Shariah and Insurance

Our Sharia Compliance

Insurance that aligns with your values

Since its inception, Al Rajhi Takaful has consistently affirmed its practical commitment to the provisions of Shariah (Islamic law). This commitment has been a fundamental pillar of the company, guiding all its insurance products, investments, and operations

The Sharia Board of Al-Rajhi Takaful includes the following virtuous scholars:

Sheikh Dr. Saleh bin Mansour Al-Jarbu

Chairman of the Sharia Board

He holds a doctorate degree in Islamic jurisprudence, a master's degree in law, and was formerly director of the legal administration at Al-Rajhi Bank.Sheikh

Sheikh Dr. Saleh bin Abdullah Al-Luhaidan

Sharia Board Member

Professor at the Higher Judicial Institute at Imam Muhammad bin Saud Islamic University, Director of the Sharia Group at Al-Rajhi Bank, and a member of the Sharia Board of the Accounting and Auditing Organization for Islamic Financial Institutions..

Sheikh Dr. Yusuf bin Abdullah Al-Shubaily

Sharia Board Member

Professor of comparative jurisprudence at the Higher Judicial Institute, member of the Scientific Council of the Accounting and Auditing Organization for Islamic Financial Institutions, member of the General Authority for the Guardianship of Funds for Minors and Their Equivalents, and an expert in the International Islamic Fiqh Academy.

Sheikh Dr. Suleiman bin Muhammad Al-Juwaiser

the Secretary of the Sharia Board

the Secretary of the Sharia Board is occupied by Sheikh Dr. Suleiman bin Muhammad Al-Juwaiser, who holds a PHD degree in Sharia policy from the Higher Judicial Institute at Imam Muhammad bin Saud Islamic University, specializing in Islamic Takaful approved by the General Council of Islamic Banks and Financial Institutions and the Institute (CII).

Shariah and Insurance

Overview of Islamic Takaful

Takaful is an Islamic insurance system based on the principle of cooperation among a group of individuals who collectively share the financial consequences of risks. Each participant commits to contributing a specified sum to a joint fund, which covers losses incurred by any member upon occurrence of the insured risk, in accordance with company regulations and Takaful policy conditions that adhere to Shariah principles.

History and Development of Takaful

The concept of Takaful traces its origins to familial and tribal cooperation, where community members supported each other during hardships. As societies evolved and life became more complex, a structured, contractual form of Takaful became necessary. Modern Takaful practice began in Sudan in 1399 AH (1979 AD) with the establishment of the Islamic Insurance Company, subsequently spreading across the Islamic world and beyond, becoming a significant and effective contributor to international economies.

Significance of Takaful in Islam

Takaful as a concept holds a distinctive position in Islam, embodying values of cooperation and social solidarity prescribed in the Quran and Sunnah. Allah commanded cooperation in righteousness and piety, and legislated Zakat as a practical model of Takaful within Islamic society. Islamic Takaful encompasses various systems, such as the 'Aqilah system for blood money (diyat), along with other practices reflecting genuine Islamic spirit in cooperation and solidarity.

Features of Islamic Takaful

The Islamic Takaful system is distinguished by its voluntary cooperative foundation, free from interest (riba) and excessive uncertainty (gharar) , which is prohibited by Sharia, strictly adhering to Shariah principles in all its operations. Key characteristics include complete separation between participants' and shareholders' funds, surplus ownership by participants. Additionally, Takaful -for the participants- is a non-profit-oriented system primarily aimed at fostering cooperation among members to mitigate potential losses.