Sompo Insurance Sharia 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 are removed to make the product compliant with Shariah principles and incorporate the common goal of providing reasonable financial security against unpredicted catastrophes, disasters or risks befalling one’s assets.
With Sharia insurance, the participants share the risks by donating (infaq) part or the entire contribution through a tabarru fund, which will be used to pay the claim in case an accident occurs to one or some of the participants. Sompo Insurance’s role in this case is merely that of a fiduciary company that manages and invests the funds collected from participants’ contributions. The insurer is responsible only for the operational management of the funds and not as the underwriter as commonly found in conventional insurance.
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