Nitol Insurance launches Takaful wing
FE Report | Tuesday, 19 August 2008
Nitol Insurance Company Limited launched its first Takaful wing at the city's Bijoy Nagar area Monday to allow policy-holders of the company get an interest-free Islamic product.
Takaful, an Arabic word meaning 'guaranteeing each other' or 'joint guarantee' observing the rules and regulation of Islamic law, has gained popularity in the country's insurance sector since its inception.
The company's chairman of Shariah Board Professor Moulana Salauddin, managing director Shamsudin Ahmed, vice chairman of Nitol Insurance Company Limited AKM Monirul Hoque, Shariah Board members Abdullah Al Maruf, MA Latif Khan, KA Hasan Chunnu, member secretary of Shariah Board Mahbub Alam also addressed at the function.
Addressing at the inauguration programme, vice chairman of Nitol Insurance Company Limited AKM Monirul Hoque said the company wants to turn the insurance company into a full-fledged Takaful Insurance Company.
Under the ordinance, insurance companies who are operating both forms of conventional and Takaful will be separated from each other.
"We would like to make our insurance into a Takaful Insurance, We will change the existing name, if necessary," he said.
He also said Nitol Insurance has been tying to set up a joint venture insurance company based on the Islamic Shariah.
Welcoming the government's move to promulgate a new law for the country's insurance companies, he said the law will give a fresh boost to the country's growing insurance sector.
Takaful, an Arabic word meaning 'guaranteeing each other' or 'joint guarantee' observing the rules and regulation of Islamic law, has gained popularity in the country's insurance sector since its inception.
The company's chairman of Shariah Board Professor Moulana Salauddin, managing director Shamsudin Ahmed, vice chairman of Nitol Insurance Company Limited AKM Monirul Hoque, Shariah Board members Abdullah Al Maruf, MA Latif Khan, KA Hasan Chunnu, member secretary of Shariah Board Mahbub Alam also addressed at the function.
Addressing at the inauguration programme, vice chairman of Nitol Insurance Company Limited AKM Monirul Hoque said the company wants to turn the insurance company into a full-fledged Takaful Insurance Company.
Under the ordinance, insurance companies who are operating both forms of conventional and Takaful will be separated from each other.
"We would like to make our insurance into a Takaful Insurance, We will change the existing name, if necessary," he said.
He also said Nitol Insurance has been tying to set up a joint venture insurance company based on the Islamic Shariah.
Welcoming the government's move to promulgate a new law for the country's insurance companies, he said the law will give a fresh boost to the country's growing insurance sector.