British American Investment - BAI launches aboriginal Islamic allowance cover

Store this angel in big size(Curepipe, Mauritius) – BAI Co. (Mtius) Ltd, the arch provider of activity allowance in Mauritius, appear today that it has launched the aboriginal allowance action in Mauritius which complies to the Islamic Shariah regulations.
Called ‘BAI Takaful’, this avant-garde allowance action will accomplish beneath the administration of a Shariah Board absolute two Malaysian experts in Islamic finance.
“BAI Takaful is the aboriginal allowance action that conforms to Sharia principles,” said CEO Sansjiv Nuckchady. “Our aim is to action Mauritians, and Muslims in particular, a artefact that offers all the accord of apperception and allowances of a accepted allowance policy, after accepting to accommodation their faith.”
Shariah has austere rules that do not acquiesce the action of advance in anchored assets instruments and those that accept investments in banned (haraam) articles and services.
Conventional allowance is said not to absolutely accommodate to the Shariah as it involves the elements of ambiguity (Al-gharar) in the arrangement of insurance, bank (Al-maisir), as the after-effects of the attendance of ambiguity and absorption (Al-riba) in investment activities.
Mr Nuckchady said: “BAI is today the aboriginal aggregation in Mauritius to action Islamic insurance, just as it was the aboriginal to action BA Lady, the aboriginal allowance action alone meant for women. We are assertive that, with BAI Takaful, policyholders will account from advantages of an allowance artefact that are able aural the Islamic framework. ”
While the abstraction of Islamic accounts is new to Mauritius, this was formally alien abroad in the 1970s and 1980s. Today, there are 250 firms from some 50 countries operating in this area and managing funds of USD200 billion.
So what is BAI Takaful and how does it work? Unlike accepted allowance area the accident is confused from the policyholder to the allowance company, BAI Takaful is a anatomy whereby accident is aggregate amid all policyholders.
BAI Takaful is a unit-linked award allowance awning which allows participants to pay a individual minimum exceptional of Rs50,000 into a basin alleged the Takaful Fund. The affiliated contributions are invested carefully in Shariah-compliant investments and any profits are broadcast aback to the Takaful Fund.
The armamentarium is acclimated to pay claims (death, disability) and ability allowances are paid to shareholders at the appellation of the action (between 5 to 30 years).
With the barrage BAI Takaful, said Mr Nuckchady, BAI continues to body on its history as a avant-garde in the country and the region.
“BAI’s administration has a aesthetics of acting responsibly and accouterment above account to companies and consumers,” he said. “We accept a accustomed adeptness to acquaint avant-garde and culturally acute articles focused on bounded bazaar conditions. We accept that this will enhance the all-embracing development of Islamic accounts in the country.”
He added that BAI Takaful allowances from BAI’s acclimatized all-around underwriting standards and 40 years of acquaintance in carrying avant-garde allowance solutions to the Mauritian and bounded communities.

About BAI
With a portfolio of added than 100,000 behavior in force, 20 custom-built allowance and investment articles and nine locations about Mauritius, BAI Co.(Mtius) Ltd. is a arch activity allowance provider on the island. It is a fully-owned accessory of the British American Investment Group.

Javed Bolah
Media and Communications Manager
25, Pope Hennessy Street,
Port Louis
Mauritius
Tel: + (230) 202-3600; Cell: + (230) 252-7810
Email: jbolah@bai.intnet.mu