Ain Takaful Insurance

Ain Takaful Insurance – Kuwaiti Shareholding Company (closed) was incorporated at 2006 with a fully paid up share capital of KD 5 million. The objects of the company are to provide comprehensive specialized insurance services that are commensurate with the development and progress of the Islamic insurance market. It also undertakes all types of co-operational and Takaful insurance activities in accordance with the provisions of Islamic Sharia'a. Ain Takaful Insurance is marked for its ability to provide both qualitative and quantitative insurance services and products in a way that responds to the needs of the prosperous and burgeoning Islamic market. Ain Takaful Insurance is unique and distinguished from other insurance companies in that it provides a new comprehensive insurance package to individuals that cover the entire spectrum of insurance policies, viz., motor vehicles, house, furniture, life and health which is at the same time easy and at highly competitive price. Besides, Ain Takaful Insurance is specialized in providing exceptional "on line" insurance services that are unique to Kuwait. These services are highly confidential and secure, easy to complete, and greatly reduce paper work in order to save both time and effort. The authorized and fully paid up share capital of Ain Takaful Insurance constitutes the major defense frontier against contingent losses until the expected statutory reserve and technical reserve accumulate. The promoters are pioneer companies : The activities of Ain Takaful Insurance are restricted to commercial businesses that are compliant with Islamic Sharia'a, and profits will be distributed according to pre-agreed ratios as per Takaful Insurance Agreement. Similarly fund surpluses, losses and damages will be shared by group participants, taking into consideration that al Takaful system has a built-in mechanism of an integrating nature to counter any rise in prices of insurance policies in future. This is due to the fact that the financial surpluses always revert proportionately to participants according to their contribution irrespective of the rise in the fees of these policies.