

Source: Al Wifaq.ae, 2016

7.2 Business Financing Services

Murabaha services is the Main business financing product of Al Wifaq that constitutes nearly

70% of its total financing services. This is Sharia Compliant sales agreement that is entered into

between the Al -Wifaq and the client, whereby client agree to pay the cost of the asset plus and

agreed rate of margin to the Al Wifaq. In this way the asset price is increased and Al Wifaq earn

income for the deferment of the payment. In this sales contract the Al-Wifaq offers the Promise

to Purchase (PP) to the client that can be opted at the end of sales agreement in case of binding

PP agreement (Tahir, 2011). Al Wifaq’s main aim is to serve the SMEs and international

corporations to purchase heavy fixed assets and easily pay them in a series of payment.

Al-Wifaq other commercial financing solution is the working capital financing services to large

as well as medium sized entities. In this service the customer who are facing shortage to buy

the raw materials on immediate payment basis or having difficulty to access trade credit are

served. The Al Wifaq purchases the raw materials and inventories from the market and provide

to the client for the selling to the customer after the value addition process. The Al Wifaq takes

the share of profit from the goods sold from the financed raw materials making it true partner

in the sales profits. The risks involved in this service are of two types and need flexible

insurance policy for covering the risks from purchase to the recovery of payment from the end

consumers (Merkley, 2001).

Al Wifaq also render services of financing of capital assets whether they are fleet of

automobiles, HTVs, specialized construction equipment or plant and machinery costing over

AED 25 million. In this service the Al Wifaq solely finance assets amounts and receive the

agreed profit rate from the client over the tenure of the loan. The commercial loan nature of

financing offered for period of 3 to 10 years. The commercial financing also covers the real

estate financing, contract financing,

8. Stages in Transactions and Risks Involved in each Stage

Each transaction of financing involve different phases and subject to certain of risks at each

phase. In this section the risks involved in each stage are highlighted and potential of their loss

is stated so that a valid estimate of risks to be covered can be made. IIn the Islamic financing

transactions risks involved are of different nature, and vary according to their term. For

example some risks are of short term nature and cease to exist in matter of few days, as in the

case of working capital finance (Redja & McNamara, 2014). The nature of risk exist but change

the intensity and form at each stage. For example in case of Murabaha contract the risks of

asset solely belong to the financer unless they are transferred to the lessee. Once transferred

the risks are divided between the two parties and extent is depends on the nature of fault

which caused the damage (Cooper & Golden, 2012). If the asset is destroyed due to any event

not in control of financer and lessee the risks is divided in proportions and in case the assets is

effected by the negligence of the lessee the loss is born by the lessee alone (Beasly et al., 2005).

The insurance services are offered in different modes for different types of assets. For example,

in case of building the insurance policy include the “named peril” and “all risk”. In the former

insurance policy the risks that could arise from specific peril is insured such as flood, fire,

earthquake etc. While in the latter case the all losses from all the sources are covered in the

policy, which makes it expensive as compared to “named peril” insurance policy. The property

insurance services can be availed on the basis of replacement costs or on actual cash value

basis. The largest components of any organization include the building, capital equipment and

other property that the business own and control. The solution is the general property

insurance policy that cover all the contents, properties and building that the business own

(Rotar, 2015).

The Al Wifaq great deal of transfer of properties to its customers and the risks of losses are

transferred to the customer once the asset is reached safely at the premises of the customer.

There is risk of damage and destruction while the asset is in transit. Al Wifaq, therefore, need to

insure the property through the suitable marine insurance policy so that the property is

recovered in case of loss or damage. Inland Marine insurance also covers the property that is in

the custody of third parties, such as, dry cleaners, laundry, processing etc. This insurance policy

can easily cover the risks related sales samples, boats for inland water, exhibitions, and live

stocks (Vaughan & Vaughan, 2014).

9. Suggested Insurance Policies

Property insurance indemnifies the insured for physical damage or destruction of personal or

commercial property that could occur as a result of specific perils. Commercial property

coverage’s include the Fire insurance, Marine insurance (transportation risks), Fidelity insurance

(dishonesty related risks), Business owners insurance (Comprehensive covers), and

Consequential loss insurance (Loss of income).

