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Iman Insurance Services

Quote from About page on website: “The Iman Insurance Program seeks to bring to you - the Takaful participant - the strength and experience of these conventional Insurers while offering you Takaful based equitable, ethical and Halal products. The Iman Insurance Program is responsible for promoting these products to you and negotiating further product benefits sensitive to the Muslim lifestyle. Iman Insurance Services, L.P. will ensure that it achieves its unique targets to accomplish social corporate responsibility, by donating 50% of its profits to be re-invested in the next generation of our communities.” Where are profits/zakat going?



Iman Insurance Servies About Page
February 27, 2011

Company structure

Iman Insurance Services, L.P. (IIS) through Lockton Risk Services, Inc. (LRS), has secured partnerships with some of the leading Insurers in the US to offer competitive insurance products through the Iman Insurance Program that are designed specifically to meet the needs of the Muslim Community.

The Islamic Insurance Takaful Model requires that each of the partners take measures to ensure insurance products provided to you are Halal and Shariah compliant. There is an independent Shariah Supervisory Board consisting of some of the leading Muslim Scholars to oversee the entire insurance transaction.

The leading insurance companies that have engaged in offering the Islamic Takaful Insurance products have established a "Takaful fund". Therefore, in your insurance policy they are known as the Halal Insurance "Takaful Fund Operator". IIS has been responsible for developing and bringing to you the concept and the process of Halal Takaful Insurance. LRS is responsible for the administration and the operation of the Halal Takaful Insurance policy. Iman Insurance Services, L.P. and Lockton Risk Services take a fee for the provision of these services. This fee is known as the "Wakala Fee" and Iman Insurance Services, L.P. and Lockton Risk Services are known in the Islamic perspective as the "Wakeel".

The role of Iman Insurance Services (Wakeel)

We recognize that conventional Insurers have a lot to offer and have been established in the industry for decades. The Iman Insurance Program is operating in association with such Insurers to build on their existing strength and modifying it with an ethical, Islamic, Takaful and Halal dimension. This combination allows Iman Insurance Services, L.P. to accelerate its desire to re-invest in our communities. This also means that Iman Insurance Services, L.P. is not out to reinvent the wheel and can instead focus on the real issues that can benefit our next generation. This model of cooperation between the Takaful model and the conventional Insurers is a good example of how diverse financial disciplines can supplement each other’s strengths.

The Iman Insurance Program seeks to bring to you - the Takaful participant - the strength and experience of these conventional Insurers while offering you Takaful based equitable, ethical and Halal products. The Iman Insurance Program is responsible for promoting these products to you and negotiating further product benefits sensitive to the Muslim lifestyle. Iman Insurance Services, L.P. will ensure that it achieves its unique targets to accomplish social corporate responsibility, by donating 50% of its profits to be re-invested in the next generation of our communities.

Iman Insurance Services, L.P. has appointed the Shariah Supervisory Board (SSB) as an integral part of the entire insurance process in order to ensure that the transactions are compliant with Shariah and are Halal.

The role of Lockton Affinity (the Wakeel)

LRS is the Wakeel company that has the operational responsibility of delivering the Halal Takaful Insurance products. They also have the contractual responsibility with Iman Insurance Services, L.P. to ensure that you are provided with the Halal Takaful Insurance products deemed appropriate by Iman Insurance Services, L.P. and the Shariah Supervisory Board.

LRS will ensure that the appropriate customer service is provided to you.

The role of the Fund Operator

The Fund Operators are the insurance companies who will be underwriting and providing the coverage for the risk to you, the Takaful insurance Participant.

The Fund Operators are responsible for managing the Takaful fund and ensuring that all investments made under the Takaful fund are Shariah compliant and ethical.

The Fund Operators have the full responsibility for managing all the claims that may arise from any of the Halal Takaful Insurance policies.


 

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