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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".


Uganda Asks for Indonesia Advice on Sharia Banking

“Bank of Uganda is expecting the first sharia bank in the “pearl of Africa” in early 2012 after the nation’s parliament is expected to pass a law permitting the establishment of Islamic banks.”

The Jakarta Post
February 14, 2011
Kampala, Uganda

The Ugandan central bank is currently struggling to address demands for the first sharia bank in the East African country.

Bank of Uganda, the republic’s central bank, has therefore sent delegates to Indonesia, home to the world’s largest Muslim population, to learn more about Islamic finance.

The visit of the Ugandan central bankers underscored the world’s acknowledgement of the rapid development of Indonesia’s Islamic banking industry, a Bank Indonesia (BI) official said.


Barclays' Head of Islamic Finance Said to Leave Company

Barclays pares back its Shariah finance business.

February 14, 2011
Dubai, United Arab Emirates

Barclays Capital’s head of Islamic finance left the company last month, a person familiar with the matter said.

Harris Irfan, based in Dubai, joined the company in July 2009 and headed Islamic finance operations for Barclays Capital and Barclays Wealth, part of Barclays Plc. The British bank’s spokesperson declined to comment when contacted by Bloomberg News today.


IDB Chief, Bear Discuss Cooperations

Arab News
February 13, 2011
Jeddah, Saudi Arabia

Islamic Development Bank (IDB) President Ahmad Mohamed Ali held a meeting with the Lord Mayor of the City of London, Alderman Michael Bear, and his accompanying delegation at the IDB headquarters here on Saturday.

Ali, who stressed the importance of the annual coordination meetings between the two parties, commended the tangible development of IDB relations with the business community in London, which poses an international hub for Islamic finance.

For his part, the Lord Mayor of London expressed his keenness to promote relations with IDB in mutual concerns, especially Islamic finance, and reviewed the projects geared toward the development of Islamic community in London.


Yemen Introduces First Sukuk

Yemen Post
February 12, 2011
Sana'a, Yemen

Yemen announced Saturday the first sukuk, Islamic bonds, had been issued as the country is seeking to benefit from the surplus liquidity of the Islamic banks to finance big investments that can help boost the national economy.

The Islamic Sukuk Unit at the Central Bank of Yemen was responsible for the issuance which was part of a one-year programme introducing sukuk worth YR 100 billion by the end of 2011.

Every three months, the unit will issue sukuk worth $ 125 million, officials at the Unit said on Thursday.

The first tranche was of salam and istina types and will be offered to the Islamic banks which are already seeking Sharia-compliant ways to invest in.

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