Group Life Insurance policy is required to insure the employees of the organization during the

tenure of the employment. Group Life Insurance policies coverage is usually offered as a flat

amount on each employee, and amount normally range between AED10,000 or AED25,000 for

each employee. On the contrary the company can select insurance policy based on the

employee’s salary, making it variable insurance premium from employee to employee.

10. Selection of Insurer

Al Wifaq may select the insurance company that is licensed and possess sound financial solidity

for many years. A good insurance company is that handle insurance claims well and in a fair and

just manner (Jablonowski, 2001). In terms of rate of insurance premiums, the rate vary from

one insurer to another. By keeping in view the financial viability of insurer and quality of

services, Al Wifaq can select the best insurer from the market. In UAE there are around 30 top

tier insurance companies with reliable insurance services. Al Wifaq can seek services from one

insurer or from more than one insurance companies depending extent of assets and risks to be

insured.

In pursuit of selecting the best insurance company, there are three top tier insurance

companies in the UAE that have solid financial viability and has good customer satisfaction.

Oman these companies the Oman Insurance Company – Dubai has been selected that has vast

range of insurance policies for all the aspects of the customers. Figure 5 below state the

available standard insurance policies that can availed by the Al Wifaq Finance Company.

Figure 5: List of insurance services provided by Oman insurance Company in the UAE

Source: Tameem.ae, 2016

The main reason for selecting the Oman insurance company is that it provide the

comprehensive cover for the assets Controlled by the Al-Wifaq Finance Company. The assets

that are leased to the customers are insured by the Al-Wifaq to save protect against any risk of

losses. One other advantage of Oman Insurance Company is Life and Health insurance services

for the businesses. It will help the Al Wifaq to get the all the insurance polices from just one

supplier which not only reduce the cost but will increase the quality of service as well.

11. Financial Statements

Table 2: Profit and loss account of Al-Wifaq Finance Company for the years 2014 and 15

Source: Annual Report – Al Wifaq Finance Company, 2015

Table 3: Balance sheet of Al-Wifaq Finance Company for the years 2014 and 15

Source: Annual Report – Al Wifaq Finance Company, 2015

The effect of payment of insurance will have some unfavorable effects on the Group’s financial

performance since AED 2 million is the amount of premium that need to be paid by the group.

The group need to pay this the premium in advance. It will increase the administrative expenses

of the group and ultimately the Group’s return on investments will decrease. However the

Group can enjoy certain rebates on applicable tax rates allowed on payment of premium. The

insurance premium has financially some adverse effects on the profitability of the company but

in the long run it can secure the company from various losses that can occur due to damage,

accidents, theft and natural disasters.

12. List of Assets to be insured with rates and premium

Table 4: Total annual premium calculation

SR.

NO.

ASSET NAME RATE/

AED1000

INSURED AMOUNT ANNUAL

PREMIUM

1 Commercial Vehicles 25 25,000,000 625000

2 Buildings 5 40,000,000 200,000

3 Inventories 12 8,000,000 96,000

4 Plants 6 15,000,000 90,000

5 Office Equipment 15 8,540,000 128,100

6 Ijarah Automobile 20 30,000,000 600,000

Total 126,540,000 2,039,100

Table 4 above is the list of assets that are financed to the different clients of Al Wifaq. The total

assets that has been financed by the Al Wifaq amount to AED 126 million. The Oman insurance

Company has set insurance rates for calculation of premium liabilities. In case of commercial

vehicles the rate of premium is high i.e 25 because the risk factor is high in such class of assets.

While in case of buildings the risk factor is low and the rate is low accordingly. Similarly the

Plant, equipment and Ijarah automobiles are have their specific rate factor to determine the

premium obligations.

13. Total Annual Premium and Payment Method

The Company can pay insurance premium through cross checks in the name of insurer or by

paying pay order in the name of insurer. Total annual premium is payable on monthly basis and

it also suggested that the Al Wifaq can premium in advance for 1 year and record as prepaid

insurance premium for writing off in the future. Total Annual premium amount to AED

2,039,100 for the total value insured. The Oman insurance Company has set insurance rates for

calculation of premium liabilities. In case of commercial vehicles the rate of premium is high i.e

25 because the risk factor is high in such class of assets. While in case of buildings the risk factor

is low and the rate is low accordingly. Similarly the Plant, equipment and Ijarah automobiles are

have their specific rate factor to determine the premium obligations.

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