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Shariah-compliant Insurance

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  • Shariah-compliant Insurance

    Introduction.indd 1 2019/10/29 16:49

  • Bryte Insurance is the premier, proactive personal and business risk specialist. Applying our unparalleled sector insights, proven expertise and foresight, we partner with customers and brokers to protect their personal assets and business and improve their risk profile in the continent.

    Introduction.indd 2 2019/10/29 16:49

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    Introduction to Shariah-compliant InsuranceWhat is Shariah-compliant Insurance?

    A Shariah-compliant Agreement can be translated to simply mean “joint guarantee” – a shared responsibility with the underlying characteristic of “sharing”. Thus, it means shared responsibility, shared guarantee, collective assurance and a mutual undertaking.

    Shariah-compliant Insurance offers an alternative source of insurance protection with different investment objectives, an approach to surplus distribution and an oversight system with an ethical dimension. Importantly, the element of uncertainty and earning of interest is removed to make the product compliant with Shariah law and incorporate the common goal of providing reasonable financial security against unpredicted catastrophe, disaster or risk befalling one’s life and property.

    Central to the concept is the belief that a contribution (premium) paid is intended as a donation that will help another who is in need. Therefore, all contributions (premiums) paid by participants (insureds) are invested in investments which do not bear interest and are aimed at community upliftment projects. Furthermore, any surplus declared from the fund may be shared with participants (profit-sharing), rolled over for future years or given to charity.

    Why is Shariah-compliant acceptable to all?

    Mutual co-operation was used as a way of sharing risk in the Arabian Peninsula. Shariah-compliant has been derived from religious practices relating to the concept of social protection for those who are less fortunate and has led Shariah-compliant operators to design innovative products that satisfy Shariah compliance needs. This system is a unique model (The Waqf, Wakala Model) which has its own mechanisms to ensure compliance. The Shariah Advisory Committee, through regular reviews, ensures compliance and implementation of Shariah-compliant products that meet the rules governed by Shariah Law.

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    Introduction.indd 3 2019/10/29 16:49

  • Bryte Insurance Company LimitedA Fairfax Company

    Registration No. 1965/006764/06 | Authorised Financial Services Provider No. 17703

    Bryte Insurance Company Limited

    Registered Address 15 Marshall Street, Ferreirasdorp, Johannesburg, 2001, South Africa

    T +27 (0) 11 370

    Postal Address PO Box 61489, Marshalltown, 2107

    Introduction.indd 4 2019/10/29 16:49