BAI launches first Islamic insurance cover

Business, Economy, Finances, Banking & Insurance
Press release from: British American Investment


(openPR) – (Curepipe, Mauritius) – BAI Co. (Mtius) Ltd, the leading provider of life insurance in Mauritius, announced today that it has launched the first insurance policy in Mauritius which complies to the Islamic Shariah regulations.
Called ‘BAI Takaful’, this innovative insurance policy will operate under the direction of a Shariah Board comprising two Malaysian experts in Islamic finance.
“BAI Takaful is the first insurance policy that conforms to Sharia principles,” said CEO Sansjiv Nuckchady. “Our aim is to offer Mauritians, and Muslims in particular, a product that offers all the peace of mind and benefits of a conventional insurance policy, without having to compromise their faith.”
Shariah has strict rules that do not allow the process of investing in fixed income instruments and those that have investments in prohibited (haraam) products and services.

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