Syrian Islamic Insurance Company (SIIC) was incorporated in the Syria on December 27, 2007 as a closed Syrian shareholder company under Syrian Companies Law No. 33 of 2007 and under Commercial Registration No : 15213.
On December 12, 2008.
The Company is primarily engaged in the business of underwriting general, Takaful (Life) and health non-interest insurance in accordance with the provisions of Islamic Sharia. The Company also invests its capital and other resources in all related activities.
Islamic Insurance Based on Cooperation and Takaful the Backbone of our Business
The concept of Takaful which simply means “ joint solidarity “ , arises from the early Arab concept that made mutual protection and shared responsibility to be an important basis of their life principles.
Takaful constitutes an important and inseparable part of the social economic fabric of the Islamic society. It has a direct effect on the wellbeing of individuals and because it reflects the desire of the group to participate in bearing the material effects of any risk or harm that might affect a member of the Group or his property. From this standpoint, it provides, in a suitable way, fairness and justice for all elements of the society without discrimination, whether they were individuals or businessmen or tradesmen or groups
As such , Takaful insurance – which flourished after the rise of Islam – is in reality a part among society members (participants) for the purpose of collective participants in bearing material effects left by the harm that befalls one or more of them. To achieve this end , each participant subscribes regularly to the Takaful fund . The fund revenues are used to provide the necessary insurance protection for every participant . At the same time these revenues are invested in Sharia compliant investments in order to achieve the highest returns.
Today the principle of social Takaful forms the main foundation of the business of Islamic insurance companies that are being established every year not only in Islamic countries but in all continents of the world. Their number exceeds 200 companies worldwide
SIIC maintains two separate accounts .One for shareholders (owners of capital) and another for policyholders . Shareholders (through the executive management of the Company which they established with their efforts and funds) manage insurance transactions in their capacity as agents for the protection of insurance policies. The Company’s Board of Directors (elected by shareholders ) invests shareholders’ funds for them , in addition to investing policyholders’ funds for a determined percentage of the investment return , for shareholders for managing and investing return .
At the end of the year the surplus (profit) from insurance operation, is calculated and distributed – all or in part – to policyholders whose accounts have not included any damages or accidents during the year – in proportion to their contribution. This will reduce the actual cost of insurance to policyholders. SIIC is proud to state that it has distributed policyholders’ each surplus in each year since the first year of its life , reaching 15% by the end of 2015 compared to 5% at the end of the first year. This represents the one of highest percentage among Islamic insurance companies in the world. Since all the Company operations comply with the provisions of Islamic Sharia, the Company has a Sharia Supervisory Board which ensures that all insurance investment transactions comply with those provisions. The Board determines the agency fee and the policyholders share which they get from managing the activities and insurance funds of the Company.